After risking your life to fight for our country, you deserve to come home and achieve the American dream of home ownership. As a veteran who may have a limited credit line, it may seem like a tough endeavor, but with smart planning, it is possible. Veterans are often privy to a few unique lending options, so proper research before you buy is essential. Here are a few tips from the Department of Utah VFW for veterans seeking the home of their dreams.
Once you have decided that home ownership is for you, the first step is to look at your finances and see what you can afford. You also need to ensure that your credit is in good order so you can secure a loan, which means reviewing your credit report and checking for errors. If you find any, report them to the credit bureau immediately.
According to Quicken Loans, the minimum credit score that most lenders will entertain when considering anyone for a loan is 580. If your score is below that or close, then you will want to spend some time paying off past-due accounts so you can become current and raise your score.
You will also want to take a deep look at your finances and determine how much you have available for a down payment. The more you can afford to put down, the less your payments will be every month. Also, a good down payment could counterbalance a low credit score and give you a better chance of securing a loan.
If you don’t have the best credit because you spent the last several years overseas, then worry not. The government understands your situation and appreciates your service, so the U.S. Department of Veteran Affairs does offer VA loans to those who qualify. Loans of this type do allow a lower credit score and can provide money for a home when the banks cannot.
The best way to pinpoint the homes you are interested in out of the slew of options is to think about what you really want in a new house. For instance, are you looking for a certain number of bedrooms, a pool, or a basement to store your belongings? You can filter out the homes with these requirements and make your search a lot easier.
If you are low on resources, then you may want to find the best price, so do your research of the market to see when homes are at their lowest cost. Typically, winter is the best time to buy as sellers are often more motivated and real estate agents are willing to make better deals during this slow period.
Once you have found the home of your dreams, you want to make an offer. Again, you will want to look at what you can afford because you will also need to account for closing costs and fees. You may be able to negotiate for a lower price, but you certainly must have a maximum amount that you are willing to pay so you don’t go above what you can afford.
Once the deal is done, you need to be smart about moving all of your belongings to the new home. The best way to stay organized and ensure that everything arrives in one piece is to hire professional movers. You can find available services by asking friends for references or visit a platform like Angi to search for best movers near me. Either way, you will want to check out several different companies, get quotes, and compare reputations before you commit. You should also check if there are specials for veterans and pay even less.
As a veteran, home ownership is just the next great accomplishment in a brave and adventurous life. By using the resources available to you and finding the right place at the best price, you can have your own slice of heaven in no time.