I am searching for a house. The truth is, I need a bigger place. I would like a 3 bedroom or a 2 bedroom with an extra family room or a loft. The extra room will be my office/craft room. And I would like a townhouse. I have enough things going on that I do not have time to work on a yard. Plus, the thought of someone else plowing my driveway is just too good to pass up.
So, I've been looking through listings. I've seen a few nice properties with 2 bedroom and a loft. I can't truly commit now because my credit isn't high enough. But, I'm working with a program who will help me get my credit score up so that when I am at the end of my current lease, I can get a decent rate. I'm going with a loan through the VA. With the VA, I don't need a down payment, there is no PMI and I just might get a better rate than a conventional loan. Sometimes, it pays to be a veteran.
The VA says it does not have credit score requirement, nor does it have a credit history requirement. However, banks are less likely to lend to you if you don't have a minimum score of 640. VA loans are designed for veterans and service members, some of whom don't have a great credit history. Most of the programs out there who help veterans get these loans have a secondary program designed to help veterans raise their credit score. Often, these programs are free.
I look forward to sharing my journey to homeownership with you.