Buying a house can be an exciting and fulfilling milestone for some, as it signifies independence and a move into the next phase of their lives. This is especially true if you’re a veteran and have served time in the military before moving to your new home.

For many, buying a home is a dream come true, but it can also be intimidating and stressful, especially if this will be your first time—however, there is no need to worry. There are plenty of veteran-friendly home loan tips that you can use to make the process easier. By following these tips, you can make buying your dream home as stress-free as possible.

1. Understand How a VA Home Loan Works

Most veterans are eligible for a VA home loan once they have served for at least 90 days. Let’s say you’re an active-duty veteran moving from an Air Force base to your new home. You can use this loan to purchase a home if you have served in a military branch for at least 90 consecutive days of active duty.

However, remember that a lender may waive the obligation if you were injured while in service. 

2. Search for Other Lending Options

Another option you can take is to compare home mortgage rates offered by banks, lenders, and other mortgage companies in your local area. Make sure to consider the ones with the best rates and terms. Not only will you get the best interest rate, but you’ll also get a clearer picture of what you can afford.

But if you’re going for this kind of loan, be candid and forthright in disclosing everything you can about your financial condition. Doing so will help the lender determine if you have the financial capacity to pay for the home you want.

3. Focus on Credit

VA loans have fewer credit requirements than traditional financing. This is why they are attractive to veterans. But even so, you still need to focus on improving your credit. After all, your FICO score is essential for the loan. If you want to qualify, you have to make timely payments and have a good payment history.

That said, always consult the lender you will work with. Doing so will allow you to check the lender’s credit requirements and requirements for the VA loan.

4. Maintain Employment

Employment history, income, and employment are important markers of a solid borrower. Your income is a factor in determining the loan amount and price point on a home you will qualify to purchase and it also evaluates if you are less likely to fail on your loan.

Additionally, foreclosure or bankruptcy proceedings may preclude you from receiving the loan. Furthermore, not working at all raises certain red flags.

That’s why you must constantly monitor your credit score and job history. Lenders use it to determine your capacity to repay your VA mortgage. 

Final Thoughts

Choosing a lender for a VA home loan is a huge decision. After all, a suitable lender will not only get you the lowest possible interest rate but also help you throughout the loan process. 

If you’re looking for a lender for home loans in Oklahoma and Florida, turn to Cross Timbers Mortgage. We help our customers in selecting the proper mortgage for their individual financial needs. Contact us today for more information.