How to buy your first home
A Step by Step guide in showing you how to return home with ease.
Are you feeling overwhelmed?
Feel like you’re starting to get stressed?
Even if you don’t have kids I will show you how to settle into a place you can finally call yours.
Being a military spouse means a lot of packing and unpacking. You feel like you’ve gone pro (haven’t you?). But this is it the final move!
About 4 months before your husband gets his orders here’s a few things to get you started in the right direction.
620 Credit Score and Above
Both you and your husband need a credit score of 620 and above. If either one of you don’t have a score, right now is the time to start. It takes the credit bureau 2 months to update the score. A few ways to bring up your credit would be opening a secured credit card. Sign up with credit karma to keep track of your credit.
- Open a secured credit card.
- Get a co-signer,
- Be an authorized user on someone else’s credit.
Upkeep a good credit by paying every payment ON-TIME. Do not try to open a new credit back to back. Every time you try to open a credit account your credit goes down. Keep your account open for as long possible. Don’t exceed 30% of your credit limit.
Find a Lender
For being in the military it opens you up to more options.With a minimum wage yes you can still buy a house
- Veteran Home Loans Program: Only available to soldiers and spouses. You can pre-qualify for the $0 down home loan.
- USAA: If you bank with USAA they also have a housing plan. Next to an insurance program they have.
- Quicken Loans: A 1% down payment program for pre-qualifiers.
- Wells Fargo: A 3% down payment for first time mortgage.
They help you with your financial advice and lets you know what you can do to better your chances of getting your house.
3 Months of Rent Saved
Agents or home owners usually want you to have 3 months of rent saved up. They want to have at least 4 pay stubs or a letter stating that you are working. The saved up money will be good towards any extra applications that you do come across. Remember that while buying a house you need to keep in mind that you will be responsible for all damage that can occur and will occur. You are your own maintenance. Aside from 3 months of rent saved it would also be a good idea tow save up some money for a rainy day. You don’t want to dig into your rent money for the month.
A Job Lined Up
Having a job and proof of a job is the most important to lenders. A high paying job is not a requirement. But if you come across a commission job you would need 2 years worth of pay stubs and credibility that you was in that line of work. At the 2 month mark you should start looking into jobs. Build a great resume. If you have no job experience don’t be discouraged.