Do Vets Get a "Golden Ticket" With VA Eligibility?

http://actvra.in/ZK9

I got a call from a disabled veteran the other day. He was so excited. He was ready to buy a house because he had the “Golden Ticket.”  He had his VA gold medalCertificate of Eligibility for up to $36,000. He wanted to start looking at houses.

 I advised him to first speak to one of my trusted loan officer connections, which he did. Then the good news/bad news came back to me that this gentleman had NO CREDIT.  That’s right, no credit cards, loans, rent records (living with his mother).

He was given information about attending a local class for home buyers about establishing credit. With his next paycheck, he was to get a  prepaid credit card and start to use it wisely.

More good news for him (in my opinion) was that he didn’t have internet, so he was not going to buy merchandise on the net, and  is unlikely to order from late night TV, with his limited credit card access lined up.  So, in 6 to 8 months, we can check back with this disabled Vet and see if we can get him into his own home! For more information about obtaining a VA loan, click here.

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Topic:
Home Buying
Location:
Delaware New Castle County Wilmington
Groups:
Local History
Realtors®
The Activerain Bronze Star Hall of Fame
Delaware Valley Region
Tags:
vets
buying a home in delaware
buying a home with va eligibility
establishing credit
va home loans

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Rainer
121,051
Merline D Pennant - New homes, Short Sales and Pre-foreclosures
Regal Realty of the Treasure Coast LLC - Port St Lucie, FL
New City, New Towns, New homes

Carloyn at least he did not have bad credit just no credit. 

Aug 15, 2013 08:03 AM #1
Rainmaker
344,356
Carolyn Roland-Historic Homes For Sale In Delaware, Cecil County, and S. Chester County
Patterson-Schwartz Real Estate - Wilmington, DE
Carolyn Roland, GRI, CRS

Merline-Yes, that's the good news part.

Aug 15, 2013 08:11 AM #2
Rainmaker
456,660
Kathy Stoltman
Rockwood Realty - Ventura, CA
Ventura County Real Estate Consultant 805-746-1793

I have to agree, I think it is easier to establish good credit than to fix bad. I bet this Vet will be in a home of his own before too long.

Aug 15, 2013 08:33 AM #3
Rainmaker
344,356
Carolyn Roland-Historic Homes For Sale In Delaware, Cecil County, and S. Chester County
Patterson-Schwartz Real Estate - Wilmington, DE
Carolyn Roland, GRI, CRS

Kathy, If enthusiasm counts, he should do OK.

Aug 15, 2013 08:38 AM #4
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Rainmaker
344,356

Carolyn Roland-Historic Homes For Sale In Delaware, Cecil County, and S. Chester County

Carolyn Roland, GRI, CRS
Carolyn: Tell me more about buying or selling older homes.
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