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 Certificate 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.