Early this morning, around 5:30 AM, I was watching a national cable news network report on the state of the real estate industry recovery. The main focus of this report was on the "fact that is is getting very difficult to buy a home" because:
"You MUST have a credit score of at least 720 to buy a home.
You MUST have at least 20% down payment to buy a home."
OR YOU ARE NOT GETTING A HOME AT ALL!
Now, this report and others like it, does apply to a certain group of home buyers. But the situation is different at Ft. Hood, and I'd like to "TELL THE REST OF THE STORY!!!
At FORT HOOD,TEXAS, in the Killeen, Copperas Cove, Harker Heights area that serves so many members of the military armed forces, it is NOT true that it's hard to buy a home.
No down payment VA loans drive this military market, and local lenders are highly experienced in helping buyers who want to use their VA loan benefit.
Local lenders tell me that, if you have a credit score of at least 620, and are eligible for a VA loan, you need NO down payment to buy a home.
If you are not eligible for a VA Loan, you may qualify for an FHA loan. This loan does require a down payment, but only 3.5% of your sales price, meaning on a $100,000 home, your down payment is only $3500.
So take heart! Don't believe everything you hear on the news or read in the newspaper or online.
VA Loans are alive and well, require a reasonable credit score, and require NO downpayment.
Mary Ann Daniell is a licensed Texas Realtor with over 11 years experience helping military families in PCS moves buy and sell homes in the Killeen, Copperas Cove, Harker Heights, Ft. Hood area of Central Texas.
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