JACKSONVILLE, Fla. — Buying a home during a pandemic could be the cure for your financial future, especially if you're a veteran.
“One of the great things about the VA loan benefit is that it knocks down so many of the hurdles that in any buying environment, [it would] have stopped people from getting into a home," said Greg Murray who works for Wells Fargo.
His institution is one of many that’s showing veterans how to get into those VA benefits, such as no down payment and no mortgage insurance; a discount that could save a military family up to $20,000 on a $100,000 home.
“We have had at the center a number of residents that have poor credit rating," said Col. Len Loving, 5 Star Veterans Center.
Military support organizations like 5 Star Veterans Center help prepare those who’ve served to get their financial life in order.
He said one of the biggest hurdles is overcoming bad credit; it's the leading factor that can press the brakes on those VA benefits for homeownership.
“Unfortunately in some cases, things happen to them, and it causes them to go into a downward and they don’t think about things like homeownership,” Loving said.
Of course, nothing is a slam dunk deal. If you're military, your chances of approval are pretty strong when you follow the right steps.
“Go to VA.gov and get your Certificate Of Eligibility. That’s one document that says whether your eligible for a VA loan or not," Murray said.