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In order to qualify for a home loan, either you or your spouse would need to have a minimum of 2 years work history.
At minimum, you’ll need to make a $1,000 earnest money deposit to start the escrow process. In addition, third-party fees such as a home inspection and appraisal make it ideal to start the process with at least $2,000 in the bank.
Most lenders use a 620 Fico score as the minimum score required to apply for a home loan.
While being a current or prior service member is not required to own a home, it sure does help. The VA Loan program offers great benefits such as no down payment required, reduced closing costs and lower interest rates.
The first step to owning a home (assuming you can’t pay for it all in cash) is to get Pre-Approved by a lender. The process is free and relatively simple. Knowing what loan amount you are qualified for is essential before you start your home search.