First-Time Military Homebuyers

If this is your first time buying a home, the process can feel overwhelming. The good news is that as a service member or veteran, you have access to one of the most borrower-friendly loan programs available. Here is what to know before you start.

Understand Your Monthly Housing Costs

Your monthly payment is more than just the mortgage. It typically includes principal, interest, property taxes, and homeowners insurance (often called PITI). You should also budget for utilities, maintenance, and possibly HOA fees.

Build Your Credit

While VA loans are more flexible on credit than conventional loans, a stronger credit score can mean a better interest rate. Check your credit report for errors, pay bills on time, and keep credit card balances low relative to your limits.

Budgeting Tips

• Track your spending for a month to see where your money goes
• Aim to keep your total monthly housing costs under 28–31% of your gross monthly income
• Save for closing costs, which typically run 2–5% of the loan amount
• Keep an emergency fund — owning a home means you are responsible for repairs

Preparing for the Process

Start by getting pre-approved so you know your budget. Then work with an agent who can guide you through each step. Do not be afraid to ask questions — a good agent and lender will take the time to explain things clearly.