On another note
So, I have been wanting to get a place of my own - not to rent, been renting - but a place to buy. I have very limited funds, being unemployed, but I do get a bit every month from the VA for my service disability; and I have a letter of guarantee from them for a set amount towards a home loan. I know I can't afford much, so I have been looking into how to build a place myself - something easy, simple, and environmentally friendly, that passes building codes in NC. I found a good, workable method - then another, and another,.... So I have been researching each one, comparing costs, time estimates on completion, and how much labor I'd have to put in. I have two different methods in mind now, both of which should pass the building codes, and both of which are "green" building methods that don't cost much at all for a small - very small - home. Both can be built by myself, alone, with only one or two tools needed for me to buy or make.
My biggest problem, it turns out - according to the VA home loan companies - is my LACK of credit. I have been advised to open a couple of secured credit cards, and deposit amounts of money on them - the security part - which sets my credit limit; then only use no more than 25% to 50% of my limit each month, and pay it off in full each month. As long as I can do this for a few months, my credit scores will begin to rise, and as I add money to these cards, increasing my own credit limits, my scores will go up as well. A bonus is that the money I deposit as security on the cards will sit there, growing as I add to it to increase my limits, and eventually I can access that money - like a savings account. But it's tucked away someplace where it's harder to touch than if it was in my bank account, thus encouraging me to let it build, and not use it frivolously.
So, they advise me to open one or two secured credit accounts, and slowly build on those - while building my credit up so I can qualify for a VA home loan.
You see, the VA home loan can be used to buy a ready-made home, or to buy land and build on it. Given the low amount of security the VA has granted me, I am planning on buying land, and building a place for myself, by myself. I can then build in the solar, wind, and hydroelectric power sources to help keep my future bills lower, and live without being dependent on power companies that ruin the environment in the name of profit. An added bonus, with fewer bills, I can apply more of the small amount of money I get each month towards paying off the loan quicker.
I've been looking, and pricing land that would suit; and have a couple of realtors keeping an eye out for me. There are options out there, within my proposed range, so I know I can do this.
Just have to get my ducks in a row, and keep them that way.
My biggest problem, it turns out - according to the VA home loan companies - is my LACK of credit. I have been advised to open a couple of secured credit cards, and deposit amounts of money on them - the security part - which sets my credit limit; then only use no more than 25% to 50% of my limit each month, and pay it off in full each month. As long as I can do this for a few months, my credit scores will begin to rise, and as I add money to these cards, increasing my own credit limits, my scores will go up as well. A bonus is that the money I deposit as security on the cards will sit there, growing as I add to it to increase my limits, and eventually I can access that money - like a savings account. But it's tucked away someplace where it's harder to touch than if it was in my bank account, thus encouraging me to let it build, and not use it frivolously.
So, they advise me to open one or two secured credit accounts, and slowly build on those - while building my credit up so I can qualify for a VA home loan.
You see, the VA home loan can be used to buy a ready-made home, or to buy land and build on it. Given the low amount of security the VA has granted me, I am planning on buying land, and building a place for myself, by myself. I can then build in the solar, wind, and hydroelectric power sources to help keep my future bills lower, and live without being dependent on power companies that ruin the environment in the name of profit. An added bonus, with fewer bills, I can apply more of the small amount of money I get each month towards paying off the loan quicker.
I've been looking, and pricing land that would suit; and have a couple of realtors keeping an eye out for me. There are options out there, within my proposed range, so I know I can do this.
Just have to get my ducks in a row, and keep them that way.
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