Field Manual For Military Home Buyers

First of a series of articles explaining the home buying process for military personnel interested in purchasing a home now or in the future. Discussion will include:(1) the 16 steps involved from mortgage qualification to submitting an offer to purchase;(2) how to determine if I should consider buying a home at this time;(3)how much will I pay for a house; and (4) the all important question-how much will it cost.
The “Field Manual For Military Home Buyers”addresses all of these topics in detail. Obtain your copy of this 33 page manual at dukerr@usit.net

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Things you can do before you PCS to meet lenders standards for a home mortgage.

*Pay your bills on time
*Keep credit card balances low
*Get current on any late payments
*Order credit reports atwww.annualcreditreport.com.
*Obtain your credit score
*Reduce your debt
*Don’t open new accounts
*Avoid closing credit card accounts
Credit reporting agencies are Experian, Equifax and TransUnion. Caution: some companies use the offer of a free credit report to sell credit monitoring or other services.

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Do You Know Your Credit Score?

It takes a 620 credit score to qualify for a “VA” mortgage. How does a lender come up with this score? The scores are based on information in your credit report.These scores tell lenders the likelihood that a mortgage or any other loan for that matter will be repaid on time. Te credit score is determined by examining your credit report and assigning numerical values to pieces of information in that report. Fair Issac runs the scoring known as FICO.

Five categories of information are evaluated to obtain your score:(1) payment history(35%); (2) amounts owed(30%); (3) length of credit history(15%); (4) new debt(10%) and types of credit (10%). See www.fairisaac.com

The three major credit companies generate a credit score. Each company works with he same data but generates the score in a different manner. Scores range between 300 and 850. Half of all consumers have a credit of 720-740 or higher. Lenders will give the best interest rate to people with a FICO score of 760 or higher. If your score is 650 to 690 you can get credit but at less favorable rates than borrowers with higher scores. Once you fall below 600 its nearly impossible to get a loan.

Your actual credit score is not included with your credit report(free at www.annualcreditreport.com).You can order your credit score at www.myfico.com. Cost is $19.95. Note; the rules regarding  providing credit score information to consumers is changing as a result of the implementation of the Dodd-Frank act.

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Finally,Free Credit Scores

Active-duty service members and mobilized reservists can get free FICO credit scores,offered by FICO Standard Services, provided by the Financial Industry Regulatory Authority’s Investor Education Foundation. The Fair Credit Reporting Act guarantees everyone access to three free credit reports a year, one from each of the national credit reporting agencies, at www.annualcreditreport.com. The FICO credit score is not included  with the credit report. The Financial Industry Regulatory Authority(FINRA) will now provide the credit score, which usually costs $19.95, at no charge. Also included is the FICO Score Simulator used to analyze the effect actions can have on your credit score such as paying off a credit card or opening a new account.

To get access to the FICO score contact your personal financial management program office at the nearest installation.Contact information is at www.militaryinstallations.dod.mil. Search by installation or zip code. If not near an installation,email creditscore@finra.org

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King bids farewell as head of drill sgt. school

FORT JACKSON, S.C. — The first woman commandant of the Army’s elite drill sergeant school, who had been suspended for six months by the Army and later reinstated, bid a tearful farewell Thursday to her supporters, students and fellow soldiers as she bowed to Army pressure to leave her historic position.

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House OKs continued war in Afghanistan

WASHINGTON — The House endorsed the continued war in Afghanistan on Thursday despite acknowledgment from Republicans and Democrats that the American people are war-weary after more than a decade of conflict.

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Civilian credentials can boost your career

Soldiers now have more chances to get certifications in their job fields, which can mean faster promotion and a better shot at a job after the Army.

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GI killed in Cambodia awarded Medal of Honor

WASHINGTON — Leslie Sabo’s Vietnam War ended in the flash of his own grenade, hurled at an enemy bunker in Cambodia to save surrounded comrades. Forty years later — and a dozen years after the long-lost paperwork turned up in military archives — he was honored by President Obama on Wednesday with the nation’s highest award for gallantry.

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Odierno: Brigade heading to Africa next year

WASHINGTON — Army leaders say a combat brigade will be assigned to the Pentagon’s Africa Command next year in a pilot program that will send small teams of soldiers to countries around the continent to do training and participate in military exercises.

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Combat vets, NFL players may share brain injury

A generation of Iraq and Afghanistan veterans exposed to explosions may be at risk for early-onset dementia, according to a new study that looked at the autopsied brains of four former combat service members and four athletes.

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Allen: Summit to focus on Afghanistan security

The vision for an enduring U.S. presence in Afghanistan will move forward in coming days during a NATO summit, said Gen. John Allen, commander of U.S. forces in Afghanistan.

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U.S., Pakistan near deal to reopen supply lines

WASHINGTON — The United States and Pakistan on Wednesday raced to conclude a deal to reopen key supply routes for the Afghanistan war before next week’s NATO summit, with Washington hopeful of an imminent deal but Islamabad insisting that the U.S. pay more to repair relations and end the blockade.

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MacDill AFB soldier attacked by 4 men

TAMPA, Fla. — A 24-year-old soldier assigned to U.S. Central Command at MacDill Air Force Base was beaten up by four men while walking — and the brutal attack was caught on video.

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CBO: Tricare for Life mail order plan may work

Congressional analysts say a House plan requiring older Tricare beneficiaries to fill their long-term prescriptions by mail would not generate the huge annual savings anticipated by lawmakers, but over time it still would be enough to meet a goal of raising $1 billion to offset reduced pharmacy co-pay fee increases for all Tricare beneficiaries.

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