Being a veteran and struggling for money can be two combinations that really can cause some damage. There are some options that one can take as a veteran such as getting a mortgage or loan from the proper lender. A veteran co-worker of mine qualified for a VA loan which was offered for Florida residents. I'm just going to briefly summarize the qualifications that are needed in order to get one of these VA loans.
In order to be eligible for a VA home loan the borrower must have enough entitlement, which is simply the amount the VA will give to a veteran borrower. What is considered a full entitlement is normally adequate, which is the sum for $417,000.
The loans are to only be used specifically for the owned properties and homes. There are several things that are considered a "home", such as an approved condominium or a townhouse. These are also eligible for a VA home loan.
The borrower must have current residence at the property that they are applying for. Of course, you must have official documentation that you are a current resident of that home and that you will be a resident of that home for a period of time. If the borrower is on duty or deployed, the only person who is eligible for the "occupancy requirement" would be that soldier's spouse. However, the borrower has the option of getting an extension on the approved loan up to a period of 1 year.
The borrower is required to have enough income to qualify for the loan, and, at times, the credit score determinations might vary. The credit score determinations are set specifically by the VA lender and they can set minimums to what they choose. The normal debt to income ratio is 41% for a VA loan. However- a VA Stream-line loan doesn't call for income and credit requirements.
More information about the qualifications regarding the VA loan can be found on the internet. There are other options for when considering funding, as well. If you are a retired military personnel, you could qualify for a reverse mortgage. Also, Military.com has many options for financial assistance and funding specifically for veterans.