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TeamSelig
07-06-2011, 12:04 AM
I've heard theres a bunch of loans, deals, etc. for first time home owners. Being a comissioned officer in the military, I am guaranteed a $25,000 loan but other than that, I'm not real sure what all is available to me. I've heard there are a bunch of different deals for people, anyone have any experience with this or any good resources I can find?

cumberlandreds
07-06-2011, 11:25 AM
FHA loans are the best type for a first time buyer. That's what we got with our home. The points are lower,IIRC. A lower down payment is also a big benefit. You can go to any bank or lending place for all of the details. It's been 17 years since I got this type of loan so I have forgotten many of the details.

Eric_the_Red
07-06-2011, 12:42 PM
The best advice I've ever heard about buying a home is to make sure you can put at least 20% down, and that your monthly total mortgage payments are no more than 25-35% of your household total monthly take home pay. (And if you can do both with a 15 year mortgage, you are really sitting pretty.)

RBA
07-06-2011, 02:02 PM
$25,000? I think you meant $250,000. VA Loan? With a VA Loan you wouldn't have to pay the PMI, which can reduce your overall mortgage. Also, having a service-related disability allows your lender to waive the funding fee.

TeamSelig
07-07-2011, 01:22 AM
It is a different loan. The 25k one is to help officers kick start their careers or something like that. I need to read up on the VA loan though, I'm not sure when the eligibility begins, etc.

RBA
07-07-2011, 01:50 AM
I see something in the military.com forums. Looks like the $25K is from USAA (my bank).

http://forums.military.com/eve/forums/a/tpc/f/3370090151001/m/2660018691001

Never heard of it before.