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?
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.
Reds Fan Since 1971
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.)
2013 Record at games attended: 0-1
$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.
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.
I see something in the military.com forums. Looks like the $25K is from USAA (my bank).
http://forums.military.com/eve/forum.../2660018691001
Never heard of it before.
Posting Permissions
|
Board Moderators may, at their discretion and judgment, delete and/or edit any messages that violate any of the following guidelines: 1. Explicit references to alleged illegal or unlawful acts. 2. Graphic sexual descriptions. 3. Racial or ethnic slurs. 4. Use of edgy language (including masked profanity). 5. Direct personal attacks, flames, fights, trolling, baiting, name-calling, general nuisance, excessive player criticism or anything along those lines. 6. Posting spam. 7. Each person may have only one user account. It is fine to be critical here - that's what this board is for. But let's not beat a subject or a player to death, please. |
Reply With Quote