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Thread: Home Owners?

  1. #1
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    Home Owners?

    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?

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  3. #2
    Member cumberlandreds's Avatar
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    Re: Home Owners?

    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

  4. #3
    Mr.Redlegs is my homeboy Eric_the_Red's Avatar
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    Re: Home Owners?

    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

  5. #4
    CELEBRATION TIME RBA's Avatar
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    Re: Home Owners?

    $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.

  6. #5
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    Re: Home Owners?

    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.

  7. #6
    CELEBRATION TIME RBA's Avatar
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    Re: Home Owners?

    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.


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