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07-05-2011, 11:04 PM
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#1 |
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Member
Join Date: Aug 2002
Posts: 3,727
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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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07-06-2011, 10:25 AM
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#2 |
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Member
Join Date: May 2003
Location: Sterling VA
Posts: 7,847
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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.
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Reds Fan Since 1971 |
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07-06-2011, 11:42 AM
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#3 |
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Mr.Redlegs is my homeboy
Join Date: Oct 2008
Location: Cincinnati
Posts: 2,171
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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.)
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2013 Record at games attended: 0-1 |
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07-06-2011, 01:02 PM
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#4 |
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CELEBRATION TIME
Join Date: Apr 2000
Location: San Marcos, CA
Posts: 13,939
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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.
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07-07-2011, 12:22 AM
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#5 |
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Member
Join Date: Aug 2002
Posts: 3,727
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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.
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07-07-2011, 12:50 AM
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#6 |
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CELEBRATION TIME
Join Date: Apr 2000
Location: San Marcos, CA
Posts: 13,939
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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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