Anyone else on the verge of making it Veeky Forums?

idontknow
idontknow

mfw I realize I can use FHA to get a 3.5% down payment on some shitty starter house around $90k and stop throwing money away by renting
mfw my tax return will cover most of that
mfw I will soon ascend from landless serfdom

Anyone else on the verge of making it Veeky Forums?

All urls found in this thread:

benefits.va.gov/homeloans/purchaseco_eligibility.asp

Gigastrength
Gigastrength

Will probably buy a house using a VA loan sometime in December or January

It's not bad. Also I think Trump is playing around with FHA right now so you should double check on that.

Methnerd
Methnerd

Actually I plan on joining the Nation Guard in the summer so a VA loan would be pretty dank.

Maybe I can just hold off however many months it would take me for me to go to basic and keep renting with the riffraff until then. Every day though coming home I get more depressed about the plebs I live with.

Sharpcharm
Sharpcharm

You qualify after basic. It's up to 175k nothing down, and 20% down for anything beyond that. Base interest rate is 2.75%, 3.5% if you're doing a jumbo loan.

What I'm probably going to do is buy a house at my first duty station (Coast Guard, so a major port city possibly somewhere tropical or subtropical) and rent it out during the summers while I live in the barracks.

BlogWobbles
BlogWobbles

Why do Mericans even care about % when it's entirely tax deductible anyway? Wouldn't that technically turn a 3% rate into about a 1.8% rate?

TechHater
TechHater

...are you high?

Why even pay less when you could pay slightly more?

AwesomeTucker
AwesomeTucker

Hmmmm actually it looks that's only for active duty vets, NG takes like 6 years... benefits.va.gov/homeloans/purchaseco_eligibility.asp

I hope the FHA didn't get gutted too much, I won't want to spend another 2 or more years renting.

PurpleCharger
PurpleCharger

Oh know... a potential 0.5% difference in interest rates... fuck, that's $20 per week

*mind blown*

Ignoramus
Ignoramus

No no, you have to spend at least 90 days active. Your time spent in basic and at tech school counts as time active. Your drill time? Time active. Your time in tech school? Active. Basic? Active. Deployment? Active.

From basic you're looking at 56 or so days active, and your tech school is going to be at least 90 days.

Nojokur
Nojokur

Wait, I didn't read that shit at the end. Nevermind, my bad.

Looks like you guys get fucked by the exemption

happy_sad
happy_sad

My credit union is still offering FHA loans. I haven't heard anything about Trump cutting them, seems counterintuitive to his pro blue-collar image.

There are some comfy little houses about an hour outside of the city I'd be willing to buy. They're like $75-90k, and my mortgage would probably be lower than my rent is now plus I'd be building equity. Now is the time...

massdebater
massdebater

But do you have the credit and income?

You should get a Home Ready or HomePossible loan for 3% down. Aldo, your shitty starter better qualify for FHA's strict guidelines. Govt don't garentee if the home is shit or needs repairs. Loan officer here

Wat?

Pic related

kizzmybutt
kizzmybutt

More power to you then if you can get it.

I have no idea what the dude is on about either.

Poker_Star
Poker_Star

$424,100 nothing down

VA has no loan limits but anything over conforming limits needs 20% over the added amount.

Vets have it good. 90% of VA loans I do the Vets usually get money back at closing. They get paid to but a home. USA USA

Methshot
Methshot

Damn typing while I'm doing my taxes excuse the typos

Methnerd
Methnerd

But do you have the credit and income?

Income yes. Credit no. Isn't that the point of FHA? I need to sit down with my credit union this week.

Snarelure
Snarelure

22
3.5% on a 130k home.
renovate for ~4k because you're handy and family is filled with tradesmen
Only pay ~950 a month on mortgage - principal + upkeep for a 1600 sqft home
probably could sell it for 150k
combined household income of 105k (60k + 45k), with no other debt obligations other than the mortgage
will be able to pay it off before I'm 30 if I raid my brokerage account.
4 years younger than when your parents when they first bought a similarly sized starter-house in the same area

All my friends are so shitty with their money, and I'm gonna make it.

Evilember
Evilember

I'm saying you can get a home for 3% down. FHA is very very strict if the home needs repairs or falling apart. Does the home your looking at need repairs/shot foundation? Go Conventional they don't care plus at most you only need 5% down.

580 FHA most lenders
640 Convie most lenders. Don't bother with a credit union. Those guys are so restricted. What state do you live in? I can recommend great mortgage companies that I know can help. Probably worked at one of them

I'm passionate about my job/industry and love to help young people get into a home. Most of our generation is fucked

SniperGod
SniperGod

When I last looked it was 175k nothing down for a non-jumbo, but I may be misremembering and it was quite some time ago. I also remember being restricted from cashing out, but I'm literally reading shit that's current that allows equity to be cashed out in loans meant to refinance a current mortgage.

Vets have it good. 90% of VA loans I do the Vets usually get money back at closing. They get paid to but a home. USA USA

Funny story. In medieval France you used to get a noble title and a grant of land in exchange for 20 years of military service. Not much has really changed to be quite honest.

WebTool
WebTool

I lean more toward the VA loan for the 0% down and the below market interest.

I'm going to be in a port city, don't know which one yet. I'm hoping for Hawaii or maybe down in the Florida Keys, but I'd accept New York or the West Coast too. Where I absolutely don't want to go is Alaska, but at least I can put in for reassignment early if I volunteer for special duties.

TechHater
TechHater

I think you are thinking of the amount that is the entitlement guarantee. Can get very confusing $36 k x 4= 144,000k the loan needs to be atleast 25% guaranty so 424,100. It's confusing and wish they spelled it out better. Anything over is jumbo and unless you live in CA or HI you prob won't need a home over that price.

AwesomeTucker
AwesomeTucker

It's about a 2/7 chance that I'm going to wind up in one of those two places. If I end up in HI I'm going to have to rent it out during the summers as a vacation home.

JunkTop
JunkTop

Oh damn those areas are high cost high conforming they lend over $600k there. Turn up. I think out govt shits on Vets but the homebuying advantages really are great and glad to see

Stupidasole
Stupidasole

Nice. Turns out the Coast Guard might be a profitable endeavor, who would have thought?

Spamalot
Spamalot

I live in Texas.I can probably raise a down payment with my tax return and by aggressively saving for a few months. I could raid my $5,000 Roth too since I'm 22yo and don't plan on retiring until I die.

Need_TLC
Need_TLC

anons I just remembered you can liquefy your Roth penalty free for a house. That' means I don't even need to save up or wait for my tax return. All that I need to fall into place now is I need a credit score which meets FHA standards which probably won't be hard. Wish me luck bros

askme
askme

how the fuck are you doin it? same age.
congrats amigo. you bought the house already? tryin to do this same shit. not sure what fha is and not sure if i qualify even.

Playboyize
Playboyize

You'll never be rich

BlogWobbles
BlogWobbles

You can remove the principle from your roth for any reason at anytime

King_Martha
King_Martha

;)

VisualMaster
VisualMaster

Wait. What?

DeathDog
DeathDog

Pay no attention to this person.

Disable AdBlock to view this page

Disable AdBlock to view this page

Confirm your age

This website may contain content of an adult nature. If you are under the age of 18, if such content offends you or if it is illegal to view such content in your community, please EXIT.

Enter Exit

About Privacy

We use cookies to personalize content and ads, to provide social media features and to analyze our traffic. We also share information about your use of our site with our advertising and analytics partners.

Accept Exit