>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?
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>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.
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.
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.
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?
...are you high?
>Why even pay less when you could pay slightly more?
Hmmmm actually it looks that's only for active duty vets, NG takes like 6 years... benefits.va.gov
I hope the FHA didn't get gutted too much, I won't want to spend another 2 or more years renting.
Oh know... a potential 0.5% difference in interest rates... fuck, that's $20 per week
*mind blown*
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.
Wait, I didn't read that shit at the end. Nevermind, my bad.
Looks like you guys get fucked by the exemption
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...
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
More power to you then if you can get it.
I have no idea what the dude is on about either.
$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
Damn typing while I'm doing my taxes excuse the typos
>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.
>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.
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
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.
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.
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.
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.
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
Nice. Turns out the Coast Guard might be a profitable endeavor, who would have thought?
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.
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
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.
You'll never be rich
You can remove the principle from your roth for any reason at anytime
;)
Wait. What?
Pay no attention to this person.