I pay about 1000 dollars a month in rent. I'm sick of wasting money that could be put down on a house I dont have very good credit but Im in the Navy, E4 been in for a year, have 4 more years left but Im going to renlist and retire, married, no kids. I have a 600 credit score and my wife has a 625 score. Heard of va loans but not sure what they are. My question is will i qualify and are va loans the way to go.
2007-06-04 16:39:45 · 3 answers · asked by kewlsouth 1 in Business & Finance ➔ Renting & Real Estate
And if I move I would probley sell it or rent it out to have the house pay for itself
2007-06-04 17:17:50 · update #1
If you can qualify for a VA loan, that's definitely the way to go, as it'll be easier to get a loan through that program. Ask your Navy human resources department (or whatever it's called) for info on that. Other advice:
1. Whatever you do, DO NOT buy a home that exceeds your ability to pay for it. At all. It is well worth the money to hire a financial advisor (someone who is not associated with a realtor or any other interested party) for a couple of hours to find out what you really, truly, can afford. I can't stress this enough. Better to own a so-so home that you can pay for than a nice home that will land you in foreclosure/bankruptcy.
2. I don't know about the Navy, but don't most military people transfer around a lot? If that's the case, it may not make sense for you to purchase a home right now, given the shaky market.
2007-06-04 16:55:10 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Almost anyone can get a mortgage loan who has a steady job for 2 years. With the possible exception of a bankruptcy claim. I say go for it,, ask a Realtor for the qualifications papers. they will fill it out with you, figure out how much you can afford. You could then be pre-qualified.
Just be care full to not buy at the top of your loan limit because then you couldn't afford to live nicely.
2007-06-04 16:49:45 · answer #2 · answered by apup76 3 · 0⤊ 0⤋
The first thing I'd do (I did do this) is hire a lawyer to represent your interest. He/she will make sure you DON'Y get screwed. I did this and the bank reps.... Well the looks on their faces when I walked into their office with my lawyer. BUT in all honesty the banks lawyers are there for their interest NOT yours. This being I hired a lawyer and he did me VERY WELL. Not only did I get the house I was looking at BUT I got EVERYTHING in the house and the garage as well. ALL the tools, washers dryer, furniture. EVERYTHING. No he did not come cheap but it was well worth it.
2016-05-17 04:29:14 · answer #3 · answered by ? 3 · 0⤊ 0⤋