I just seperated from active duty with the military after 8 years, My wife and I are in College full time and have a tight budget due to we are only making about 50,000 combined. We are not sure if we will stay in current area after we finish school. We have three years to go. I am tired of renting and throwing money away but I am also concerned about costs and the responsibility of home ownership while in school. Any ideas
Thanks
2007-07-09 23:48:40 · 5 answers · asked by wonderer 1 in Business & Finance ➔ Renting & Real Estate
If you buy it depends on what you buy. I have rented and am a homeowner, with no mortgage. The value of my home is $120,000. I get nothing for that. I could be losing $12,000 a year because the money is not invested. Plus, I have to pay taxes and maintenance. Figure $3,600. If I did have a mortgage, the interest alone would be as much as $9,000.
With an apartment, you pay rent and utilities. That's it. No maintenance to do. No yard work. No taxes. Plus, you are both busy with school and work. I don't think you have time to be a homeowner.
My recommendation: Pay the rent and save what you can. In three years you could have a sizable down payment saved up.
2007-07-10 00:06:11 · answer #1 · answered by regerugged 7 · 0⤊ 0⤋
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2016-07-18 22:41:15 · answer #2 · answered by Rebecca 3 · 0⤊ 0⤋
The first thing you need to do is get pre-approved for a mortgage loan. It appears as if you were in the military at one time therefore you could possible be qualified for a VA loan. Buying a home under VA you will not be required to come out of pocket with any money unless you so desire. The seller pays all closing cost. Buying a town house might be a problem as you should check the by-laws and a document called the CC&R's to see if they allow animals. Buying a town house mean you are buying a property that has a Home Owners Association (HOA). This association has rules and laws that tell you things that are allowed and not allowed withing this complex. You also have to pay HOA dues each month to this association in addition to your mortgage, and interest. You also have to pay taxes. Your insurance is paid through your HOA. The buffer zone you are seeking will be worked out for you by the mortgage banker/broker that you apply for to get your mortgage loan. There is a certain ratio that you will not be allowed to exceed. They will tell you this amount. There are many things you should do, but the first thing you should do is contact a mortgage broker that does VA and FHA mortgage loans and get pre-approved. This is the first step. Once you have your pre-approval then contact a real estate agent to look at house based on what you are qualified to buy. There are a few documents you will need, but one call to a mortgage banker will get you the information about what you will need and when it is needed. This pre-approval will tell you the amount of house you are qualified to purchase as well as the interest rate, monthly mortgage payments and other necessary things you need to know about your mortgage. I hope this has been of some use to you, good luck. "FIGHT ON"
2016-05-22 04:29:50 · answer #3 · answered by ? 3 · 0⤊ 0⤋
Rent To Own Homes - http://RentToOwnHome.uzaev.com/?winJ
2016-07-12 02:19:53 · answer #4 · answered by ? 3 · 0⤊ 0⤋
I think you should buy a house that you can COMFORTABLY afford. Then if you leave that area after college sell it or rent it out.
2007-07-10 19:30:26 · answer #5 · answered by Anonymous · 0⤊ 0⤋