Military Significant Others and Spouse Support - MilitarySOS.com
Page 1 of 4 1234 LastLast
Results 1 to 10 of 31

Thread: Becoming a home owner

  1. Mmhmm.
    wcchick712's Avatar
    wcchick712 is offline
    Mmhmm.
    Join Date
    Oct 2007
    Location
    My corner of paradise
    Posts
    4,915
    #1

    Becoming a home owner

    Advertisements
    I'm very interested in how everyone who owns a home in the military lifestyle has become a owner.

    My husband has half sold me on buying. He want's to --quote, "be able to knock out a wall if I want to. I don't want to have to #ucking worry about making holes just to hang pictures on the walls." But we are on just HIS E6 income, HIS E6 BAH. I don't currently work and won't until I can get my daughter into Pre-school (years from now.) I just don' feel like his income could get us a house that would satisfy me. We also have NO saving that would make a difference in a down payment. (I know there's the VA loan, but you still want to put as much down as you can to make those payments smaller.)





    I know i'm not the only curious one, or the only one looking for answers.

    If you own a home,or did when you lived the active duty lifestyle, could you please share:

    Did you use your VA loan?
    How much were you able to put down?
    What is your income like to make payments? is it joint, or solely his?
    Do you rent out when you PCS, or do you sell? (or if you're a very experienced home owner have you done both?)
    Per location, how much on top of a monthly payment have you noticed utilities (total) run you? (also state location)

    Also if you have any before and after pictures of homes you've lived in, or made changes to please post them! It's mental inspiration to see what really is possible when you own a home.

    TIA!
  2. Junior Member
    navygirlfriend's Avatar
    navygirlfriend is offline
    Junior Member
    Join Date
    Sep 2008
    Location
    I'm in NC he is in CT
    Posts
    1,593
    #2
    ..I am keeping my eye on this thread. Me and DF are in the same situation except we will not be buying till after he gets out of the military next year. They lose their BAH as soon as they get out right??
  3. Mmhmm.
    wcchick712's Avatar
    wcchick712 is offline
    Mmhmm.
    Join Date
    Oct 2007
    Location
    My corner of paradise
    Posts
    4,915
    #3
    Quote Originally Posted by navygirlfriend View Post
    ..I am keeping my eye on this thread. Me and DF are in the same situation except we will not be buying till after he gets out of the military next year. They lose their BAH as soon as they get out right??
    I want to believe that you stop collecting BAH once your contract is up.
  4. Senior Member
    Judi89's Avatar
    Judi89 is offline
    Senior Member
    Join Date
    Jun 2008
    Posts
    30,839
    #4
    Quote Originally Posted by wcchick712 View Post
    I'm very interested in how everyone who owns a home in the military lifestyle has become a owner.

    My husband has half sold me on buying. He want's to --quote, "be able to knock out a wall if I want to. I don't want to have to #ucking worry about making holes just to hang pictures on the walls." But we are on just HIS E6 income, HIS E6 BAH. I don't currently work and won't until I can get my daughter into Pre-school (years from now.) I just don' feel like his income could get us a house that would satisfy me. We also have NO saving that would make a difference in a down payment. (I know there's the VA loan, but you still want to put as much down as you can to make those payments smaller.)

    I know i'm not the only curious one, or the only one looking for answers.

    If you own a home,or did when you lived the active duty lifestyle, could you please share:

    Did you use your VA loan?
    How much were you able to put down?
    What is your income like to make payments? is it joint, or solely his?
    Do you rent out when you PCS, or do you sell? (or if you're a very experienced home owner have you done both?)
    Per location, how much on top of a monthly payment have you noticed utilities (total) run you? (also state location)

    Also if you have any before and after pictures of homes you've lived in, or made changes to please post them! It's mental inspiration to see what really is possible when you own a home.

    TIA!

    When we bought our first home, we had one baby. We moved from Key West to Jacksonville Florida and because I left a job there, with no guaranteed job in Jax, we bought a home as if only he was working. In our eyes, it was our first home and as long as it "fit" us, we were happy. We were still picky, but we didn't expect a castle since we were young, had very little savings and it was truly our starter home. If you go into this expecting a shiny, big, new, perfect home, you will probably be dissatisfied. Instead, look at this as a first home that sets the stage for bigger and better things later. Our first place was 1,800 sq. ft, 3 BR, 2 baths on a quiet cul-de-sac with a decent lot. It was $99K in 1997.

    Did you use your VA loan? YES
    How much were you able to put down? We put down ZERO. You need the savings for repairs and improvements. The diff. in your monthly payment with a small down payment is not as big as you would think, and becomes very important in the case of an emergency.
    What is your income like to make payments? is it joint, or solely his?We both work and everything goes into joint accounts and we pay all bills from there. We are old school in that regard and we do everything $ together.
    Do you rent out when you PCS, or do you sell? (or if you're a very experienced home owner have you done both?) We rent out, with the assistance of a Property Manager.
    Per location, how much on top of a monthly payment have you noticed utilities (total) run you? (also state location)Not really relevant on the renting side. On the buying side, it depends on what you buy. I think you are referencing BAH, and if you plan on the front end, you can keep mortgage and utilities within that. Subtract the average utility costs from your BAH amount. You can find out how much average utilities are for an X bedroom, X sq. ft. house from the local utility company. What is left is how much you can afford for your mortgage. You can plug that in any mortgage calculator and work backwards to find what your buying power is...



    "If we ever forget that we're one nation under God, then we will be a nation gone under." - President Ronald Reagan
  5. Senior Member
    Judi89's Avatar
    Judi89 is offline
    Senior Member
    Join Date
    Jun 2008
    Posts
    30,839
    #5
    Here's a calculator
    How much can I afford calculator



    "If we ever forget that we're one nation under God, then we will be a nation gone under." - President Ronald Reagan
  6. MilitarySOS Jewel
    FROGLOVE's Avatar
    FROGLOVE is offline
    MilitarySOS Jewel
    Join Date
    Dec 2004
    Location
    Bellevue, Ne.
    Posts
    41,152

    #6
    We just bought our house 2 years ago. We used our VA loan with ZERO down payment( we had no money in savings to use).

    At the time we bought the house I had only been working for a month( and it covered daycare and some left over for bills or what not)

    My husband is an E6 and we are doing just fine with our house payments and other bills.


    You just can not expect a big fancy house. It is your starter house... does not have to be your dream house. Just don't live above your means thats all.


    You can do it.




    ETA: when its time for dh to leave we had the option of renting it out or selling it. But I decided to stay here in our home with our kids(my son needs his therapies and what not). I love my home too much to leave it.
  7. You are here.
    Frybread's Avatar
    Frybread is offline
    You are here.
    Join Date
    Jul 2008
    Location
    SoCal
    Posts
    23,977
    #7
    Quote Originally Posted by froglove View Post
    We just bought our house 2 years ago. We used our VA loan with ZERO down payment( we had no money in savings to use).

    At the time we bought the house I had only been working for a month( and it covered daycare and some left over for bills or what not)

    My husband is an E6 and we are doing just fine with our house payments and other bills.


    You just can not expect a big fancy house. It is your starter house... does not have to be your dream house. Just don't live above your means thats all.


    You can do it.




    ETA: when its time for dh to leave we had the option of renting it out or selling it. But I decided to stay here in our home with our kids(my son needs his therapies and what not). I love my home too much to leave it.
    ditto, her situation is somewhat similar, although i'm not working presently. And if dh stays with the orders to Hawaii, we'll go with him and rent ours us through a property management agency.

    OP its going to be your first house, so it may not satisfy your tastes by being a four story 8 bedroom 16 bath with marble every where house....just look at houses within your means.
  8. In my own little crazy world . . it's ok, they know me here.
    jessi01's Avatar
    jessi01 is offline
    In my own little crazy world . . it's ok, they know me here.
    Join Date
    Dec 2008
    Location
    Pennsylvania
    Posts
    3,484
    #8
    We got a VA loan and put nothing down when I was married. Actually, we weren't married yet so he got a VA loan with nothing down. I know a lot of military families rent out their houses when they move. It might be a good investment or income property if that happens.
  9. Señor Member
    Ashley.'s Avatar
    Ashley. is offline
    Señor Member
    Join Date
    Mar 2008
    Location
    Okinawa, Japan
    Posts
    25,785
    #9
    We got our house with the VA loan, didn't put any money down. We spent 123,000 on the house we're in now, and are only paying about 800 a month for mortgage. DH is an E4, and i don't have a job, and at the end of the month, after all of our bills, we'll have over a grand left over at the end of the month. That's after food, his car (mine is paid off,) our insurance, utilities, pretty much every bill we could think of.

    be cool.
  10. Mmhmm.
    wcchick712's Avatar
    wcchick712 is offline
    Mmhmm.
    Join Date
    Oct 2007
    Location
    My corner of paradise
    Posts
    4,915
    #10
Page 1 of 4 1234 LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •