All my eggs are in the "buying a home" basket for my next PCS in 6 months, was hoping to get some advice as to what to watch out for, what kind of numbers to expect, and overall advice.
Headed to recruting duty in souther California, married, kids of school age by then, 15 years in, and still going.
615 credit. 30% DTI, not much of a savings. E6 pay plus all the allowances the Mil gives you is my only income.
I was hoping for 600K to 700K to be affordable for me. Am I crazy to think about them offering me that number?
Honestly the perks of nothing down, almost sounds like it's going to hurt more than help, cause without a down payment, your mortgage stays "higher".
Any advice would be awesome. Sorry for the long read.
Posted by usnriot
3 Comments
How do you have so much debt with no house? What is it all in, amount and rates? And what’s “not much savings”?
Where in SoCal are you headed? That budget can buy you a shoebox or a townhouse/condo depending on where you are.
Honestly don’t know how you could possibly afford a house with 30% DTI and no savings. I obviously don’t know your entire financial picture but based off of this absolutely not. Most likely better off renting below BAH with roommates or something and pay off your debt and start saving