Hello everyone,
I am seeking advice regarding the utilization of the VA Home Loan and house hacking as I consider joining the military. Specifically, I am interested in understanding the feasibility of using the VA Home Loan after reaching the 90-day active duty mark.
Currently, I am not yet in the military, but I have approximately $10,000 in savings and no debt. Aside from contributing 5% to my Thrift Savings Plan (TSP), what other recommendations would you have for me upon enlisting?
Also forgot to include I am married but no children. No debt on both sides.
EDIT: Forgot to include I am married with no kids and no debt.
Posted by Ok-Acanthocephala606
4 Comments
I didn’t recommend buying a house for anybody using the term “house hacking”.
You should rent
Check out Bigger Pockets or Rich on Money. This is a common tactic, using a VA loan to buy a multi family building.
$10,000 in savings means your not prepared for this. More savings and research before you buy anything.
All depends where you’re going. Right now rates are between 6.3-7. Without a 20% down payment on a ~300k home you’re looking at 1.6-1.8k a month mortgage + insurance and property taxes
Are you an officer? Aka are you going to be allowed to live out of the dorms/barracks?