I’m a newly commissioned 2LT in the nurse corps. My wife who is a civilian nurse and I will be moving to Fort Eisenhower (Gordon) in November. Both of our cars are paid for and we have 10k in student loans between us.
We’d like to purchase our first home but are unsure where to start. Any advice would be greatly appreciated!
Butter bar looking for advice
byu/Dry-Island-7219 inMilitaryFinance
Posted by Dry-Island-7219
4 Comments
Google is a good first place to begin if you have no idea what you’re doing. That usually gets you going into a few different paths of research.
Congrats on commissioning sir 🤙🏼 but we need more context, such as how much money you have saved up? Will you be able to cover a Down payment, closing fees, a house inspector, what is your credit score & what’s your wife’s credit score? What’s your total income?
Did you want a house on post using BAH? Or did you want an off post house that you will actually own?
Look into using a VA loan, most times you only need your LES to show your income with BAH & BAS & a soft credit check, you can also include your wife’s pay on the side if you would like.
With a VA loan you don’t have to pay a down payment & depending on all the factors you can get a good loan. Use First Time Home Buyers to help with closing fees. Also, look into places where they are building houses on their property. They will sometimes offer an incentive to help cover costs such as closing fees and such. Plus it’s a new house. I recommend buying a new house because with old houses comes a lot of maintenance!
Just purchased in the area. If looking for realtor, lender, and how to get started, DM me.
Buying probably isnt the best idea right now unless youre buying in cash. Unfortunately you missed the days where homes were relatively cheap and interest rates were low enough to make the BAH go pretty far in most areas. As a new Lt you probably dont want to put that on yourself in that kind of situation
You will appreciate the cheapness and flexibility of renting when you have to move in 4 years (NC assignments are typically 4 years unless you reclama). It would only make sense to buy if you can find a place thoroughly under your BAH or if you plan on getting out and living in this area when your contract is over