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Customer Questions & Answers for
autopublish Buying a Home

Customer Questions & Answers:
11 Questions
 | 
34 Answers
Product Details

Questions & Answers for autopublish Buying a Home

Question

VA Construction Loan

Has anyone gone through USAA or any other lender for a VA Construction loan to build a new home? Any suggestions on what to look for when going through the process?
Asked 1 year, 11 months ago
by GO849
+8points
8out of 8found this question helpful.
11 answers
Answers
answer 1
To the last reply, since USAA and VA do not do construction loans, could you not complete your project with a bank loan and then secure a VA loan at a typically lower interest rate? I am new to all of this, but my husband and I are looking at property to purchase this Spring to build on in a few years. We hope to have the land paid for and then begin construction after the land is paid off. Any suggestions would be most appreicated.
 | Air Force
Brat
 | 
Ft. Lauderdale Florida
answered 1 year, 3 months ago
by KimB67
Ft. Lauderdale Florida
0points
0out of 0found this answer helpful.
answer 2
bpab- We are in the same boat, trying to build "the dream home" in a non military community. Having a difficult time finding a bank that believes the VA construction to mortgage loan is worth the red tape... were you able to find success??
 | Marine Corps
Spouse
answered 1 year, 3 months ago
by gsh6
0points
0out of 0found this answer helpful.
answer 3
This discussion is valuable to us. We are trying to purchase land, build a home and finance using a VA loan. USAA does not do construction loans, only mortgage loans. VA does not do construction loans, only mortgages. So i am turning to a local bank to request financing for the construction loan. This loan may or may not include the cost of the land, depending on how we structure it with the builder and also with the seller of the land. The consideration for how to finance the land and the construction and the ultimate mortgage is how many times must we pay closing costs and go through the paperwork to get the home we have dreamed of for decades? It is a daunting process and requires upfront money from us. The VA loan is supposed to allow veterans the opportunity for home ownership with little upfront cost, but only applies to a constructed building, not an imagined, architected, house under construction. The VA mortgage is based on the existing value of the house and land. If it isn't complete (with proper permits) the value is not real... yet.
 | Air Force
Retired
 | 
PA
answered 1 year, 4 months ago
by bapb
PA
0points
0out of 0found this answer helpful.
answer 4
I was told the same thing, then mentioned the VA Construction loan i read on here, and Things changed. If you say VA Construction loan, USAA does deal in those. Regular Construction loans, No.
 | Army
Separated
answered 1 year, 5 months ago
by Zeke Tolar
0points
0out of 0found this answer helpful.
answer 5
The difference in these two conversations depends on WHO is carrying the construction loan. The case of the person whose house is almost complete, they do not have a construction loan. They have a regular VA loan that will start when they buy the house from the builder. In this case, the builder has went out and got the construction loan himself and sells the new home to the buyers after completion. If you are needing a construction loan, you can apply for one and then just tell the lender that when the home is complete, instead of turning it in to a long term conventional loan you want to turn your short term construction loan in to a VA loan. If you build the house yourself, beware because VA is looking for some specific items in a home in order for them to finance it. It is much easier if you hire a builder that knows how to build to VA standards and has a VA code. Consult your lender on requirements of the home on a VA loan.
 | Army
Spouse
 | 
lexington ky
answered 1 year, 7 months ago
by military realtor
lexington ky
+2points
2out of 2found this answer helpful.
answer 6
I've been told the same thing--they don't do construction loans.
 | Air Force
Retired
answered 1 year, 8 months ago
by ecredw
0points
0out of 0found this answer helpful.
answer 7
Samaileko, I think (I am not an expert in this area) that the discrepancy arises depending on the type of loan. Here are some details an expert as USAA provided:

Typical Construction Loan

- The builder draws funds as needed during the various stages of construction ie. Pouring the slab, framing, drywall etc
- The borrower only pays interest on the drawn amount
- The bank requires inspections prior to each new draw to ensure the previous work has been completed
- Upon completion, a new, permanent loan will be facilitated and a separate closing will be required

New Construction Loan

- There are no draws, the builder pays for construction
- If a conventional loan is used, the initial appraisal is based on the plans and specs provided by the builder and final inspection will be performed to ensure completion
- If a VA loan is used, the appraisal takes place once the home is 95% complete and a final inspection will be performed to ensure completion

I encourage anyone with specific questions and concerns to call and talk to an expert! 1-877-314-2255 They will be able to answer any specific questions and provide you with the most up to date and relevant information!
 | Navy
Spouse
 | 
Lemoore, Ca
Top Contributor
Top Contributor
answered 1 year, 8 months ago
by Briana Hartzell
Lemoore, Ca
0points
0out of 0found this answer helpful.
answer 8
I don't understand how one person could receive a "we don't do construction loans" answer from USAA and another person is already close to building a home with them. I'm pretty sure they also told me that they don't do construction loans. Is it based on City/State?
 | Air Force
Active
 | 
Oklahoma City, OK
answered 1 year, 8 months ago
by Samaileko
Oklahoma City, OK
0points
0out of 0found this answer helpful.
answer 9
I asked an expert here at USAA to send along any comments he had on this topic and here is what he had to say...

" 1. You will need to ensure the builder is VA approved, if not, getting them approved is a simple and fast process. We can help! Unfortunately this is not true if the project is a condo.

2. If the builder is building a neighborhood and an HOA is formed, ask if the the voting rights have been released to the association. If not, it could pose a problem for loan approval.

3. It’s important to note the home must be 100% complete in order to close on the loan. Escrow holdbacks to complete unfinished items are generally unacceptable"

I hope this information helps!
 | Navy
Spouse
 | 
Lemoore, Ca
Top Contributor
Top Contributor
answered 1 year, 8 months ago
by Briana Hartzell
Lemoore, Ca
+2points
2out of 2found this answer helpful.
answer 10
If you are having a house bulit you can get a preapproval from USAA. You will go through the normal qualifcation process and they will give you a commitment letter for your bulider. They will work with your builder and schedule an appraisal once it is 95% complete. You will have a update a few (2 or 3) documents with USSA within 30 days of closing. I am currently going through the process. They provided me with a commitment letter and my builder (a local custom home builder) starts building my home next week. It will take about 30-45 days to receive a commitment letter. As for what to look for, once you receive a loan processor keep in with him/her until you receive the commitment letter. I recommend email or calling once or twice per week.
 | Army
Active
answered 1 year, 9 months ago
by Mark80831
+2points
2out of 2found this answer helpful.
answer 11
I engaged USAA but they informed me they did not do construction loans. I worked with a local bank for that. Finding a bank was difficult particularly since we were working as our own general contractors. It took about 3 months to secure the loan once we had the bank. A complete budget and timeline and countless documents were required.... Down to plumbing and electrical fixtures, floors,... They pay out to our subcontractors or to us via a monthly invoice process. We compile to them and submit and via a title company checks are issued (they do not provide any funds upfront). Lien waivers are required by everyone involved on every payment. Stuff we had done before the loan we had to go back and get lien waivers.... Additionally they required (and we had to pay for) inspections along the way. We are now getting close (yay!) to finishing the house and are working to convert the construction loan to a USAA mortgage.
Retired
 | 
Montana
answered 1 year, 11 months ago
by Yads
Montana
+17points
17out of 17found this answer helpful.
Question

What are your tips for buying your home?

Buying a home can be overwhelming! Can you share any of the things you did to find a home that can help make the process a little easier?
 | Navy
Spouse
 | 
Lemoore, Ca
Asked 2 years, 5 months ago
by Briana Hartzell
Lemoore, Ca
+1point
1out of 1found this question helpful.
4 answers
Answers
answer 1
Great tips so far. I would place a lot of importance during the inspection phase and be present during the inspection. Stick close to the inspector and ask questions along the way -- your paying for him/her to look for your best interest. Ask about water pipes, electric, roof, windows, etc. -- the non-sexy things to the house that will end up costing you a lot of money if something needs updating. Most likely, if the home owner had to remodel for resale, they didn't address these things, but took care of what most home buyers see when touring above the house.

Also, I don't think it matters too much that your own real estate agent picked the inspector, but do take care that they are independent of the process.
 | Navy
Separated
 | 
Europe
answered 1 year, 3 months ago
by DCRaider
Europe
0points
0out of 0found this answer helpful.
answer 2
As a real estate agent and military spouse, I know and understand the pressures of buying a home, as well as the stress of having to make that decision on a short timetable. My best advice is to:
1)Get pre-approved and know what your budget is and then stick to that budget
2)Find an agent you trust- usually the best agents are those your friends refer you to- I get most of my clients through word of mouth.
3)Make two lists- your "mandatory" list, and your "dream" list. What you absolutely can't live without in a home goes on your mandatory list, and you shouldn't look at houses that don't meet those minimum requirements. Your "dream" list should be all those things you'd love to have in a home if you can find it in your price range, but that you really could live without if you can't find them in a home that is otherwise suitable.
4)Select an area or location you'd like to be in, or a radius from a certain base or landmark, otherwise, it can be like looking for a needle in a haystack.
5)Try not to look at more than 3-5 houses at a time without taking a break, otherwise they will all blur together and you won't remember what you saw.
6)Finally-try to look past the current homeowners decor or taste- you aren't buying their artwork or furniture! Try to block out their things and picture your things in the home. Focus on the layout and features of the home rather than the colors and the decor.
 | Air Force
Spouse
 | 
Omaha, NE
answered 1 year, 9 months ago
by CLE Native
Omaha, NE
+3points
3out of 3found this answer helpful.
answer 3
I made a priority list with four columns when I was buying my house and gave it to the real estate agent. The columns were:

* Things I absolutely had to have -- example: at least 2 bedrooms
* Things I'd like but aren't deal breakers -- example: wood or tile floors
* Things I absolutely don't want -- example: location on a main thoroughfare
* Things I don't want but aren't deal breakers -- example: fireplace

This made things a lot easier and meant that I wasn't shown houses that were absolutely out of the question.
answered 2 years, 3 months ago
by DoggyMom
Rochester, NY
+7points
7out of 7found this answer helpful.
answer 4
My spouse and I went through a process of agreeing on what features were important to us in a house. We have rented for a lot of years and have learned what it is we want and what we do not want. But the more homes we saw, the more frustrating and intense it became for me. Until I made a chart, rating each house feature by feature using points. Then we could easily compare the houses against the requirements we had. This helped keep our emotions out of the decision making, emotions can cloud what the real needs are. My biggest tip is Don't rush into it. It is the hugest thing you will every buy.
Family
 | 
Little Rock, AR
answered 2 years, 4 months ago
by bweekley18
Little Rock, AR
+8points
8out of 8found this answer helpful.
Question

Advice on buying a home and starting a family around the same time?

My husband and I are considering beginning to try starting a family, and are also planning to buy our first home in the next 6 or 7 months (looking before then, but closing around October or November). Do you have any advice for us, or do you think we should wait until we have closed on a house before making this other step in our lives?
Asked 2 years ago
by AlliC
-1point
0out of 1found this question helpful.
4 answers
Answers
answer 1
First, some times in your life requires relocating quickly in order to land a job. (Some employers want you to "be there Monday"). A house will be a cumbersome anchor in that case. Having moved around a lot during the last thirty-eight years and seeing all kinds of home market swings, the general opinion I would offer to a younger couple is to, when you buy, buy very carefully and plan to stay in that home until the market recovers -- which could still be years away. In short, plan to stay in your home for a long time because the decision you make will be one that will be costly from which to extricate yourselves for years to come.
answered 1 year, 9 months ago
by Sailor in Dunedin
Dunedin, FL
+1point
1out of 1found this answer helpful.
answer 2
AlliC,

My sister-in-law did exactly that! They started a family, and in the middle of her pregnancy they bought a house.
And, not just any house, a historic one that needed some serious TLC.
With much determination, hard-work, family help,and I'm sure expenses, it all turned out wonderful!
Healthy baby, and beautiful home just in time.
So, this can definitely be done, and be done successfully if you are absolutely sure that you can afford it and deal with all the stress.
However the end result will be worth it.
 | Navy
Brat
 | 
SA, TX
answered 1 year, 10 months ago
by Aniela
SA, TX
0points
0out of 0found this answer helpful.
answer 3
AlliC...parenthood is wonderful phase in life. Being a parent myself I have to agree with the above comments about the expenses. Also when buying a house it take a lot of work regardless if it is new or an older house which requires time to dress it up as you would like it to look. With that in mind. Try to enjoy your marriage first with your hubby and together enjoy the house for a while then start your family. Like with all new things House, Family, there is some fixing up and getting ready to make it just right. good luck
answered 1 year, 11 months ago
by time traveler 2012
+2points
2out of 2found this answer helpful.
answer 4
AlliC,
I asked Scott Halliwell from the Financial Advice Community to weigh in on your big decision and here are his thoughts:

"I think it’s safe to say there’s never a “perfect” time to start a family. Also, I’m sure we all know someone who can attest to the fact that just because you intend to start a family at a certain time doesn’t mean the timing will work out as you plan. With that said, I do think it’s wise to contemplate your life circumstances before taking the leap as AlliC is doing here. Having two children of my own, I can tell you first hand that accompanying all the great aspects of parenting and children is one sometimes significant drawback – they can be really expensive. Consequently, it’s ideal if you can have your financial ducks in a row as much as possible before stepping into parenthood.

Coming back to AlliC’s question then, if the only aspect of life we’re considering here is finances I’d probably take on one of these major issues at a time – either the house or the family. I’d let the dust settle on that decision for a while (and let the financial aspect settle out) then take on the next issue. But that’s looking at this from a purely financial perspective and we all know that sometimes that’s not the only lens through which we should view such important decisions." -Scott Halliwell

AlliC, I hope you found Scott’s advice helpful! Starting a family is an emotional decision, so I think you should go with your heart, but just be prepared for baby and home finances combined! I wish you the best of luck! -Briana
 | Navy
Spouse
 | 
Lemoore, Ca
Top Contributor
Top Contributor
answered 2 years ago
by Briana Hartzell
Lemoore, Ca
+3points
3out of 3found this answer helpful.
Question

Buying a House without Spouse

Is it possible to buy a house without the spouse? Spouse has not-so-great credit and is not working; and thought we would get better rate if only I applied. If we can, can I add the spouse after closing to the property deed/title? We are looking at buying a house in Virginia (if that has any bearing on this).
Asked 1 year, 6 months ago
by Moore72
0points
0out of 0found this question helpful.
4 answers
Answers
answer 1
You can buy a car or a home with your credit alone and your name alone. You may acquire the loans in only one name and the deed/title have both names. Do consider that there may be considerations for the spouse in calculating loan burden even if they're not included in the loan processing, an example of this is student loans. If your spouse has student loans, but no income, it may be presumed that the burden of paying that loan falls to you and it could be factored into your debt to income ratio. This may not always be the case, but be aware of it--the spouses' credit would still have no bearing on your credit worthiness, but the debt-to-income ratio would increase possibly decreasing the amount you are eligible for. Putting one or both names on a document could have future implications if there was ever a divorce, but since it would be acquired as martial property, both spouses would be entitled to rights to the property regardless of who's name is on the deed/title so it could be eaiser to go with one name. (Disclaimer: this can vary from state to state, but after a few homes and marriages myself, I would say it's common place that both parties have rights in all assets acquired during marriage.)
 | Army
Active
 | 
Missouri
answered 1 year, 4 months ago
by slymember
Missouri
+2points
2out of 2found this answer helpful.
answer 2
I have gotten loans for house and cars in my name alone, but on the deed/title had both our names on them. Good luck.
 | Army
Retired
 | 
California
answered 1 year, 5 months ago
by StephanieHerndon
California
+2points
2out of 2found this answer helpful.
answer 3
You can, in most cases, apply for the loan on your own. Your spouse does have to be on the deed to the home, but not on the mortgage. I have not been on either of our mortgages, not because my credit is bad, just because I have no income. You should have no trouble doing that as long as you are using your own income. You just cannot use your spouses income on your own loan.
 | Army
Spouse
 | 
Clarksville, TN
answered 1 year, 6 months ago
by SydneyLynn
Clarksville, TN
+3points
3out of 3found this answer helpful.
answer 4
Once you sign the papers, you cannot usually make changes to them. I signed our first mortgage under my name only because of the same reasons. I asked the same question and I was answered with a resounding no. In the meantime, we are doing other things to build her credit so that the next time there is not as big of a discrepancy.
 | Air Force
Active
 | 
Riverview, FL
answered 1 year, 6 months ago
by AMDG
Riverview, FL
+1point
1out of 1found this answer helpful.
Question

Buying a foreclosure that "needs some work"

My husband and I have a pre-approval for a home loan. We looked at homes and found one we love, its a foreclosure though, so thieves have already taken the air conditioner, water softener, appliances, and fixtures. Additionally someone punched holes in one of the walls and one of the windows is broken. Our loan will not cover it as it isn't move-in ready, but we really love the home and it is well below our mortgage amount. Our real estate agent is pushing us to let him have an investor/hedge fund buy the house, make it move-in ready and then sell it to us. We are afraid of how fishy this sounds and also afraid that it will end up costing way more than if we fixed it up ourselves or just buy a house that is move-in ready (hard to do in Florida). USAA set us up with this agent so he should be trustworthy, right? Has anyone ever heard of this idea before and/or does it sound legitimate and safe?
 | Army
Family
 | 
Tallahassee, Fl
Asked 1 year, 1 month ago
by Karacara
Tallahassee, Fl
0points
0out of 0found this question helpful.
3 answers
Answers
answer 1
A foreclosure (bank owned or short sale) can take a long time to buy generally a 6 month procedure.. If your realtor is stating that the bank is taking it over generally they do home repairs on the property to get it up to code to sell. They generally are taking a loss on the property and are not looking to get the money back from the additions.
Please state whether this is a short sale or bank owned. There is a difference between these two items.

Does the house have two liens on the house or just one? A good thing to know. One lien will take a lot shorter to deal with.
 | Army
Reserves
answered 11 months ago
by MN Bound
0points
0out of 0found this answer helpful.
answer 2
Well for (1) of course it will cost you more.
(2) Of course the investor gets to purchase it cheaper and then turn around and sell it for a profit, (hence the term flipping).
(3) I don't know about your area, but there certainly are plenty of move in ready homes to buy in Florida, and considering I am one of the many who are trying to sell my home. But I like many others are responsible enough not to go into foreclosure and just let it go for someone who wants to lowball me out of all of the upgrades that my husband and I have worked so hard to do. I will wait for that one buyer to come along who is willing to purchase my home on a lake, move in ready. I might add that the asking price is not inflated.
 | Air Force
Retired
answered 1 year, 1 month ago
by Good2Go
+1point
1out of 1found this answer helpful.
answer 3
You'd have to find out how USAA gets their list of agents, but I'm thinking the agent's going to get a big fat kickback from the renovator, if you go ahead. To ME, that sounds fishy.
I do know we used another referral service when we first moved to FL. That agent was busy, and gave us to another agent at her company. It worked out fine, but why don't you just call USAA on the phone? We bank with them and insure with them, and they've always treated us courteously, knowledgeably, and helpfully. Explain your concerns to them. See what THEY say.
Family
 | 
Orlando
answered 1 year, 1 month ago
by in foreclosure
Orlando
+1point
1out of 1found this answer helpful.
Question

Purchasing a home after a short Sale

Last year I was divorced and could not afford the home I had and needed to to a Short Sale. How long do I have to wait until I can purchase another home. My ex did not pay for the home for six months. The house was sold. Any ideas of a timeframe. I am living in a house that I want to purchase and the agreed upon price leaved me with about 80 to 90K in equity. The house belonged to my mother who agreed to sell it to me. Any body got a time frame?
 | Army
Retired
 | 
Tucson, AZ
Asked 1 year ago
by Anonymous
Tucson, AZ
-1point
0out of 1found this question helpful.
3 answers
Answers
answer 1
My husband had a home before we were married a year ago. Now we want to have a home we bought and his name can go on the deed but not on the mortgage application because he short-sold his home in Jan 2013. I was told that he could not apply for at least 3 years from the time of the short sale. I'm not happy because I could use showing his income. He earns more than I do. This was my personal experience recently. We currently have our current residence up for sale.
 | Army
Retired
answered 9 months ago
by Toni78
0points
0out of 0found this answer helpful.
answer 2
We were told 2 years after we sold our house after 2 years in a short sale. Check the realty law in your state, may vary state to state.
answered 9 months ago
by bobbysgirl
0points
0out of 0found this answer helpful.
answer 3
From what I was told, you have to wait at least two years before you're able to be considered for a home loan. Went through the same thing last spring.
 | Navy
Separated
answered 9 months ago
by kmorris1974
0points
0out of 0found this answer helpful.
Question

Making an Offer on a house

I found a home I like. The seller(also a realtor) bought last year for 87K did some improvments and now wants to sell for 179,900. How do I know what to counter? What should I pay for as far as closing costs as the buyer. I will make an offer of $163 since roof is 15 yrs old. Want to make offer since my realtor says she has a client that wants to see the property I want..
 | Army
Retired
Asked 1 year, 3 months ago
by Toni78
0points
0out of 0found this question helpful.
2 answers
Answers
answer 1
Sounds to me like your Broker is using a scare tactic. She/he should know how much u should offer. An appraisal would help and or a website that does a comparative market analysis. You also want to look at all the homes in the area and see what they have sold for recently (1-3 months) and all the current homes for sale, and what they are listed at. Look at those homes features, # of bedrooms, bathrooms, lot size, square footage of the house, etc. Compare the properties in the neighborhood. It also depends on the status of the purchase, was it a foreclosure? a bank owned property or a short sale? If so then she purchased it for well under value.
 | Army
Separated
 | 
Olympia, WA
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User submitted photo
answered 1 year, 2 months ago
by Anonymous
Olympia, WA
0points
0out of 0found this answer helpful.
answer 2
Well, really no different then if you walked in to any property that wasn't a remod. Your Agent can run the comps for homes in the area with similiar features/upgrades and condition. The only difference is when you normally count on homes appreciating say 6% a year in this particular area and someone completely upgrades the home, you can't rely on appreciation alone for how you should pay. I would just find similiar properties. Good thing you notice the roof. I know that a lot of people who upgrade a home often forget important things like water pipes and electric and roof (non sexy items). Next is the windows which set you an average of $500/window. So good your looking at those things and your offer and counter offer can mention credits for upgrades the inspector finds that should be done.
 | Navy
Separated
 | 
Europe
answered 1 year, 3 months ago
by DCRaider
Europe
+1point
1out of 1found this answer helpful.
Question

Buying vs Renting at new location

My husband and I are moving to Ft. Campbell soon and are looking at several homes. (we are both in the service) We are unsure if we should rent or buy since we may only be there 3-4 years. Buying looks like a good deal in the Clarksville area, mortgage for a home we like at 139,000 would only be around $800 per month with insurance and taxes rolled into an escrow acct. The same home would normally rent for around $1100 per month. (and then insurance premiums on top of that) The neighborhood is good and all the homes were built 2005-2007 so shouldn't have too many issues with maintenance. Just scared of buying then having to PCS and either try to sell or become landlords. Just trying to get advice and more perspectives to help us make this decision.
 | Army
Active
Asked 11 months ago
by Army Gal
+1point
1out of 1found this question helpful.
2 answers
Answers
answer 1
If you think about it, BAH can pay your mortgage or someone else's mortgage. When I first entered the Air Force, I bought a house with zero down, using my VA loan. Four years later, I sold the house and had $35,000 to put down on my next house, after paying off a few debts. I did pay a little more than my BAH every month because I made a 15 year mortgage, but I'm glad I made the sacrifice.
 | Air Force
Active
 | 
Oklahoma City, OK
answered 8 months ago
by Samaileko
Oklahoma City, OK
0points
0out of 0found this answer helpful.
answer 2
With just 3 - 4 years, you have to assume that the price you pay for the home will be the same price you sell the home at... maybe add a little more, but not much. Now consider what your closing costs during the purchase and sale of the home will be, and add to that the interest you'll pay over 3 - 4 years on the mortgage. Other costs come to mind as well: PMI (unless it's a VA loan), home insurance, maintenance, etc. All of that adds up, and when you compare that to what you pay in rental it might come out more costly to purchase a home. Purchasing a home was always meant to be a long-term prospect. Unfortunately, that viewpoint was skewed in the early 2000s when people were flipping their homes and making $100ks on them. I find it hard to believe that that same scenario will play out for a long time. Financially, I would recommend renting. But you might value being in your own home, and that is something that may be worth more than the associated costs. Good luck.
 | Air Force
Reserves
 | 
Washington, DC
answered 10 months ago
by icolbowca
Washington, DC
+1point
1out of 1found this answer helpful.
Question

Setting up for two mortgages.

I plan on buying a condo/townhouse in the near future on my current income. In ~3-5yrs I will probably need to move into a larger place as my family grows. I would like keep the first property and have enough saved up for a down payment on a second by that time. I would then rent out the first property.

What are some things to do in order to ensure I can afford the second mortgage? I expect my income to have increased by then. My wife may very well not be working at that point. She does work now, but her income is considerably less than mine.
Asked 1 year, 1 month ago
by MJS907
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answer 1
MJS907, I would highly recommend you talking to a financial adviser about this. They will be able to help you create a savings plan catered to your specific needs and income! 1-800-771-9960

You could also use an online tool like this:
https://www.usaa.com/inet/ent_accum...

Hats off to you for planning in advance!
 | Navy
Spouse
 | 
Lemoore, Ca
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Top Contributor
answered 1 year, 1 month ago
by Briana Hartzell
Lemoore, Ca
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Question

I have a unique situation

My fiance and I are looking to buy her fathers old house in Florida. However, he has recently passed and he had recently divorced. In the decree he was to sell the house and half was to go to his spouse. Now that he is no longer with us the ownership of his half has gone to his daughter (my fiance) and his son. I took a job offer in Wyoming before his passing because the job market in Florida has been terrible. I would like to purchase the house because I planned on moving back to Florida, however, after talking to a mortgage company down there, I obviously can not buy it as an owner living in the residence because I still have another 6 months on my contract here and if I break that contract I would have to pay several thousands to my employer. I tried the option of purchasing it as an investment property but the underwriters said that my fiance could not give a gift of equity (25% of the property) and I can't afford to pay a 20% down payment on the house. Does anyone know of anything I could do to get this property or is it a lost cause?
 | Marine Corps
Separated
Asked 1 year, 3 months ago
by Steve0316
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