going on year 1 of owning my house. It takes a good amount of saving and then watching the payments. its doable for about 150-250000 dollar range. getting more of a loan with no down payment might be very difficult. im on year three now
We're in the process of buying a house in MO. I'm on second year pay, but the Mrs. makes a lot more than I do, and we're able to afford around 385k. Philw is right about the saving part. Be realistic and make sure you can put 10-20% down. And don't get suckered into any shady lending...
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Greeting and Salivations, fellow aviator!
J. Crudo, ONT F/O
Last edited by CSkyhawk72; 12-07-2007 at 03:03 PM.
I was a mortgage loan officer until March, right before I came here. Other people's advice based on what they have or are doing is most likely of no real value to you because everyone has unique circumstances. For example, someone with same pay as you says they can afford the payments on a loan amount that is much more than what you are anticipating, what type of loan do they have? Do they pay interest only? Is it a negative equity loan (meaning their payments are less than the interest that is actually accruing, therefore the balance of their loan increases vs. decreases)?
I personally don't see a problem with a 100% loan assuming you are not planning on being there short term (less than 5 years), especially if it is on the lower priced scale (2nd year pay) and doesn't have much room to depreciate in value. My advice is to make sure you get a fixed rate no longer than 30 years. A lot has happened in the mortgage industry since I left, so I'm kind of out of the loop as to all the different options and programs going right now so I can't really help you much more than this. I still have friends in the business, so if you want contacts of people who won't rape you in arse, pm me.
2nd yr pay. Wife's income only about 24k a year.. 175k house. (We got alot for that price here in IAH.) I try to average at least 100hrs of credit a month..
I Have A 3 Bed 2 Bath In Houston Area If You Are Interested. Its About 20-25 Minutes From Iah. I Was Asking 1295.00 But For A Fellow Employee I Will Make You A Deal.
Anyone with a mortgage or anyone who knows anyone with a mortgage needs to take just 15 minutes to watch this video: u1stFinancial.com Use the bank's own systems to your advantage, instead of theirs!
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Pay off your mortgage in less than half its normal term with no increase in spending & no out of pocket expense: www.YourMortgagePayoff.com
Any FOs bought a house or condo at 2 year pay?
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