applied for a home loan today !!!!!!!!!!!!!

[Turbo V6 Camaro]

whoooooooooooooooooo

21 years old, and l0oking at buying my first home [img]smile.gif[/img]

I am living on base right now but in July I will be moving off due to rank..

base pay $1696 (living on base this is all i get)

off base
+$262 for food [img]smile.gif[/img]
+$670 for a place to live...... ok so i take the food and add to the $670 for a nice home. = $932 month for house thats about $165,000 with a 30 year loan. (i don't eat at the chow hall now so all my food $ is out of pocket anyway chow hall = [img]graemlins/barf.gif[/img] )

and no down payment cause of the VA benifits [img]graemlins/rock.gif[/img]

one in this area i'm looking at

http://ecarmls.com/EmeraldReports/ListitLib/report_builder.aspx?category=1&r=j%2C%22%5CgqqXc4% 3Fd%3F%3Ey%5BXdZGEZMa%5Bcx%7B%7Bxv&m=k%7C%40VQ%7DQ %26xy%7B%7Cz&footer=4850555269&maill og_id=2702147]http://ecarmls.com/EmeraldReports/ListitLib/report_builder.aspx?category=1&r=j%2C%22%5CgqqXc4% 3Fd%3F%3Ey%5BXdZGEZMa%5Bcx%7B%7Bxv&m=k%7C%40VQ%7DQ %26xy%7B%7Cz&footer=48 50555269&maill og_id=2702147[/url]
<<< i really like this one [img]smile.gif[/img] but it will be sold way before july unless i'm really lucky :(

plus in july i'm getting $100 month raise [img]smile.gif[/img]

so basicly i get a free house [img]graemlins/banana.gif[/img]

[98goldbird]

You lucky SOB! Nice job though, and congrats. Oh, by the way, try doing that in good 'ol California where the average house is like $400,000. :rolleyes: You're gonna need a lot more "Chow Hall" money!

[Nicklz]

You should look into buying a house with additional acreage. Then sell off, house lots. Just a thought.

[Everglades W68]

Try re-posting the link.

I'd be extremely cautious in the real estate market right now - it is extremely overpriced.

You have to figure into the equation taxes, insurance, utilities, maintenance, furnishing and all the misc costs (the add up quickly).

Why do you want to saddle youself with debt and additional responsibilities right now?

[95fbirdkid]

Why do you want to saddle youself with debt and additional responsibilities right now?

My dad bought his first house when he was 21 or 22. I hope to right after college too. Figure the sooner you buy a house, the less money you throw away in rent. Rent money is lost, house payments turn into equity.

plus chicks love a guy who owns a house [img]graemlins/naughty.gif[/img]

[JohnD.]

I completely agree with Everglades. If you want to get in a house right now then take baby steps first. I think it will be MUCH harder than you think keeping up with a 170,000 dollar house.

My wife and I do it now. We both make pretty decent money and it's still a bit of a struggle with 2 kids and all the additional costs that are involved with a house.

[ellik]

since you are applying for the loan, they will tell you how much you can *afford*. Even so, half to 3/4 of that amount is more likely where you should shoot for. Taxes and insurance combined with utilities can be as much as your actual mortgage note, or more.

Real estate is always a good investment, as long as you have areasonable knowledge of value. Even better would be to buy a duplex, or a house where you could rent out a bedroom and its own bath (and still maintain some of your own privacy) to a room-mate and hence make somebody else pay half your mortgage.

[Mighty Thor]

I wish I bought a house when they were below 100k. I was so dumb.

Congrats. There's nothing like a place called home.

[FireFighter]

Sweet man, I also plan on buying a house by the age 21.

[Turbo V6 Camaro]

well right now this are is REALLY good for this !!!!

i wish i would have been able to buy in this area 2 years ago !!!

why pay 700-900 for rent for next 2-3-4-5??? years when i can own my my home and maybe make 50-100K on it it 2-4 years???? to me paying rent for vary long is really dumb if you have the monye to buy....

poeple on base got there house 2 years ago for 208K he now selling that same house for ~330K :eek:

one guy got his for 110K now selling it for 220K.....

so why not buy? long as i can make the payments and pay the bills... why not? lol

plus i will have my own place to work on my car and it will be out of the sun/weather

[Everglades W68]

Originally posted by viper04af:
why pay 700-900 for rent for next 2-3-4-5??? years when i can own my my home and maybe make 50-100K on it it 2-4 years???? to me paying rent for vary long is really dumb if you have the monye to buy....

poeple on base got there house 2 years ago for 208K he now selling that same house for ~330K :eek:

one guy got his for 110K now selling it for 220K.....

so why not buy? long as i can make the payments and pay the bills... why not? lol

Real estate does go down sometimes. How does it sound to you if the value of your investment went down or goes flat for the next ten years?

Nowadays everybody and his brother (even regular-Joe military guys) are telling about how much of a killing they made in real estate. It sounds just like the stock market in 1999.

Basic economics says that everyone can't possibly become a gazillionaire selling real estate/ stock / tulips to each other at ever higher prices.

Ah, but what do I know.

[Turbo V6 Camaro]

Originally posted by Everglades W68:
</font><blockquote>quote:</font><hr />Originally posted by viper04af:
why pay 700-900 for rent for next 2-3-4-5??? years when i can own my my home and maybe make 50-100K on it it 2-4 years???? to me paying rent for vary long is really dumb if you have the monye to buy....

poeple on base got there house 2 years ago for 208K he now selling that same house for ~330K :eek:

one guy got his for 110K now selling it for 220K.....

so why not buy? long as i can make the payments and pay the bills... why not? lol

Real estate does go down sometimes. How does it sound to you if the value of your investment went down or goes flat for the next ten years?

Nowadays everybody and his brother (even regular-Joe military guys) are telling about how much of a killing they made in real estate. It sounds just like the stock market in 1999.

Basic economics says that everyone can't possibly become a gazillionaire selling real estate/ stock / tulips to each other at ever higher prices.

Ah, but what do I know. </font>[/QUOTE]if that happens well... i still have a house to live [img]graemlins/rock.gif[/img]

[Everglades W68]

How much downpayment do you have? I think you indicated $0. Less than 20% equity = mortgage insurance in addition to the interest charge.

Lending and underwriting standards are so loose now, hmmm.

[Turbo V6 Camaro]

Originally posted by Everglades W68:
How much downpayment do you have? I think you indicated $0. Less than 20% equity = mortgage insurance in addition to the interest charge.

Lending and underwriting standards are so loose now, hmmm.

ehh i don't need a down payment the VA garrentied loan waves all kind of things for me

[BLLDOGG]

ft walton beach.....thats were my sister lives. really nice place :D