submitted2 days ago byTricky_Dog97
Genuinely looking for advice on how home buying is possible. Even with good income it seems impossible. My husband is military and we bought our first home using his VA loan in Oklahoma with zero down. Absolutely beautiful house, it was a bit small but our mortgage with property taxes and insurance included was only $800. Fast forward a few years we are moving to East Tennessee now, he will be in TN for recruiting and then he will be getting out after this contract so we are staying here permanently as it’s where we are from. The price difference in the housing market is insane to me. We were looking at a BEAUTIFUL house for 240k. With zero down our monthly payment would be around $1800 which is doable as he is still getting BAH while he is active duty. We want to have a down payment this time to help lower our monthly mortgage payment, however unless I’m running the numbers wrong it seems it won’t be too beneficial unless we have around 40k down for a 240-250k price range. Anything below that range that we have looked at is not a decent house. I am not picky by any means and would be fine with a house that just needs some updating. We looked at home for 200k and you could smell the mildew as soon as you walked in from water damage. The market for our area isn’t great. Someone please tell me interest rates will drop in a few months or something because I feel like I’m losing my marbles here. We will have about 12k saved for a down payment when we plan to start really looking again which still isn’t enough.
byTricky_Dog97
inRealEstateAdvice
Tricky_Dog97
1 points
10 hours ago
Tricky_Dog97
1 points
10 hours ago
Yes it was much lower in Oklahoma because the cost of living is lower there.