USE YOUR VA LOAN!!!In fact many of the service members should have used it during these last few years when the interest rate was SOOO low!Here is a way to make some good real estate moves when the market is good for buyers. Buy a VERY NICE house with your VA Loan, live in it a while, get a traditional Loan for a smaller more inexpensive house, move and rent out your other house.You HAVE to be very smart about this...but if you are it will work.My ex-husband and I bought a house in GA by Ft Benning with HIS VA Loan. A nice middle class hosue in a growing area, then when we transferred we bought a house wih a traditional loan and rented out the other one. WE DID NOT make any money of the first one but we WERE not losing any money either - we had to pay $70 a month to the real estate agent.Then when we transferred again we sold the second house and with MY VA loan we bought the house I now live in. It is a very nice house whose market value has grown by leaps and bounds. When we bought it, it was in an area that was not grown up yet, but it was starting to grow.We were in the process of also buying an Apartment building near this post.The first house also grew in a large amount. HAD my ex not become stupid (I will leave it at that), we would have had a great nest egg right now. BUT because of the divorce we had to liquidate everything, stocks, the house, etc, etc. IN a long drawn out deal I was able to keep this house and I am glad I did. The value is going up daily.A nice retirement can be accomplished if both persons do not become STUPID in the head and keep their sites on the original goal.USE Your military benefits FOOLISHLY and you will be a happy retiree.Sunshine :-)PS --- The apartment building we had been looking at was just resold to investors who are going to knock them down and rebuild small condos for higher enlisted and officers. We could have made a killing. OH WELL. THIS IS Why couples - especially military couples should not be stupid. Make a plan and stick with it, through thick and thin, and you will be able to do lot's of things with your wise investments.
This is a venture I plan to enter when I return back to Florida next year. I had a little spiff with divorce a few years back that left my credit in poor shape. I finally have it back up to 630 and plan to get it close to 700 by next year.When I went for a pre-approval a couple years back, I was only being offered around 100K, which in South Florida, might get me a so-so condo.I expect that I should be able to enter into something much better and be able to use the VA to do it this time since I will have a savings along with mimimal debt-income ratio, which is what the VA wants to see. They are not as easy as the can be in some areas. The housing market and fair value seem to be something that the VA will use to guarantee a loan..
Completely agree, at the beginning of the year I was able to shave my fixed rate loan from 4.95% to 3.75% by refinancing to a VA loan. Had I waited I probably could have gotten a better deal than that.I never had to pay any fees either, everything was covered.
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