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Updated over 5 years ago,
Investing in my first house with poor credit
Hello everyone. I am brand new to investing but I am extremely interested in real estate and always have been. I have read many books and listened to a lot of podcast and webinars on bigger pockets.
I am 22 with a wife and kid on the way, and was on the fence on investing now or next year. Right now my credit is in the low 600s (made many mistakes as a new adult) and my lease is coming to and end in September. I am also in the military and had plans on leaving this duty station next year. I get basic housing allowance so I don't like wasting it more than i need to. the cost of my rent is 1300 on post and i see houses being rented for 1000 off post, so I know i can pay a lot more for the mortgage and gain some equity out my BAH.
So my questions are is it a good idea to start a new loan with low credit even using a VA loan? Should I wait till next year to get to my new duty station and buy there so I can get a few more years closer to it as an investment, and get my credit score up a bit?
Thank you again in advance.