All Forum Posts by: Sydney Rae

@Chris Mason Hey thanks!

Im getting a lot of hate from people as if i want to lie to get a house w/out actually being able to pay for it, "Thats mortgage fraud" like okay i get it, im new here and I'm only asking questions, so thanks for giving more than just that. 

In actuality that is not the case, I think things are just different for service members who are using their GI Bill and separating soon and want to buy a home and not throw away money on rent. If i wasn't doing skill bridge or college I would have a job aligned and i also wouldn't be buying a home. Another factor is that I am married and my spouses income is to be considered as well.

It looks like I will need a co-signer if i go through with this, its not my favorite option for sake of independence but If I want this then I will do it. Anyways thanks for sharing, I will keep this in mind!

Greetings,

I am separating from Active Duty w/in 6 months. I am trying to buy a home & I have been pre-approved but the lender says that I will not be approved unless I show that I am either going to re-enlist or have a civilian job lined up for proof of income.

The problem w/ this is that I cannot show proof of civilian employment because I do not have a job lined up nor do i plan to re-enlist.

I have read online that I could provide the letter of intent to re-enlist, and just not follow through w/ it. However this may conflict w/ the Skill Bridge program that I am doing in the last 6 months of my contract which stipulates that I will be separating afterwards.

Note: Skill Bridge is a technical program that helps to transition service members into the civilian employment world by providing trainings for skills such as my program for Software Engineering. The program will set me up with a job after my 6 moths of training, but this will be too late.

I want to avoid renting, how can I make this work?

Greetings,

I am separating from Active Duty w/in 6 months. I am trying to buy a home & I have been pre-approved but the lender says that I will not be approved unless I show that I am either going to re-enlist or have a civilian job lined up for proof of income.

The problem w/ this is that I cannot show proof of civilian employment because I do not have a job lined up nor do i plan to re-enlist.

I have read online that I could provide the letter of intent to re-enlist, and just not follow through w/ it. However this may conflict w/ the Skill Bridge program that I am doing in the last 6 months of my contract which stipulates that I will be separating afterwards.

Note: Skill Bridge is a technical program that helps to transition service members into the civilian employment world by providing trainings for skills such as my program for Software Engineering. The program will set me up with a job after my 6 moths of training, but this will be too late. 

I want to avoid renting, how can I make this work?

@Joseph Beilke Hello, thanks for the response!

I found the house on Zillow initially ,and thereafter on HAR.com and other real estate websites. I am not working w/ the realtor that listed the property (He is pretty unresponsive), rather I am working with a Realtor I found via Navy Federals Realty Plus program. 

I did try and talk with the listing agent to get the scoop on current offers and property incident history and things of that sort but he is seemingly unreachable according to his office assistant.. I would be able to work this a lot better If I was in Texas but I am stationed in Hawaii.

Any advise ? How can I make sure this is not a auction house at least? 

Greetings!

I found a cheap home in Texas is in a neighborhood where the median home price is $331,350 avg. The house was build in 2010 and seems to be a foreclosure but I cant find it on the county foreclosure website. The description says that its "Priced to Sell". It has cosmetic issues that don't look alarming (Paint scratches and stained carpet). It is priced at 100K, is this too good to be true, or did i stumble upon a mini investors gold mine?

Greetings!

I found a cheap home in Texas is in a neighborhood where the median home price is $331,350 avg. The house was build in 2010 and seems to be a foreclosure but I cant find it on the county foreclosure website. The description says that its "Priced to Sell". It has cosmetic issues that don't look alarming (Paint scratches and stained carpet). It is priced at 100K, is this too good to be true, or did i stumble upon a mini investors gold mine?

Background: Currently Active duty (Separating soon). Moving to Houston Texas area for only 6 months before going off to University. Excellent credit and married.

Known Resources/Tools: VA Loan, FHA Loan, LLC

Current COA (Corse of Action): We are planning to buy an investment property (Preferably a duplex) in Texas using the FHA loan, live there for six months and then rent out both sides after moving to the University city. This will allow us to save the VA loan for the home we buy a home in the University city since it will more than likely be very expensive location & we wont want to put a down payment. We were thinking of buying one or both houses under an LLC we will create for security and other benefits on taxes and such.

We are finding it hard to navigate how to use all of our benefits and resources strategically to our best advantage. This is our first time buying and at the same time we will both be continuing our education. Any tips, advise, or recommendations would be greatly appreciated.

V/r,

Syd & Reece

Background: Currently Active duty (Separating soon). Moving to Houston Texas area for only 6 months before going off to University. Excellent credit and married.

Known Resources/Tools: VA Loan, FHA Loan, LLC

Current COA (Corse of Action): We are planning to buy an investment property (Preferably a duplex) in Texas using the FHA loan, live there for six months and then rent out both sides after moving to the University city. This will allow us to save the VA loan for the home we buy a home in the University city since it will more than likely be very expensive location & we wont want to put a down payment. We were thinking of buying one or both houses under an LLC we will create for security and other benefits on taxes and such.

We are finding it hard to navigate how to use all of our benefits and resources strategically to our best advantage. This is our first time buying and at the same time we will both be continuing our education. Any tips, advise, or recommendations would be greatly appreciated.

V/r,

Syd & Reece