
Will it be good time to buy our first house?
My husband is currently in the Army and is deployed overseas. We have talked about buying our first house when he comes home next year. When he returns he will be getting out of the service and pursuing a career as a firefighter. I am concerned that we are setting our goals too high. We are looking at a $300k new home. My grandfather passed last year and left us $100k but I don’t want to rely on that money for us to get the house. My husband and I are saving like crazy right now. I am living at my parents house so I have no rent, we have no car payments (just insurance & gas) and my cell phone bill are our only monthly costs. Do any of you have advice for our plans of becoming home owners? Should we wait until he has his next job figured out? Should we just go for it? Help please.
It is a great time to buy in many markets, as long as you can afford the monthly payments and long term commitment.
From the sounds of things, you are on the right track; saving money and limited debt. However, you do not want to end up “house-poor” where your existence revolves around affording your home. Let your husband get back safely and secure employment. Regardless of whether he gets a VA or Conventional Loan, the payments still need to be made.
Resist temptation to over spend and keep in mind that very few people have their dream homes the first time they buy, if ever.
Feel free to contact me with any questions you have. www.homelendinganswers.com
Good luck and tell your husband thank you for serving our country.