December 18, 2020

5 Minute Loans

5 Minute Loans walter is with us in Yuma Arizona hey Walter welcome to the Dave Ramsey show captain sir thank you for taking my call sure what's up so my wife and I are doing very well we're on baby, step two we've cleared out all of our credit, card debt and we're about to turn the corner this next year and clear out all the student loans and the car payments so we're on we're on track to do, what we want to do but.

I like to think two and three years down the line the situation that we're in right now is that we we're renting an apartment and I we have both in firm agreement agreeance that.

We do not want to buy, a home out when we are in a position of debt rather than be in a position of, power it's a question that I have is that it's a two-part question one is being the military the the concept that you guys have in. Your book that we've read is that the income is your best building tool the allowance for housing that we would get if we were to live off-base would actually allow us. The affords the opportunity to be able to get a home but we don't know how. To do that if it's either through the VA loan or.

Through the FHA loan underwriting all this out right here's the thing neither both of those are the most expensive loans the VA is the most expensive conforming loan unless, you're disabled veteran the fees and the gotcha things that they built into.

It make it an unattractive loan which is sad because it's. Supposed to be a benefit for you guys that have served and thank you for your service number two FHA is more expensive the most inexpensive is a Fannie Mae an FN ma loan a conventional mortgage, and that's what you'd be looking for at, the time you're ready to do this and of course you've heard me it sounds like say to have a 15-year fixed-rate where the payment is no more. Than 1/4 of your take-home pay the other thing I would warn you about being in the military, is this as you are already aware they move you a lot and if you're not gonna bill it in an area long enough. For the house to go up in value you could get stuck with a high there's kind of two types of areas. That military bases and installations are around okay there's, the small town that is a military town and so constantly there's a stream of houses that are being put on the, market and sold because they're constantly moving military people in and out of there that usually hurts the market when. You get ready to sell because there's a huge supply of other people trying to sell and consequently the prices, don't go up quite as much so the other type of base or installation they put you in is in a metro area or an area.

That for whatever reason has a. Very hot economy and so you know you're in the Navy and you're in San Diego well that economy. That markets booming independent of the military and so if you get ready to sell there you can sell that house and, it will have gone up in value so what you want to do when you get ready to make the decision whether to purchase in.

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