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Leigh
@
2009 Oct 13, 10:34am
Leigh
@
2009 Oct 13, 10:34am
Used a zero down VA loan
How were you able to use a VA loan? Did you assume it? Or perhaps you were in the military before you went to college? If so, the loan amount under VA is limited by rank (usually it is junior enlisted who get out and go to college), so you can not have been hurt too bad.
Spouse was in the Navy in the late 80's early 90's then went to college. No injuries, though maybe psychological;O) Went to college on the GI Bill. We supposedly qualified for $250K in 1999 but we figured we could only afford about $180 given the pile of student loans. The GI Bill back then didn't cover much. The interest rate is higher when you use a VA loan by about 1%.
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Out of curiosity I would be intrested in knowning.
1. What do you tell people who are currently thinking about buying a home and why?Â
2.  What  is is the general area you live in?
3. Do you currently own a home?
To answer my own question first.
1. I normally recommend to people not to buy unless the following conditions are met. a) they plan on living there for over 7 years B) The total monthly payments are not much greater then what the unit would rent for C) they like the place location and all.  Personally I feel that most of the luxery condos are still way over priced because in some areas you can own a relatively new townhouse or a house for the same price as a condo.  Although I warn people about the chaos in the market. There are however currently places that can now be owned for what it costs to rent something equivalent so I do not consider all homes in the area to be over priced.Â
2. NoVA inside the beltway.Â
3. Yes