Home Buying in Raleigh>Question Details

Daniel.w.all…, Home Buyer in Raleigh, NC

Is it possible to buy a home while full-time student and part-time national guard?

Asked by Daniel.w.allen27, Raleigh, NC Tue Aug 28, 2012

My contract for the army expires in January, and I'm looking to buy a condo in Raleigh. I'll be going back to NCSU using my GI bill, which pays 1200 a month for a housing allowance for 36 months of school (4 school years). National guard will be paying 330 a month. I have around 80k saved up. Budget for condo is around 130k. My question is, is if possible to be approved for a loan without a full-time job given the income and capital that I have? If so, what's the best way to go about it? Credit score 630 (not great I know but no outstanding balances, just old student loans that are paid off.)

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I agree with the other blogger, stay away from condos. When you factor in the association fees you might as well had purchased a small single family house.
0 votes Thank Flag Link Sat Sep 22, 2012
The first question is, Why are you considering a condo as opposed to a single family property? Condo values typically appreciate very slowly (if at all), and they usually take much longer to sell. Yes, there is a convenience factor (no lawn to mow, building maintenance is covered), but you're roped into paying a monthly association fee; this fee does not decrease. Ever. And if a situation ever arises where the condo building needs major repair, there's a strong chance you'll be assessed for a portion of that expense on top of your monthly condo association fees. If you plan to reside in a condo for years to come, then this may not be a concern. But if you ever plan to sell, prepare for a potentially long listing period and very little, if any, return on your investment. You should consider purchasing a detached, single family property.
0 votes Thank Flag Link Wed Aug 29, 2012
Hi Daniel,

If you put this much money down, your mortgage with not be much. Also, one military to another, go with the VA loan. It will save you a great deal, and there are tremendous benifits. Another thought, depending on what you are looking for, you may find something for less than 130k. Let me know if I can help. Good luck--Steve Old E5 :)
0 votes Thank Flag Link Tue Aug 28, 2012
Heree is a website for VA loans...... http://.www.VeteransUnited.com
Flag Tue Aug 28, 2012
my daughter goes to NCSU. You should be able find something...
0 votes Thank Flag Link Tue Aug 28, 2012
You will need to talk to a mortgage professional. There are a lot of loan products out there that are geared for specific areas such as credit score, amount of money down, etc.
0 votes Thank Flag Link Tue Aug 28, 2012
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