To answer your question - Go with your gut. What do you feel comfortable doing? I would recommend you wait until you get a job first, before you buy anything. One - You need that for the mortgage. Two - You can sleep better at night.
I am recently out of college myself and personally can attest to the fact that I would not want to be living back "at home." However, it all depends on your personal comfort level. If you'd ever like to see anything or even just want to rent a place, feel free to contact me.
Crown Heights Realty
773.771.7502 - Direct
312.440.700 - Office
Have you considered investing in a duplex? Do you guys have duplexes in Chicago? Duplexes allow you to be a homeowner and a landlord at the same time. As a landlord, you can rent out the second unit, and with that money pay your mortgage. You will essentially be living mortgage free or almost mortgage free depending on your taxes and insurance rates. The bottom line is, you will be paying much less for a mortgage as long as the other unit is rented.
At the same time, you will be making a great investment because property values are already pretty low, and you will definitely see a growth in equity after just a few years.
Find a good trustworthy Realtor because they can help you find and keep your property rented. Especially if your focus is more on a job hunt, college, or a career.
If you have any questions about financing, or need any counceling, just let me know because I am also an expert at Real Estate finance, and can assist you accordingly.
Should you decide to come to Florida give me a call and I will show you around, and assist you on your transition.
Take good care!
Thank you for your service and I wish you the best as you start your new civilian life.
Being a first-time home buyer is stressful enough, doing is while looking for a job would be more stress than necessary. My professional advise is to concentrate on gainful employment. Staying with your parents is a smart move, if you can make it work for you in the future. Put away money each month. Act as if you're paying a mortgage but pay yourself. Put the money in a Roth IRA or high-yield 7-month CD. That way, you get accustomed to making payments and you're saving for your future. Kudos on your military service. Hopefully, we can bring all of our troops home soon. A VA loan is one of the best products out there and one of the best military benefits, use it! This is a great market for buyers -- low interest rates, high inventory, motivated sellers but I say take some time to get settled and the market will be there when you're ready.
In this market your home will be there for some time. get a stable job first the rest will come easy.
sincerely yours ,
Don Yosef marcus GRI,ABR,CCREC
CENTURY 21 MB
CHICAGO & NORTHBROOK
This is a perfect time to be a buyer. But in order to participate in this market you need gainful employment typically for a period of at least two years. It is possible that your military service will translate into the field you choose to pursue, but a lending officer will be better able to answer this question. With respect to the current market, it is likely that home buying interest rates will go down slightly and maintain in a down position for the next two quarters and then rates will start to go up. Nothing is certain, especially in this economy, but I feel this prognostication is accurate. With respect to your home-buying activity in Chicago, I have no doubt that you will be best served by a real estate professional knowledgeable of the Chicago market. That means that any other response you get here with a 606 zip prefix is more important to you than somebody from elsewhere. Why? Every market is localized.
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I'm "guessing" that if you find a job that matches what you trained for in the military, you may be able to get a loan. This is what happens when you get out of college and you get a job. As long as the job matches what your college degree is, you can get a loan. Finding the job may be a different story.
I would talk to a loan officer and possible wait until you get settled into your job. These lower prices will be around for awhile and you're still young.
Take you time and do it right.
Living in the beautiful Pacific Northwest
You will have to use new pay but you may still qualify you just need to speak with a lender,
Hope that helps!