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Hello all. As the title says, I am an E5 who is Single. I am currently in Korea for one year.
I am looking forward to buying a house in Washington area since my parents are there and I am under going reenlistment to PCS to Ft Lewis in APR.
I already have a VA loan preapproved but not really sure if I am able to even buy a house as an Active Duty (and Single). Even though I don't get BAH I am not too worried about paying mortgages.
Is there anyone who bought a house while in Active Duty and were Single? Looking for any further advices. Thank you.
I am looking forward to buying a house in Washington area since my parents are there and I am under going reenlistment to PCS to Ft Lewis in APR.
I already have a VA loan preapproved but not really sure if I am able to even buy a house as an Active Duty (and Single). Even though I don't get BAH I am not too worried about paying mortgages.
Is there anyone who bought a house while in Active Duty and were Single? Looking for any further advices. Thank you.
VA Loan
Mortgage
Real estate
SGT
Posted 3 y ago
Responses: 11
The issue you are going to face and need to answer before you buy that house is to find out if a single Sergeant will be granted permission to live off base without getting a statement of non-availability from the command and base housing.
So, can you buy one? Yes. Would you be allowed to live in it? That's going to depend on your command.
So, can you buy one? Yes. Would you be allowed to live in it? That's going to depend on your command.
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Cpl Vic Burk
SSG (Join to see) - That's a nice thing to be doing for your parents. They housed you while you were growing up and now maybe you can return the favor! Very considerate.
Off the topic a bit. I wouldn't do it for my parents though. For all I care they could go live in the gutter. I could only wish I had parents that I cared for enough to help them.
Off the topic a bit. I wouldn't do it for my parents though. For all I care they could go live in the gutter. I could only wish I had parents that I cared for enough to help them.
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SSG Bill McCoy
MSgt J D McKee - Indeed, MSG (Join to see), is one of RP's best sources of info related to military life.
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SFC Casey O'Mally
SSG (Join to see) - So there is a problem here. You say you are pre-approved for a VA Loan. One of the conditions of a VA loan is that you are living in the home. You cannot use a VA Loan to buy a home for commercial uses or to buy a home for others.
Yes, you can absolutely buy a house, legally. Even one you will not live in. However if you are not living in it, you cannot use VA. And most banks will give you a "commercial loan" rather than a "home mortgage" which has substantially higher interest rates.
What you *can* do is use VA loan to buy a home that you *will* live in, and then rent that house out (or let your parents live there) once you PCS. There is no requirement that you *continue* living in the home for the life of the mortgage. (Although you need to be careful here - read the attestations you have to sign *very* carefully.)
Yes, you can absolutely buy a house, legally. Even one you will not live in. However if you are not living in it, you cannot use VA. And most banks will give you a "commercial loan" rather than a "home mortgage" which has substantially higher interest rates.
What you *can* do is use VA loan to buy a home that you *will* live in, and then rent that house out (or let your parents live there) once you PCS. There is no requirement that you *continue* living in the home for the life of the mortgage. (Although you need to be careful here - read the attestations you have to sign *very* carefully.)
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In theory, yes you could. If you weren't going to JBLM it might even work out. You can't afford a house in JBLM area on E5 base pay. You also can't use the VA loan unless it's your primary residence. It shouldn't take you long to make SSG as a 74D, and a lot of barracks in JBLM get over filled quickly and they push out the SGTs. At that point you'll be eligible for BAH and a VA mortgage. It will still be extremely difficult for you to secure a home in literally the hottest housing market in the US right now. Houses are selling within 72 hours after bidding wars that have the buyers going $50,000-100,000 over asking price, and what it appraises for. The VA will not loan you more than the appraisal value, so you may need to have another $50k in cash to to make up the difference
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SSG (Join to see)
Totally agree on the fact JBLM area is a hot spot SFC. I should be pinning E6 next year but I am also planning on getting into OCS. Buying a house there will be a challenge but I can at least try securing one. I just feel that buying a house would be a good investment right now with this COViD situation that prices of housing will go down slightly but I know it will bump back up in nearfuture when COVID situation gets somehow mitigated and under control.
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SFC (Join to see)
SSG (Join to see) I just left JBLM and sold a house there this year. The prices are not dropping because of COVID. It is literally the hottest market in the country right now. People are fleeing Seattle in droves and pushing into the surrounding area because of the out of hand crime there. Everyone's house has increased by about $100,000 in the last year and it's still going up. COVID isn't what's driving prices up, it's the massive exodus from Seattle. COVID is slowing down new buildings slightly, but new buildings are still flying up everywhere.
I'm not telling you that you can't afford to buy a house there as an E6. I'm telling you the house you may be able to afford by the time you're an E6 may be far away or a shack. Of course, once you're a SSG you're going to have to live off post anyway so you may want to purchase, assuming it's a location your parents can live and work from. Remember, it has to be your primary location until you PCS.
I'm not telling you that you can't afford to buy a house there as an E6. I'm telling you the house you may be able to afford by the time you're an E6 may be far away or a shack. Of course, once you're a SSG you're going to have to live off post anyway so you may want to purchase, assuming it's a location your parents can live and work from. Remember, it has to be your primary location until you PCS.
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SSG (Join to see)
SFC (Join to see) - Thank you SFC Boyd for feedbacks and advices! Hopefully I get a descent house somewhere!
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MAJ Byron Oyler
SSG (Join to see) - Be certain that your parents will live in this place you buy for at least five years, the standard to break even on most homes. If you are looking at doing OCS there is no way to forecast where you will end up and rental house management companies generally do not care about your property. I own two homes in central Texas and currently rent in El Paso. I dont feel any of these three homes are well managed. You mentioned them living rent free, I am uncertain how you will be able to afford that anytime soon being stationed someplace else. Two things that are not guaranteed is how long your parents will reside there and how long you will be single, one thing that is guaranteed, you will need a rook over your head to sleep. Unless you have a huge amount in savings if you buy this house for your parents and PCS, you will be paying for a nice house and living in an apartment someplace else.
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I bought a house as a single E6 - but that was many years ago.
Buying a house isn't a problem (assuming that you have run the numbers and can really afford the mortgage and the costs of maintaining the house).
As others have pointed out, your unit is not under any obligation to allow you to live off post. In my case the unit approved me living off post because I owned a house in the local community (yes, the unit was aware of the Chicken/Egg issue but that was OK with my unit)
Also realize that you may be deployed at any time, may be transferred, may be sent TDY, etc., and eventually you will PCS somewhere else. You need to plan for all these possibilities. Who will look after the property while you are gone - whether for a week, a month, or three years?
Look closely at whatever Home Owners Insurance you select -- nearly all policies have different rates and/or coverage depending on whether or not the property is "owner occupied" (be sure you know how your insurance company defines Owner Occupied).
Once you have narrowed your search to a particular property, be sure to obtain a copy of the deed and to research any covenants and restrictions. Is the house in an area with a Home Owners Association? What are the HOA fees? How intrusive is the HOA?
Actually talk with the neighbors before you buy a house. Ask about things like drainage and snow removal. Ask about the other neighbors. Just chat with them.
In the military we rarely think much about politics - I'm certainly not going to try to guess where you stand politically - but realize that you are buying a home in what is generally an ultra-liberal area even if you choose a neighborhood that isn't.
Buying a house isn't a problem (assuming that you have run the numbers and can really afford the mortgage and the costs of maintaining the house).
As others have pointed out, your unit is not under any obligation to allow you to live off post. In my case the unit approved me living off post because I owned a house in the local community (yes, the unit was aware of the Chicken/Egg issue but that was OK with my unit)
Also realize that you may be deployed at any time, may be transferred, may be sent TDY, etc., and eventually you will PCS somewhere else. You need to plan for all these possibilities. Who will look after the property while you are gone - whether for a week, a month, or three years?
Look closely at whatever Home Owners Insurance you select -- nearly all policies have different rates and/or coverage depending on whether or not the property is "owner occupied" (be sure you know how your insurance company defines Owner Occupied).
Once you have narrowed your search to a particular property, be sure to obtain a copy of the deed and to research any covenants and restrictions. Is the house in an area with a Home Owners Association? What are the HOA fees? How intrusive is the HOA?
Actually talk with the neighbors before you buy a house. Ask about things like drainage and snow removal. Ask about the other neighbors. Just chat with them.
In the military we rarely think much about politics - I'm certainly not going to try to guess where you stand politically - but realize that you are buying a home in what is generally an ultra-liberal area even if you choose a neighborhood that isn't.
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SSG (Join to see)
Thank you MSG! You helped me open my eyes to other aspects and factors. I didn't think about politics to be honest...
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