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damba

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  1. The OP is unfortunately afraid of a used car. She needs to put in a little more effort to see what 10k would buy. Sent from my iPhone using Tapatalk
  2. He will never, ever get out of debt without thinking more clearly about his entire financial picture. Justifying a new car requiring an expensive loan/avoiding paying cash for a more affordable used car by stating ‘I am not a car guy’ is telling. Sent from my iPhone using Tapatalk
  3. Exactly. 110%. IME and O it’s even better to have a lot more cash saved before jumping into a money pit, errr, home. Especially in a single income household. I would recommend saving for a couple more years to build a better liquid war chest, personally. Sent from my iPhone using Tapatalk
  4. Not necessarily. The multiple pulls by the dealership finance guy thankfully count as one. Have you not yet done your research(?) Sent from my iPhone using Tapatalk
  5. Yep. First, learn about the homebuying process and how much cash is involved, especially extra savings for maintenance/emergencies. Once you line up those ducks first and get into a home, *then* consider a gt. [Hint: you may reconsider.] Sent from my iPhone using Tapatalk
  6. Smart choice Sent from my iPhone using Tapatalk
  7. Fix the truck. You will be in a stronger financial situation a little later on to be able to pay less in total for what you need *and* want at that point. Right now it’s a want. At your income, even with child support after taxes you should be able to pay for the repairs in 2-3 mos. Sent from my iPhone using Tapatalk
  8. Glad to hear you are willing to take the time to help other vets navigate the process- passing on your knowledge and experience can be very rewarding. A friend of mine who was permanently disabled in the gulf war came to mind when I read your post. He ended up being encouraged to buy a lot more house than he needed during a ‘VA mortgage session’ which ultimately set him back financially. It doesn’t sound like that is your situation, thankfully. Good to hear all the prep work on your part. That said, it is important IMHO to think of the ‘extra house’ you could qualify for as an impractical proposition. Focusing on something more modest can help you improve your net financials even more. Live just across the canal in a nice two bedroom vs right on the canal in a more expensive ‘bargain’ three bedroom that needs a little work (etc.). Especially if you are not in a dual income household and not sitting on significant savings. I don’t see any significant savings in your case by buying, especially when you also add in cost of ownership. Would your budget permit a 15 year mortgage so you are debt free sooner? Sent from my iPhone using Tapatalk
  9. Lower utilization as much as you can! Out of curiosity, how comparable will your mortgage payment be to your current rent? Sent from my iPhone using Tapatalk
  10. It sounds like we agree on everything, basically. I guess I am just a lot more conservative regarding encouraging someone to take on a mortgage if I don’t hear them outright specify more of the particulars. The most pressing one for me I need to hear first from the OP is “I have 6 mos of savings already set aside just for home repairs”. The other ones are “I have another 3-6 mos of savings set aside for personal emergencies” and “I plan on putting xxx amount toward the house as a downpayment”. Sent from my iPhone using Tapatalk
  11. Yup. I understand entirely that the OP wishes to take advantage of low VA rates. The truth of the matter is that next year, with better credit scores/money socked away (which you mentioned in your other post), VA rates will still be lower on average than conventional ones. It’s a win-win for the OP to pause a little more until his position (and what’s going on generally in the world) improves. Can a disabled vet still have the VA fee refunded/waived because of the disabled status? That one of the VA loan options I was unclear of. Sent from my iPhone using Tapatalk
  12. Why the rush to buy a home now? You would get the benefit of building up your savings and see the eviction fall off your account early next year. Letting some of the current pandemic ‘dust’ settle might put you in a stronger position. Sent from my iPhone using Tapatalk
  13. Agreed. Payment hell is an understatement IMHO. At that income level it is definitely an albatross in combination with such a large mortgage balance. Also having a kid almost in college, that is one thing I have tried to avoid. She took my old Honda once our other car was paid off and a solid path to pay for college was devised. Her next car (if needed at college-ugh) will be another $5k Honda which requires little other than regular oil changes. Best of luck sorting it all out, OP. Sent from my iPhone using Tapatalk
  14. Agreed. They should focus on staying out of BK and building savings ($, not equity). They might want to think about how to increase their income too. Long game instead of shorter term ‘wants’. Especially given our current global situation. Sent from my iPhone using Tapatalk
  15. I understand what you are saying, but his post reads like one big finger wagging exercise. Sorry. There are reasons why the OP might not benefit from having higher income. The cluster* of poor healthcare offerings in this country being a huge one. Sent from my iPhone using Tapatalk

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