Buying first house, stationed at Altus AFB. HELP!

[CoronaBorealis]

OP - what AFSC are you? I grew up in Altus and still have family down there....it's small now, but should grow with the new tanker mission they are getting soon. I lived at Altus in the late 90s and you wouldn't recognize it back then compared to now. Now the base seems like a ghost town, which is why I wonder what career field you're in haha. I would second the notion of not buying if your budget is only $30k...unless you mean a $30k downpayment, in which case you're in good shape. Altus may be tough to re-sell a home though when you move.

 

[TwoForFlinching]

I'm curious what OP ended up doing... Any update?

 

[John6185]

I kow a lot of people that bought-letting the BAQ pay for the home lived in it as long as their assignment held there and then they PCS'd and rented it out. Later when they either sold it at a profit or retired and moved back in... One guy I knew skirted the IRS and said he rented it out for an extra three months after the tenant left and he installed new carpet, cabinets etc and took the cost off of his taxes and then he moved back into the house. I didn't respect him much.

 

[John6185]

They have the most expensive fee's and hoops to jump through.

Yeah, but you save on points-around $2,000 average I believe. I went Conventional at the same interest rate and paid a $238,000 home off in 2 years selling other properties and tripling up on payments.

 

[CoronaBorealis]

I kow a lot of people that bought-letting the BAQ pay for the home lived in it as long as their assignment held there and then they PCS'd and rented it out. Later when they either sold it at a profit or retired and moved back in... One guy I knew skirted the IRS and said he rented it out for an extra three months after the tenant left and he installed new carpet, cabinets etc and took the cost off of his taxes and then he moved back into the house. I didn't respect him much.

One other thing to consider is that VA mortgages are only for primary residences, so if someone is wanting to PCS and rent the home out after they are gone, they'd need to refi under a conventional mortgage.