This is the last Money Marching Order to be covered!

MMO8: Buying a Home

Why is this the last MMO?

Need emergency fund before buying a home

Have retirement automated

Have non-retirement savings automated

When to buy?

Stable duty assignment of >2 years

Have down payment saved of at least 5%

How to buy?

VA Mortgage

Funding Fee at closing of 2.15%

No down payment required

Conventional Mortgage

Required at least 5% down payment

No funding fee (lower closing costs)

Private Mortgage Insurance (PMI) if less than 20% down

How much should monthly payment be?

25-35% of take home pay OR no more than Basic Allowance for Housing (BAH)

When NOT to buy?

No down payment saved

Unstable duty station (2 years or less)

Right before deployment

Connect with me:

www.linktree.com/timmemak

www.instagram.com/timmemak

https://www.veteransunited.com/va-loans/