Leading with Cents

14: MMO 8: Buying a Home- Buying a Home is NOT an Investment!

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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/

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