Miscellaneous
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/