Buying a home, also USAA question
10-28-2013, 10:05 AM
#1
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Buying a home, also USAA question
As a USAA member, I have previously owned homes with USAA mortage products. No complaints.
However I plan to be buying "the last" home, in two years (we are saving up some $$$ and not quite ready yet) and wanted some feedback on:
No money or little money down. I put 25% down on the last home, and while having no PMI was "cool", for about 1 year we were sucking wind on the savings account.
A website look-see at Navy Federal seems very USAA-ish, and they offer 100% financing on homes. USAA does not.
Neighborhood Choices: I lean towards an older area (80's homes) versus new. I am targeting Coppell, TX (DFW area). Excellent schools, low crime, great re-sale value (altho this is last house) etc. My co-workers have encouraged "build your own house" or "buy new in that new neighborhood under development over there" type stuff. But fears of a Super Walmart popping up two years later and concerns over a rapidly growing high school, well, concern me. Also the stories of building new and two years later the foundation is cracking, etc concern me. My opinion is buying "older" means what you see is what you get. Older, maybe some funky sunlights in the den, but fully treed yards, sidewalks, and (in theory) more established neighbors. Established schools and no constant inflow/outflow of kids and families, which could occur in a new up and coming area.
Comments, thoughts, wanted.
However I plan to be buying "the last" home, in two years (we are saving up some $$$ and not quite ready yet) and wanted some feedback on:
No money or little money down. I put 25% down on the last home, and while having no PMI was "cool", for about 1 year we were sucking wind on the savings account.
A website look-see at Navy Federal seems very USAA-ish, and they offer 100% financing on homes. USAA does not.
Neighborhood Choices: I lean towards an older area (80's homes) versus new. I am targeting Coppell, TX (DFW area). Excellent schools, low crime, great re-sale value (altho this is last house) etc. My co-workers have encouraged "build your own house" or "buy new in that new neighborhood under development over there" type stuff. But fears of a Super Walmart popping up two years later and concerns over a rapidly growing high school, well, concern me. Also the stories of building new and two years later the foundation is cracking, etc concern me. My opinion is buying "older" means what you see is what you get. Older, maybe some funky sunlights in the den, but fully treed yards, sidewalks, and (in theory) more established neighbors. Established schools and no constant inflow/outflow of kids and families, which could occur in a new up and coming area.
Comments, thoughts, wanted.
10-28-2013, 05:11 PM
#2
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Joined APC: Sep 2013
Posts: 16
Satpak- First off, congrats on being close to the 'dream' house... I do real estate on the side, so just my general thoughts:
USAA- great for a lot of different things, but not necessarily the cheapest (although if you use the mover's advantage that may help narrow the gap). Also, I have had issues with them being overly conservative in their LTV calculations. Makes for a fine business model and keeps their doors open, but has left me in the lurch.
Low/No money down: I try to keep a healthy cash reserve at all times...
One thing you may look into is using the VA, which, if you qualify and if the VA is not closed by gov't meltdown could help you with the low down and avoid PMI. My experience on the 100% financing has been that they make their money in other ways (fees...) but if it is a hot program please pass it along. Good luck!
USAA- great for a lot of different things, but not necessarily the cheapest (although if you use the mover's advantage that may help narrow the gap). Also, I have had issues with them being overly conservative in their LTV calculations. Makes for a fine business model and keeps their doors open, but has left me in the lurch.
Low/No money down: I try to keep a healthy cash reserve at all times...
One thing you may look into is using the VA, which, if you qualify and if the VA is not closed by gov't meltdown could help you with the low down and avoid PMI. My experience on the 100% financing has been that they make their money in other ways (fees...) but if it is a hot program please pass it along. Good luck!
10-28-2013, 07:56 PM
#4
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Used Movers Advantage and the Real Estate "buyers agent", I do admit, those two features were awesome. I am not VA capable, I am civilian but qual under other USAA programs (I am a 20+ year member...).
Can't really (well, I can, but...) drop 20, 25% down, I need a little cushion for kid's college, etc which will go hot in 10 years. So was looking at other options.
Can't really (well, I can, but...) drop 20, 25% down, I need a little cushion for kid's college, etc which will go hot in 10 years. So was looking at other options.
11-04-2013, 01:36 AM
#5
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If it works for you, I think you can usually do better(cheaper) buying an existing house over having one built. I'd keep a comfortable cushion between housing expenses & income/assets.
I'd also want to put some $$ down, to at least get under the PMI level. We all have different thoughts & comfort levels with home loans, interest deductions & the rest. One should have some room in the budget for retirement, unexpected auto/life expenses, 529 plans(if required) & the other things.
I have USAA for a few things, mostly insurance. It may be a bit cheaper elsewhere, but I'm happy with them.
I'd also want to put some $$ down, to at least get under the PMI level. We all have different thoughts & comfort levels with home loans, interest deductions & the rest. One should have some room in the budget for retirement, unexpected auto/life expenses, 529 plans(if required) & the other things.
I have USAA for a few things, mostly insurance. It may be a bit cheaper elsewhere, but I'm happy with them.
11-04-2013, 04:57 AM
#6
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Joined APC: Mar 2013
Posts: 26
Google usaa mortgage reviews. They will not publish the feedback unless you still close with them. We almost lost the house we are in bc the underwriter wanted the 30 plus year old house brought to current code. We use usaa for everything except our mortgage.
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