[Trojan4Life]

Ex-SD,

I’m basically in the same boat as you with above average annual income (@185K), sizable downpayment (about $100K) and all I can get into is a $500K home? Not that it’s not fundamentally sound or anything, but I don’t want to live in any neighborhood that is currently priced in the $500K range in Los Angeles.

I still think there is 15-20% left to drop up here. I’m not even considering buying until next year, which means Uncle Sam is going to get their full measure out of me this year…just the standard deduction!

Trojan4life

[Trojan4Life]

Ex-SD,

I’m basically in the same boat as you with above average annual income (@185K), sizable downpayment (about $100K) and all I can get into is a $500K home? Not that it’s not fundamentally sound or anything, but I don’t want to live in any neighborhood that is currently priced in the $500K range in Los Angeles.

I still think there is 15-20% left to drop up here. I’m not even considering buying until next year, which means Uncle Sam is going to get their full measure out of me this year…just the standard deduction!

Trojan4life

[Trojan4Life]

Ex-SD,

I’m basically in the same boat as you with above average annual income (@185K), sizable downpayment (about $100K) and all I can get into is a $500K home? Not that it’s not fundamentally sound or anything, but I don’t want to live in any neighborhood that is currently priced in the $500K range in Los Angeles.

I still think there is 15-20% left to drop up here. I’m not even considering buying until next year, which means Uncle Sam is going to get their full measure out of me this year…just the standard deduction!

Trojan4life

[Trojan4Life]

Ex-SD,

I’m basically in the same boat as you with above average annual income (@185K), sizable downpayment (about $100K) and all I can get into is a $500K home? Not that it’s not fundamentally sound or anything, but I don’t want to live in any neighborhood that is currently priced in the $500K range in Los Angeles.

I still think there is 15-20% left to drop up here. I’m not even considering buying until next year, which means Uncle Sam is going to get their full measure out of me this year…just the standard deduction!

Trojan4life

[Trojan4Life]

Ex-SD,

I’m basically in the same boat as you with above average annual income (@185K), sizable downpayment (about $100K) and all I can get into is a $500K home? Not that it’s not fundamentally sound or anything, but I don’t want to live in any neighborhood that is currently priced in the $500K range in Los Angeles.

I still think there is 15-20% left to drop up here. I’m not even considering buying until next year, which means Uncle Sam is going to get their full measure out of me this year…just the standard deduction!

Trojan4life

[Trojan4Life]

Marion,

VA loans are available, but they are capped at $417K for the guarantee amount. The no money down is kind of a misnomer, because they will have to pay a VA funding fee, which can range from 1.5% to 2.5% depending on if they’ve used VA loan before, but that can be rolled into the loan. Send them to a guy named Ken Bates at Militaryhomeprograms.com, he specializes in VA loans.

My bigger concern is their need to not show they can handle the payment. To a non-loan guy, this is an enormous red flag and I would question their motives. You can have the best credit in the world, but inability to pay means default, plain and simple.

For what it’s worth, today is my last day in the Air Force and last day teaching at USC… 🙁

Trojan4life

[Trojan4Life]

Marion,

VA loans are available, but they are capped at $417K for the guarantee amount. The no money down is kind of a misnomer, because they will have to pay a VA funding fee, which can range from 1.5% to 2.5% depending on if they’ve used VA loan before, but that can be rolled into the loan. Send them to a guy named Ken Bates at Militaryhomeprograms.com, he specializes in VA loans.

My bigger concern is their need to not show they can handle the payment. To a non-loan guy, this is an enormous red flag and I would question their motives. You can have the best credit in the world, but inability to pay means default, plain and simple.

For what it’s worth, today is my last day in the Air Force and last day teaching at USC… 🙁

Trojan4life

[Trojan4Life]

Marion,

VA loans are available, but they are capped at $417K for the guarantee amount. The no money down is kind of a misnomer, because they will have to pay a VA funding fee, which can range from 1.5% to 2.5% depending on if they’ve used VA loan before, but that can be rolled into the loan. Send them to a guy named Ken Bates at Militaryhomeprograms.com, he specializes in VA loans.

My bigger concern is their need to not show they can handle the payment. To a non-loan guy, this is an enormous red flag and I would question their motives. You can have the best credit in the world, but inability to pay means default, plain and simple.

For what it’s worth, today is my last day in the Air Force and last day teaching at USC… 🙁

Trojan4life

[Trojan4Life]

Marion,

VA loans are available, but they are capped at $417K for the guarantee amount. The no money down is kind of a misnomer, because they will have to pay a VA funding fee, which can range from 1.5% to 2.5% depending on if they’ve used VA loan before, but that can be rolled into the loan. Send them to a guy named Ken Bates at Militaryhomeprograms.com, he specializes in VA loans.

My bigger concern is their need to not show they can handle the payment. To a non-loan guy, this is an enormous red flag and I would question their motives. You can have the best credit in the world, but inability to pay means default, plain and simple.

For what it’s worth, today is my last day in the Air Force and last day teaching at USC… 🙁

Trojan4life

[Trojan4Life]

Marion,

VA loans are available, but they are capped at $417K for the guarantee amount. The no money down is kind of a misnomer, because they will have to pay a VA funding fee, which can range from 1.5% to 2.5% depending on if they’ve used VA loan before, but that can be rolled into the loan. Send them to a guy named Ken Bates at Militaryhomeprograms.com, he specializes in VA loans.

My bigger concern is their need to not show they can handle the payment. To a non-loan guy, this is an enormous red flag and I would question their motives. You can have the best credit in the world, but inability to pay means default, plain and simple.

For what it’s worth, today is my last day in the Air Force and last day teaching at USC… 🙁

Trojan4life

[Trojan4Life]

My wife and I looked at resales in LS

They are right on top of each other, have a very expensive mello roos and HOA, there were no kids to speak of in the neighborhood, you are next door to military housing (I’m military for the next 6 days, so I’m not casting stones). Back in late 2006 there were three or so houses for sale on the same small street and one was in the mid-high $700s. They were desparate to sell because they couldn’t sell their home in Michigan.

These homes, in the flight path of Lindberg and in a crappy school district, aren’t worth much more than $400K

Trojan4life

[Trojan4Life]

My wife and I looked at resales in LS

They are right on top of each other, have a very expensive mello roos and HOA, there were no kids to speak of in the neighborhood, you are next door to military housing (I’m military for the next 6 days, so I’m not casting stones). Back in late 2006 there were three or so houses for sale on the same small street and one was in the mid-high $700s. They were desparate to sell because they couldn’t sell their home in Michigan.

These homes, in the flight path of Lindberg and in a crappy school district, aren’t worth much more than $400K

Trojan4life

[Trojan4Life]

My wife and I looked at resales in LS

They are right on top of each other, have a very expensive mello roos and HOA, there were no kids to speak of in the neighborhood, you are next door to military housing (I’m military for the next 6 days, so I’m not casting stones). Back in late 2006 there were three or so houses for sale on the same small street and one was in the mid-high $700s. They were desparate to sell because they couldn’t sell their home in Michigan.

These homes, in the flight path of Lindberg and in a crappy school district, aren’t worth much more than $400K

Trojan4life

[Trojan4Life]

My wife and I looked at resales in LS

They are right on top of each other, have a very expensive mello roos and HOA, there were no kids to speak of in the neighborhood, you are next door to military housing (I’m military for the next 6 days, so I’m not casting stones). Back in late 2006 there were three or so houses for sale on the same small street and one was in the mid-high $700s. They were desparate to sell because they couldn’t sell their home in Michigan.

These homes, in the flight path of Lindberg and in a crappy school district, aren’t worth much more than $400K

Trojan4life

[Trojan4Life]

My wife and I looked at resales in LS

They are right on top of each other, have a very expensive mello roos and HOA, there were no kids to speak of in the neighborhood, you are next door to military housing (I’m military for the next 6 days, so I’m not casting stones). Back in late 2006 there were three or so houses for sale on the same small street and one was in the mid-high $700s. They were desparate to sell because they couldn’t sell their home in Michigan.

These homes, in the flight path of Lindberg and in a crappy school district, aren’t worth much more than $400K

Trojan4life

[Author]

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