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I've already been all over the internet gathering tips and advice for home buying, I've already talked to some real estate agents and because my husband is military, we will be using a pennsylvania loan so we won't have to make a down payment on a house. We are looking into San Antonio for real estate. I'd just like some help in making a checklist and knowing for sure what I need to do before I buy a home. 1. How much should I have in my savings to buy a house? I looked it up and there isn't a clear answer. 2. Should I even bother renting an apartment for a few months? I am in Washington State. My husband right now is at the military base in San Antonio and is transferring there (by his own choice, so the move is up to us, not the military). I'm not sure if I want to bother renting, because my husband has a good chance of getting a well paying job at the hospital where he is currently studying. I don't want to be stuck in a lease, and renting wastes money that I could put into owning my home. 3. How long does it take to officially purchase the house? Do I buy it and then move in the next day or how does that work? Any other advice from buyers who have done this before, I would really appreciate and keep in mind. Thank you in advance
Although you will not need a down payment by going VA, you will still probably need to pay closing costs. Closing costs run about 5 - 6% of the purchase price (note, you may be able to get the seller to pay some of the costs). You will also need two months worth of mortgage payments in the bank. All told, a good amount is 6% of the purchase price or more. 2) Unless you are planning on doing this all long distance and not moving until you actually buy the house, figure on renting for 3 - 6 months. You will probably take 1 - 2 months to fin dthe house you want to buy. Once you make an offer and the offer is accepted, you are looking at another 45 to 60 days to be approved and go to closing. It takes 45 to 60 days - offer, mortgage processing, closing. Advice - get pre-approved before you even start looking. This will tell you whether you qualify for a mortgage and for how much. The one thing that might hurt you (if I read your question correctly) is that your husband is leaving the military and has his sights set on a hospital job. If so, you may have problems qualifying for a mortgage, since lenders tend to want 1 1/2 to 2 years of continuous employment with the same company. This is why you get pre-approved (not pre-qualified). Th epre-approval also helps when you make your offer since the bank will provide a document showing how much you have been pre-approved for and that helps the seller make up their mind about accepting your offer (the seller hsa less to worry about in terms of you being able to finance). You will also need earnest money - this is usually around $1,000 that you give to your agent for deposit into a bank account when you make an offer. If you back out for any reason that is not in the contract (usually reasons are limited to not being able to get financing and the house not passing inspection), you forfeit that money. And yes, definitely get an inspection.
As your local realtor's will tell you it takes about 4-6 weeks to close on a house from the date you have an accepted offer. How long it takes for you to find the right house is impossible to estimate. I do suggest renting, but on a month to month basis. Many landlords require leases, so you may have to pay a little more per month to have the freedom a month to month tenancy offers. As to how much money you need in reserves, that is a tough one. I suggest a minimum of 3 times your monthly budget in addition to the closing costs of the loan, but more certainly won't hurt. Don't forget the other expenses you will have after the purchase, like buying a lawn mower.
Your first step is to get pre-approved with a mortgage lender. Your hubby needs to be on his job at least 30 days so he can show 30 days worth of pay stubs. Once you are preapproved you will know how much house you can buy. Then you get a realtor & go find one you love. Write the offer- get signed contract to the lender & it's about 30 days from that point to closing. You can move in the day you close. You need a great realtor & a really good lender to walk you through all the steps. Do not go with a bank for the mortgage.. your want the personal touch of a lender who will get to know you. Good luck!