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

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/

• Need emergency fund before buying a home
• Have retirement automated
• Have non-retirement savings automated

• Stable duty assignment of >2 years 
• Have down payment saved of at least 5%

• 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

• 25-35% of take home pay OR no more than Basic Allowance for Housing (BAH)

• No down payment saved
• Unstable duty station (2 years or less)
• Right before deployment