Tuesday, October 20, 2009

financial adventures

so when we moved into the house we're in now, it was "for sale" or "for rent".  obviously we chose to rent.  in keeping with the "wild hair up our butts" theme of 2009, i.e. - buying 2 new luxury cars in a 3 month period - we have decided to try and buy our house.  yes, i realize we are in the military.  but for Charles' job field, Ft Leavenworth is the #1 duty station out of about 4 or 5 remaining possibilities that he could be stationed.  in the last 2 years, at least 2 or 3 other prisons have been closed and everyone is coming here, hence the 2nd new prison in this post that is opening soon.  so IF we ever do get transfered somewhere else, after our 2 or 3 years there, we'll be coming right back here.  simply put, it is likely that of the 15+ years he has left before retirement, we will be here at LEAST 10 years of it. 
so yes, if we can pull this off and close on it before November 30th, we will get the $8000 tax credit next year on our return.  throw that in the bin with the tax credits we'll get for buying 2 new cars this year, and that'll be niiiice. 
how will we pay for this adventure, you ask?  we wont.  behold the miracle of the VA Loan: we go to a financial institution that will give us 5.125% interest on our house, they contact the VA and get us set up for the VA loan and then the loan covers EVERYTHING allowing us to buy a home with absolutely NO money out of pocket AT ALL.  so if we can get the closing costs and all that crap rolled into the loan, which i imagine we can, then we're good.  plus, right now our rent is $1150, but a house payment would obviously be LESS because it's ours.  so by doing this, we will actually SAVE money each month but still receive $1266 from Uncle Sam each month to pay for housing.  cha-ching.
so i'm doing all the footwork and will be calling the bank today.  i've already put a call into the landlord to find out what their asking price is.  oh, and i have 1 co-worker who's a real estate agent on the weekends and is providing her services for free, and another co-worker who's a property manager and will manage the home when/if we have to move away for a bit.  TOO EASY!

2 comments:

Elizabeth said...

Sounds like a gutsy move - hope it all works out as wonderfully as it sounds here! I'm excited to come see you and your house this weekend :D

ArmyWife said...

i'm excited too!! i plan to clean the carpets tonight for all the little people who will be crawling all over them this weekend. :)