A paid off mortgage is the new status symbol. Just wait.
Go find a Dave Ramsey class. Take it with your wife. They’re all over the place and usually free if you go to one at a synagogue or a church. (It’s not a religious thing, that kind of organization does it for public works; they are also at schools.)
Get deployed. Then you’ll get VA home loan 
This isn’t accurate, assuming she’s going to be on the mortgage, they will absolutely consider her income.
@Kpac20 If you want to buy a house, just don’t do the 3.5% FHA you’re trying to do. If you can’t afford the extra 1.5% to go 5% conventional loan, you have no business buying a house.
Out of curiosity, because I haven’t really seen it asked, what is the rough price range you’re expecting to be in? That will greatly determine whether or not buying is a smarter option than renting.
And it gives Jody some more room to fuck your girl!
The number of guys I know who got deployed and are still paying the mortgage for a house that ex-wife, kid, Jody, and Jody’s kid live is uncountably high.
That’s ridiculous, no it won’t.
Of course it will. That’s just silly.
The mortgage payment relative to a comparable renting scenario is what matters when talking about ‘waiting’ vs ‘now.’
Is OP trying to pick a 300k home in a city where he can get rent down the street for $600?
Is OP trying to pick a 60k home in a city where he can get rent down the street for $600?
In the first scenario he’s looking at a total monthly payment of ~2000, depending on his credit. In the other it’s closer to ~600.
The first scenario means he needs ~15k more saved up to purchase said home, the second means ~2-3k.
In what world is the value of the house you’re buying not the single most important factor when discussing anything that uses a number.
Edit: I flipped the home values. Oops
And you’ll determine this just by asking what rough range he is looking to pay for a house?
You didn’t ask where he lives, what the rental market is, etc.
He’s already said what he’s making, and roughly what she’ll be making.
I would have followed up with that if he gave a number north of 100k
What does this mean? Like paying more interest somehow makes it a better loan?
Also lol at “you have no business” unless you can explain some extraordinary benefit to paying more for money.
3.5% FHA loans are now stuck with their PMI for the life of the loan, while conventional can drop it at 20% paid off without a refinance. So you’re looking at an additional refinance (thousands of dollars) to get the PMI off. It translates to huge numbers over the life of the loan, at the expense of 1.5% saved earlier on (which typically turns into less as most mort companies charge you more to do govt loans).
Fair. That was a dick line. I mostly said it because the overall $$$ difference out of pocket is actually much lower than people think, and a lot of companies pay their loan officers on multiple commission schedules. It’s not uncommon for LO’s to push people toward govt backed loans because a lower down payment means a higher loan value.
Why $100k? What’s so great about that number? Do you live in an area where you can buy a house for less than $100k? I definitely do not. I don’t think foreclosed houses are going for less than that.
Let’s say he’s looking at houses between $250-350k, what’s your response?
EDIT: didn’t mean to reply to you Skyzyks
It sounds like you have that backwards. Or I do. Either way, this explains it differently.
Eh it’s ballparked. 100k @ 5% conv is what I remember to be roughly 800/month all in. Eyeballing his 68k a year he can pay that just fine on his own even if she were to dip out or become unemployed. And unemployed people hurt more in a rental than they do in a buy if even he lost his job too.
@ 100k, absolutely. My home is ~1700 sqft with 800 finished basement, and we got it for 170k. That’s in one of the better school districts in the area. That applies to a pretty large chunk of the country, including nearly all rural area.
At that price I’d ask him what rent would be in a comparable QoL.
FHA calls it MIP
Conventional PMI can be removed with an appraisal in nearly all states (all?)
Its OK. I can most likely buy a house for less than 100k though. Cozy little housing market that we have here,
North of 300k. One bed rooms run for 1500-2k a month here. Safe to say the house would be between 350-400k
I’m paying 1200 now for my apartment but moving into a city. I live in a rural area now.
What state is the city in?
Massachusetts. Expensive city as far as real estate goes
I’ll be starting 68k but should be above 6 figures by the time I’m 30.
This is going to sound super cynical but its realistic. My father has paid off his mortgage several times. Each time takes money out against the house refinances. Logic: It takes the financial incentive away from trying to divorce him.