Anyone buy a house while on HPSP?

[ajaxkid]

---

Members do not see this ad.

Does anyone know of anyone who while on the HPSP was able to buy a house? I'm going to be starting dental school at San Antonio under the AF HPSP this July and would like to buy a house rather than rent while I am in dental schools, but many of the lenders I have talked to refuse to recognize the $2,000 stipend as income. Its so frustrating because I could get a 3 bedroom, 2 bath house for 80,000-90,000 which would result in a monthly payment of 600-700, whereas I would rent a 2 bedroom appartment at about 900 a month.

 

[Rlow04]

I'm in the same situation - I'm going to Midwestern AZ on HPSP for the Army and I'm having a hard time getting pre-approved. My mortgage company is supposed to get ahold of me today, we'll see.

 

[Kahr]

I'm considering the same thing as you, and it's disturbing to hear that the stipend isn't being recognized. I myself will use a Veteran home loan, but I'm guessing HPSP students aren't yet eligible for that option?

 

[Tiankum]

Does anyone know of anyone who while on the HPSP was able to buy a house? I'm going to be starting dental school at San Antonio under the AF HPSP this July and would like to buy a house rather than rent while I am in dental schools, but many of the lenders I have talked to refuse to recognize the $2,000 stipend as income. Its so frustrating because I could get a 3 bedroom, 2 bath house for 80,000-90,000 which would result in a monthly payment of 600-700, whereas I would rent a 2 bedroom appartment at about 900 a month.

I'm on the HPSP and have bought a house. It was far cheeper buying than renting and the tax benefits are a definite perk. You need to get a co-signer. That is the only way you can get around the bank's pre approval requirements. I had to use two different people to cosign with me and used the signing bonus as the down payment. Good luck with it man.👍

 

[jmt1984]

I'm on the HPSP and have bought a house. It was far cheeper buying than renting and the tax benefits are a definite perk. You need to get a co-signer. That is the only way you can get around the bank's pre approval requirements. I had to use two different people to cosign with me and used the signing bonus as the down payment. Good luck with it man.👍

Sounds like a lot of hoops to jump through, but worth it in the end.

 

[yunowu]

Wise investors take note:
During the era of wage and real estate deflation, potential investors should ask the landlord to lower their rent..Or offer to buy the property of interest at 25 % below the present market value. Since banks are doing very little lending, if any at all..👍
Home prices may fall by up to 25 percent: economist

http://www.reuters.com/article/2011/02/22/us-usa-economy-housing-shiller-idUSTRE71L4FC20110222

 

[Tiankum]

Wise investors take note:
During the era of wage and real estate deflation, potential investors should ask the landlord to lower their rent..Or offer to buy the property of interest at 25 % below the present market value. Since banks are doing very little lending, if any at all..👍
Home prices may fall by up to 25 percent: economist

http://www.reuters.com/article/2011/02/22/us-usa-economy-housing-shiller-idUSTRE71L4FC20110222

The key is to hold on to the property and use it as a rental. Even if prices were to fall...which I personally believe is a long shot...you would be investing in your future and building equity.

 

[del Sol DOHC]

The key is to hold on to the property and use it as a rental. Even if prices were to fall...which I personally believe is a long shot...you would be investing in your future and building equity.

True, but what a pain in the ass to try and manage a property from a carrier in the Persian Gulf.

 

[Rlow04]

Well, we got my in-laws to cosign with us and made an offer on a foreclosed property in north Peoria, Arizona this weekend. That would suck if home prices fell even further, but I guess that's the risk you take. I'll let you know if we get the house!

 

[Tiankum]

True, but what a pain in the ass to try and manage a property from a carrier in the Persian Gulf.

That's where the in-laws who live in the next city over come in to play😀