Is owning a home all it's cracked up to be?

Not everyone overseas is in the military. I'm closer to that than TB, but still nowhere near except proximity-wise. They let me have a USAA account, though, although they're not as good as my credit union on loans. It understands my career in that I can get a regular mortgage for a house I'll rent out, so long as at some point in the future I'll make it my primary residence. I do wish it offered 20-year mortgages, though.

My best friend and her husband love to drive around on Sundays after church and I give them addresses of listings so they'll send me photos and offer opinions. Her husband is an amazing DIYer and has good feedback on houses. It's so tempting and even though I know it's not the brightest idea, I just feel like I want roots somewhere.

 

Very kind of you to say, H_P, but as KJIM hinted I am not a service member (though mine is an Air Force family). My decade overseas has all been either working in newspapers or as a full-time student. I'm in no rush to come home, but I can see a time when events will force my hand.

 

My apologies. Some other verbiage I obviously didn’t understand in there led me astray.

If you won’t be home for a couple of years that may be a better time to buy anyway. We’re due for an economic downturn in a couple of years, based on historic cycles.

 

The monthly price difference between a 15 and 20 should not be that different. Or you can get a 30 and pay it as if it’s a 15 (or 20). Some loans don’t allow that for whatever reason, though, and maybe USAA is one of them.

The tricky thing about buying a house to rent it out is you don’t get the homestead credit and other breaks that offset the mortgage payment. That would eat into your profit margin a bit. Depending on the market, what you’re talking about might make more sense when home prices and mortgage rates come down but you’re not ready to move back yet.