First time home buyer in CA (no debt, but little credit history)

Hey how's it going everyone. I'm looking at buying a home in the Oceanside/Vista area in California. I'm going to be stationed at Camp Pendleton in a few months and will be there for a few years. I looked up places to rent, and a decent 2 Bedroom apartment is about 1600-1800 dollars a month, which if you figure over 2.5 to 3 years, is about 50 to 60 thousand wasted. I'd rather just buy an affordable small manufactured home for about 100 grand.

Anyways, I have no debt, but not much credit history to speak of. Transunion gives me 701, equifax has no score for me. I'm currently getting a credit card from my bank, and perhaps one from USAA to bolster that up.

For my positives, I have about 13.5 grand in cash (banks), and another 13 grand in investments (which I can pull out at any time), bringing me to about 27 grand total cash. I'm a Marine Officer so I get a consistent paycheck and BAH that goes along with it. Before Taxes I should be making about 60,000. I have a cheap car that's completely paid off so my only expense is about 90 bucks a month of insurance.

So, knowing all these facts, what's my best route to go about getting a house, it's gonna be a first for me, I've only ever rented. Should I go 10 or 20 percent down? Will I even get approved for a mortgage with so little credit? Will my military pay and relatively large amount of liquid cash help me?

Thanks in advance for any help!

More real estate tips at Program Realty Wix site

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s