Newsflash: 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!



Leave a Reply

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

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

Google+ photo

You are commenting using your Google+ 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 )


Connecting to %s