How long do you plan to be there? AS TM said, an RV or rental house is probably going to serve you best in the long run if your there less than 5 years or so. It could take 3-5 years to recoup your closing fees.
Only advice I have is to buy something that fits in the price range of the average GI so it will be attractive for resale to that military market if you ever move. Altus isn't going anywhere anytime soon so there will always be a market for decent homes.
As long as you aren't in training status down there, I think you are smart to buy. The military has toned down it's involuntary reassignments over the years in an effort to cut spending. It's not uncommon at all for guys to stay at the same CONUS base for 5+ years unless they volunteer for overseas duty. Even then, you could draw a remote tour and your family can stay put at Altus while you are gone, which extends out the feasible time in that home. I moved around a lot voluntarily so I didn't buy a home until the last 5 years of my career but I knew several folks who ended up with 1 or more investment homes all around the country courtesy of Uncle Sam.
Definitely shop around for mortgages, find the best deal you can and then go ask someone else. It's very competitive...oh yeah and "Rocket Mortgage" sucks. We almost went with them and found a much better deal.
As long as you aren't in training status down there, I think you are smart to buy. The military has toned down it's involuntary reassignments over the years in an effort to cut spending. It's not uncommon at all for guys to stay at the same CONUS base for 5+ years unless they volunteer for overseas duty. Even then, you could draw a remote tour and your family can stay put at Altus while you are gone, which extends out the feasible time in that home. I moved around a lot voluntarily so I didn't buy a home until the last 5 years of my career but I knew several folks who ended up with 1 or more investment homes all around the country courtesy of Uncle Sam.
Definitely shop around for mortgages, find the best deal you can and then go ask someone else. It's very competitive...oh yeah and "Rocket Mortgage" sucks. We almost went with them and found a much better deal.
Following up on this, before buying an RV for a residence, check local RV parks or mobile home parks (some of them set up for RV's) to see if they do long term and charge monthly on their rates. Generally, an RV park's rates include water and sewer, but one would probably have to pay for LPG and electric.
This will let you know how often I ate there. When the owner/cook would see my vehicle pull up she would start my burger w/out me having to order. I had not been there in 2.5 yrs and still did not have to order. They got it right even down to the side of mustard for my tots w/cheese.
I can recommend a great person that deals with VA loans, and bust his butt to get you the best deal. He took me from a 30 year %8 to a 15 year %4. He is physically located in WA, but he can help nationwide. He will be the one I deal with when I get to OK.
Pm me his info please
I bought a house in Altus in 1988 and still live here. I am a retired LTC USAF.
Altus is full of houses people bought new 4 to 5 years ago for 30yr, nothing down, roll in the closing costs, builder incentives, etc.......and they are so far underwater they can't afford to sell at the current market for a used house. Go new house VA, 30yr, etc, and in 4 to 5 years you too will be stuck with a house you can't afford to sell. Why? All the newbies will be buying new houses with nothing down, etc.
My advice if you really want to buy a house in Altus is to go to the Red River Federal Credit Union Here, look at a 20% down loan for 15yr and see what you can afford to buy that way.
If you can't afford to buy that way, then RENT and walk away even when you move. You aren't going to make a dime in Altus paying on a 30yr mortgage for 5 years and then moving, IF YOU CAN SELL IT AT ALL. A friend ignored my advice and just sold a house after three years setting empty, then dropping...and dropping... the price, losing all the equity, closing and interest.
Altus is full of houses people bought new 4 to 5 years ago for 30yr, nothing down, roll in the closing costs, builder incentives, etc.......and they are so far underwater they can't afford to sell at the current market for a used house. Go new house VA, 30yr, etc, and in 4 to 5 years you too will be stuck with a house you can't afford to sell. Why? All the newbies will be buying new houses with nothing down, etc.
My advice if you really want to buy a house in Altus is to go to the Red River Federal Credit Union Here, look at a 20% down loan for 15yr and see what you can afford to buy that way.
If you can't afford to buy that way, then RENT and walk away even when you move. You aren't going to make a dime in Altus paying on a 30yr mortgage for 5 years and then moving, IF YOU CAN SELL IT AT ALL. A friend ignored my advice and just sold a house after three years setting empty, then dropping...and dropping... the price, losing all the equity, closing and interest.
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That's kinda what I suspected about the market there but I didnt have the first hand experience or facts I've just always heard to rent in a military town if your military and not staying.
Yeah, that first hand info changes my advice! Good stuff.
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