Buying first house, stationed at Altus AFB. HELP!

This site may earn a commission from merchant affiliate links, including eBay, Amazon, and others.

beast1989

Sharpshooter
Special Hen
Joined
Nov 20, 2010
Messages
4,744
Reaction score
15
Location
OKC
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.

That’s definitely not what I had in mind. I’m looking for a house in the $30k range.
 

Shadowrider

Sharpshooter
Supporting Member
Special Hen Supporter
Joined
Jan 28, 2008
Messages
21,556
Reaction score
9,385
Location
Tornado Alley
That was my Dad's first duty station. He hated it. In the last half of the '50s the only thing to do that a young airman could afford was go to the bar. After a couple of years he went to Goose Bay (in the winter time) and then Vandenburg where I was born. Best of luck on the house search.
 

Mad Professor

Sharpshooter
Supporting Member
Special Hen Supporter
Joined
Dec 1, 2008
Messages
3,089
Reaction score
2,790
Location
Moore, OK
My recommendation is to not buy a house.
You know you will have orders on 4 years or so. Then you will own a house you can’t live in. The chance of timing the sale of that house with your date of departure, is slim.
Working with the military (as a civilian), I saw first hand of the impact it had on the military members that were playing long distant landlord on properties they could not sell.
There is minimal chance you will recover the costs associated with a home purchase and subsequent if you are borrowing money on it in 4 years. Maybe if the market makes a steep climb. It is not worth the risk. Think about what happens if the house is on the market for 6 months and you are paying payments, taxes, insurance, and utilities during that time.
You will loose 6% to sales commission fees when selling the home.
The chance of you wanting to return to Altus at the end of your career is very small. Even if you do, I doubt you will want to live in the same house.

Home ownership is a longer term commitment than 4-5 years unless other reasons exist. IMO, you would be better off renting or utilizing military housing if available.
 

SMS

Sharpshooter
Supporting Member
Special Hen Supporter
Joined
Jun 15, 2005
Messages
15,322
Reaction score
4,279
Location
OKC area
Yeah, if your budget is only $30K I would just rent a place or better yet, get on base housing. Altus is one of the bases that has gone through a base housing modernization/privatization process and the houses are pretty nice. I've seen the new places they built on Tinker and can't believe the quality improvements from when I lived on base housing back in the early 90's.

I don't know if you are an officer or enlisted and if this is your first term or not, but if you are first term, getting a place on base will be much less distracting and hassle free so you can focus on your upgrade training and learning your primary duties.
 

TwoForFlinching

Sharpshooter
Special Hen
Joined
Aug 14, 2012
Messages
10,438
Reaction score
5,674
Location
Lawton
Have yall been to Altus lately? You probably won't fall into an FHA compliant home in that price range, most likely looking at 2 bed, converted garage housing at that point, but $30k will get it close to done in SWOK. Hell, $30k will get you 3k sq ft in Hollis.
 

Parks 788

Sharpshooter
Special Hen
Joined
Oct 13, 2010
Messages
3,109
Reaction score
2,928
Location
Bristow, OK
If there are people in Altus that bought a home 5-7 years ago and are currently trying to sell the home with no luck and getting underwater then that is a place I would never purchase a home in. If residential real estate can't make you money in the last 7 years in an economy like we have today then no thanks to that area. I'd rent a cheap ass house and sock money away for a down payment on a home later on.

Unless you can find the ugliest, cheapest POS house in a decent part of town and put a lot of sweat equity in it to increase value then try that but otherwise, no.
 

NINEROUND

Sharpshooter
Special Hen
Joined
Feb 1, 2011
Messages
1,438
Reaction score
282
Location
Altus
I’d say check the local internet listings. You might find something in that range, but it won’t be in a part of town you want to be in or livable. Probably better to rent for no longer than you’ll be here.
 

CHenry

Sharpshooter
Special Hen Banned
Joined
Feb 12, 2009
Messages
21,573
Reaction score
13,289
Location
Under your bed
A quick look on Zillow.com and there are quite a few houses for $30k and less (one real decent place for $15k) that are certainly livable. Small and old but well kept. Some looked nicer than a $900 rental here in Mustang.
 

Latest posts

Top Bottom