When is it appropriate to buy a house?
(Asking people with experience with VA loans and purchasing homes)
I'm wondering at what pay grade and how much in savings would it be appropriate to purchase a home?
My spouse is in the military, but I usually handle financials and stuff like this. Our pay grade right now is E-3.
He plans to re-enlist for another 4 years. We're both younger 19 and 21 so we don't really have experience with this stuff.
Currently we rent but I've heard VA loans make it so you don't need a down payment. So we've been thinking it may be smarter to pay a mortgage instead of rent, that way we're actually getting something. ( I'm aware of the difference between owning and renting).
Right now there's no plans of PCS.
Our lease is ending in December so we have a lot of time to plan if we want to buy a home from then on or re-new the lease.
I'm also wondering theoretically if we do own and PCS
Would it be smarter to rent out the home and get a new one, or to sell it?
So just want to know yalls experience.