I'm 23 vol. new car or house/apt

Where are you located?

If you have public transportation, you got a backup in case your car ever fails you. But if your car is your last resort, buying a new one could be a solid investment.

If your car's good though, then I'd get a house. The freedom would be great. This is only if you have to choose though, because ideally I'd just stay where you are and build up money and credit like Dirty said.
 
Where are you located?

If you have public transportation, you got a backup in case your car ever fails you. But if your car is your last resort, buying a new one could be a solid investment.

If your car's good though, then I'd get a house. The freedom would be great. This is only if you have to choose though, because ideally I'd just stay where you are and build up money and credit like Dirty said.
 
Like Dirty said... I would wait on all of those.  I know you're anxious to exercise your freedom right now after getting out of the military but you don't want to make a bad financial decision based on emotions.  If you really do need to get out of your parents house that bad, look for a one bedroom apartment that's not too expensive.  Put aside at least 10% of your income each month towards a new house.  After you've been with the force for several years, you'll also have a much better chance of getting a house by that time.  There are lenders who will give you a loan based on your credit history and assets rather than your credit history so you won't have to worry about that so much.  Just make sure you have at least a 20% down payment and won't be planning on moving for at least 7 years.
 
Like Dirty said... I would wait on all of those.  I know you're anxious to exercise your freedom right now after getting out of the military but you don't want to make a bad financial decision based on emotions.  If you really do need to get out of your parents house that bad, look for a one bedroom apartment that's not too expensive.  Put aside at least 10% of your income each month towards a new house.  After you've been with the force for several years, you'll also have a much better chance of getting a house by that time.  There are lenders who will give you a loan based on your credit history and assets rather than your credit history so you won't have to worry about that so much.  Just make sure you have at least a 20% down payment and won't be planning on moving for at least 7 years.
 
Originally Posted by Dirtylicious

neither..

keep your car
work on your credit
save your money
Click to expand...
He can do all three while living in his home. It all depends on how well he budgets his money. The time is now to buy property, and a new car will only depreciate.

OP, you definitely need to be aware of all the costs involved with running your own home. Things come up all the time.

  
 
Originally Posted by Dirtylicious

neither..

keep your car
work on your credit
save your money
Click to expand...
He can do all three while living in his home. It all depends on how well he budgets his money. The time is now to buy property, and a new car will only depreciate.

OP, you definitely need to be aware of all the costs involved with running your own home. Things come up all the time.

  
 
^if his credit is bad
has no real employment history other than the military
no real savings
no other assets.

how will he secure a loan for the mortgage at a decent rate.. there's just no way that is happening.
 
^if his credit is bad
has no real employment history other than the military
no real savings
no other assets.

how will he secure a loan for the mortgage at a decent rate.. there's just no way that is happening.
 
never understand how people screw up their credit

OP sucks but you should stay at home and work on fixing the situation

bad credit=Kia for BMW monthly payments
 
never understand how people screw up their credit

OP sucks but you should stay at home and work on fixing the situation

bad credit=Kia for BMW monthly payments
 
I didn't see that he had no savings, but I was told by a Marine that securing a VA loan wasn't that difficult. I don't have the first hand knowledge of that man's situation though. The FHA program (203K) only requires a 620. He could also get the home financed by his parents and add himself after a year? How bad is your credit OP?

With some good trade lines, he could see some growth by AUG, but it really depends on what he has on his report now.

If your credit is less than 560, I think your deadline may have to be adjusted.

Stillln, things happen. I thought I did a good job of managing credit when I was younger, but I made some mistakes that proved otherwise. You just gotta get out there and make the right moves to repair it.
 
I didn't see that he had no savings, but I was told by a Marine that securing a VA loan wasn't that difficult. I don't have the first hand knowledge of that man's situation though. The FHA program (203K) only requires a 620. He could also get the home financed by his parents and add himself after a year? How bad is your credit OP?

With some good trade lines, he could see some growth by AUG, but it really depends on what he has on his report now.

If your credit is less than 560, I think your deadline may have to be adjusted.

Stillln, things happen. I thought I did a good job of managing credit when I was younger, but I made some mistakes that proved otherwise. You just gotta get out there and make the right moves to repair it.
 
Originally Posted by AntBanks81

I didn't see that he had no savings, but I was told by a Marine that securing a VA loan wasn't that difficult. I don't have the first hand knowledge of that man's situation though. The FHA program (203K) only requires a 620. He could also get the home financed by his parents and add himself after a year? How bad is your credit OP?

With some good trade lines, he could see some growth by AUG, but it really depends on what he has on his report now.

If your credit is less than 560, I think your deadline may have to be adjusted.

Stillln, things happen. I thought I did a good job of managing credit when I was younger, but I made some mistakes that proved otherwise. You just gotta get out there and make the right moves to repair it.
Click to expand...
VA loans may be easy, but they're also fairly expensive.  The same with FHA loans when you factor in the cost of PMI on top of it.  His best bet is to worry about building up his bank account and work history more than his credit.  Your credit score is only your interaction with debt so you can later take on more debt.
 
Originally Posted by AntBanks81

I didn't see that he had no savings, but I was told by a Marine that securing a VA loan wasn't that difficult. I don't have the first hand knowledge of that man's situation though. The FHA program (203K) only requires a 620. He could also get the home financed by his parents and add himself after a year? How bad is your credit OP?

With some good trade lines, he could see some growth by AUG, but it really depends on what he has on his report now.

If your credit is less than 560, I think your deadline may have to be adjusted.

Stillln, things happen. I thought I did a good job of managing credit when I was younger, but I made some mistakes that proved otherwise. You just gotta get out there and make the right moves to repair it.
Click to expand...
VA loans may be easy, but they're also fairly expensive.  The same with FHA loans when you factor in the cost of PMI on top of it.  His best bet is to worry about building up his bank account and work history more than his credit.  Your credit score is only your interaction with debt so you can later take on more debt.
 
hmmm my credit is pretty bad... due to about 2-3 credit cards i maxed out and never paid when i was younger...



im thinking about just getting an 1 bedroom apt.
 
hmmm my credit is pretty bad... due to about 2-3 credit cards i maxed out and never paid when i was younger...



im thinking about just getting an 1 bedroom apt.
 
I'd go with the car...as long as you have a timeframe in mind as to how long you're going to stay before moving out and stick with it.

I'm in a similar scenario, but I haven't landed on my feet yet. I'm planning to move out when I'm around 25, just want to save up as much as I can for now.
 
I'd go with the car...as long as you have a timeframe in mind as to how long you're going to stay before moving out and stick with it.

I'm in a similar scenario, but I haven't landed on my feet yet. I'm planning to move out when I'm around 25, just want to save up as much as I can for now.
 
Also keep in mind if you are going to buy a home you have got to like it, and you have to see yourself there or a while. It's a buyers market now, and we don't know how long thats going to last. Suppose you get a loan and buy a home to realize 2 years from now you may not like the area, house, neighbors, etc. and end up wanting to sell, there exists a possibility you may not get back what you are paying for the house, and you end up with a loss.
 
Also keep in mind if you are going to buy a home you have got to like it, and you have to see yourself there or a while. It's a buyers market now, and we don't know how long thats going to last. Suppose you get a loan and buy a home to realize 2 years from now you may not like the area, house, neighbors, etc. and end up wanting to sell, there exists a possibility you may not get back what you are paying for the house, and you end up with a loss.
 
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