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Old 02-10-2018, 12:39 PM
 
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I am not a home owner but have enough family members who are so I know what some of the up/downs are. Anyway, my question...


I work with a young man, 30, who is married. He has started the process of looking for a house in Md. and plans on using a home mortgage through his military options. We looked online at some of the homes he planned to see this past Friday. While looking he mentioned that one of them needed a bathroom renovated and that his father would come from Kansas and do the work. He then said he would have to scrounge around and come up with a few thousand to buy supplies, fixtures etc.,. He said he was putting nothing down and had no money. I was quite surprised but just said nothing but thought omg what a possible mess this could be.


Is it just me or does this sound like a recipe for disaster? Do people still do this?


On an aside, his dog needs some surgery and he said he had to wait for tax refund to have it done, no other money.
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Old 02-10-2018, 12:41 PM
Status: "Keep your friends close and your enemies closer" (set 19 days ago)
 
Location: North Beach, MD on the Chesapeake
30,262 posts, read 36,648,772 times
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Yes, it's still done.

He might want to look in areas, let me guess it's Montgomery County, where the housing's a bit cheaper if he can't do preventive maintenance on a pet.
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Old 02-10-2018, 12:58 PM
 
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Quote:
Originally Posted by North Beach Person View Post
Yes, it's still done.

He might want to look in areas, let me guess it's Montgomery County, where the housing's a bit cheaper if he can't do preventive maintenance on a pet.
He is looking in PG county, less expensive. Houses he is looking at are 300-325,000. He put up a go-fund me page for another pet surgery. He's a nice guy but not thinking this out.
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Old 02-10-2018, 01:13 PM
 
Location: North Idaho
19,691 posts, read 23,376,674 times
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No down through the military option. He qualifies for a VA mortgage. Yes, it is fairly common for veterans to buy through the VA program
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Old 02-10-2018, 01:37 PM
 
721 posts, read 283,589 times
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It’s a bad idea, but common with VA loans. The people who bought our most recent house did it (and they were greedy and picky too, ugh). My family member is under contract to buy a home this way right now too. They’re a veteran.
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Old 02-10-2018, 02:39 PM
 
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Well, I understand using the veteran's option but I guess I am very surprised that he literally has no savings to fall back on. But maybe that is common too.
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Old 02-10-2018, 03:00 PM
 
Location: Denver CO
16,144 posts, read 8,419,103 times
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I don't think 0 down is automatically bad when someone qualified for a VA loan. But not having cash on hand to cover the inevitable expenses is a really, really bad idea.

But

Not your circus, not your monkeys.
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Old 02-10-2018, 04:13 PM
 
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It’s stupid, but what can you do. Things will probably work out regardless as long as both him and his wife don’t get laid off.
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Old 02-10-2018, 08:06 PM
 
Location: Minnesota
1,353 posts, read 417,204 times
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Maybe he will get a roommate /boarder to help with expenses. It does sound like living on the edge. What is he going to do when the furnace/water heater goes out?
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Old 02-10-2018, 11:25 PM
 
Location: Austin
89 posts, read 67,803 times
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If he can use the leverage of needed repairs to negotiate the price down, perhaps below market, it could be a GREAT deal. Plenty of people nowadays can afford a mortgage payment but not a down payment. Not saying they should, but many can.
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