My Wife is in the military and we’ve been living in Corpus Christi, TX for 2 years. We rent and we just got word today that our landlord is planning to put the house on the market soon.
We love our house and our neighborhood and our landlord has been giving us a great deal on rent, so anything else we find to rent will most likely be a major downgrade. Also, we’d rather not move right now just to turn around and get transferred by the military in less than 2 years.
The market value is $295k and according to our lease, if we choose to buy, our landlord would have to take 10% of what we’ve paid in rent thus far as a down payment ($3,900)
Only thing is, we’ve been hit pretty hard by the pandemic. I lost my job early on and then our daughter was born extremely premature in December and is doing well, but too vulnerable to go to daycare with everything going on with COVID, so I’ve stayed unemployed and just work DoorDash to bring money in. And our credit has taken a hit. But we do have the option for a VA loan.
Would it be silly to consider buying it given our current situation?