VA Loan / First Time Buyer DC area ... $$$$$$$ HELP!!!?

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OK here are the facts:

I qualify for a VA loan

I have a very good credit score

I am looking at a 2br/1bth (900-1000sqft) home/condo in the DC area which currently go between $270,000-$600,000.

I have very little to put down ($5,000) which would leave me with no $$$$ cushion. I do plan on leaving the area in 5-7 years and selling.

Should I continue to rent at $1,200 a month or seiously consider buying? Should I wait and watch the over inflated priced condos that continue to be built exceed the demand and wait for the prices to drop?

Basically I am looking at buying something for me to tinker with and if anything just get a return on the amount paid after 5-7 years. I'm not looking to make a fortune only to recoop what would have been rent money. Also to have the freedom to paint and change as I see fit. The less involvement of the condo assoc. the better!

PS - I need to be near public transportation as well which doesnt help the price issue

VA Loan / First Time Buyer DC area ... $$$$$$$ HELP!!!?

If you can rent the same house for cheaper then why not rent? Unless you can really take advantage of the minor tax advantages of owning a home I don't see why you would want to at the moment. Prices will continue to drop or remain the same over the next 2-3 years, In my opinion. Let the incomes of america catch up to the appreciation that we have experianced over the past few years. There will always be homes for sale. The real estate market is not going away anytime soon. What is the rush? Especially looking at your situation, you are almost financing 100%! what if property values do take a dip next year.... you'll be stuck! Don't put yourself in that situation. CASH IS KING at the moment. Be safe! God Bless!

Why did the owner of pimpco (biggest bond investment company) sell his 6.8 million dollar ocean front home in california and decided to rent? Because its cheaper to rent! And he is worth in excess of over 100 million dollars.



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