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RV CLASS A or a VA Home loan

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EdwardMH
Contributor

RV CLASS A or a VA Home loan

I am a 50 year old Disabled Veteran, I have rented all my life it is just me and my service dog Smokey, I am trying to decide between buying my first home in a area with nice weather and Dark Skies (having trouble deciding where) and hope it is where I really want to live the rest of my life. Or pay off my car loan ASAP $8,000 and try to get a Class A RV loan and Smokey and I travel the USA (avoiding the cold and Snowy areas) till we find that perfect place to buy a home (Unless I find I love the RV life enough to keep going) I am working hard to raise my credit score and I think my next FICO report will have all 3 agencies finally in the low 700's hoping to find one for $50,000 pr less that will not be a money pit too soon.

 

Any suggestions? Both the RV and my own Home do scare me a bit as I am not a Mr. fix it type of person but I hate renting and being afraid to hang a picture, or put up a bird feeder with out asking permission.

USAA EQ 659 | TU 675 | EX 671, Credit Karma TU 674| EQ 631, Quizzle EQ 674, Credit Sesame EX 674
MyFico Then: 6/2011 EQ 582 | TU 589 | EX 570 MyFico Now: 5/2016: EQ 698 = 698| TU 698 v 712 | EX 665 v 718
Mortgage Score 5 EQ 698, Score 2 EX 693
Future Desired Score: All Credit score sites reporting 750+ Note: ^ = Up from, v = Down from
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2 REPLIES 2
Bman70
Established Contributor

Re: RV CLASS A or a VA Home loan

 

What state are you in? Those are two very different scenarios, each one requiring a massive commitment and so hopefully something you really want to do. An RV full time can equal the cost of renting an apartment or home. There's not only the payment, but fuel costs to meet all the additional miles driven. I spend around $200 /mo. on gas just tooling around locally.. an RV around the US might be, $600 or more? Hard to estimate. And also figure in repairs. There's a learning curve for hookups, cost of parking spaces, etc. that could benefit from weeks or months of research before plunging in. But there is a ton of online support, RV groups etc. As a DAV, you can likely get reduced or free parking or discounts some places. 

 

VA home loans are less restrictive than most.., you can have a lower credit score (I think low 600s is their criteria), and higher DTI. If you meet residual income requirements, you can have DTI 50% or more. So a VA loan might be easier than an RV right now. As far as renting, I put up shelving, pictures, and even mount my TV in wall studs without worrying. A little spackle and I can't even see where the holes were. But have you asked Smokey about all this? Smiley Wink


EX 822
TU 834
EQ 820


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EdwardMH
Contributor

Re: RV CLASS A or a VA Home loan

My DTI is 13%, I was prequalified for a VA Loan for $239,100.00 at 3.250% interest. But hoping to find what I want for $180,000 or less. My concern is it going to REALLY be what I want. I just want to be in dark skies for my Astrophotography, I can do this traveling I a RV staying 3-6 months in one place to save money, or buy home where I THINK I want to be. I would prefer to save enough to pay cash but that could take 5 years, I am tired of the cold and the snow NOW LOL.

USAA EQ 659 | TU 675 | EX 671, Credit Karma TU 674| EQ 631, Quizzle EQ 674, Credit Sesame EX 674
MyFico Then: 6/2011 EQ 582 | TU 589 | EX 570 MyFico Now: 5/2016: EQ 698 = 698| TU 698 v 712 | EX 665 v 718
Mortgage Score 5 EQ 698, Score 2 EX 693
Future Desired Score: All Credit score sites reporting 750+ Note: ^ = Up from, v = Down from
Message 3 of 3
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