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# Seeking Advice for Upcoming Life Event: Home Buying Dilemma

Hello Military Finance Community,

I have been a follower of this subreddit for some time now, and I am in need of some wise counsel regarding a significant upcoming life event. The more I think about it, the more overwhelmed I become because of my lack of understanding when it comes to the intricacies of the home buying process. However, I will provide as much information as possible to give you all a clear picture of my situation.

## Current Situation and Future Plans

I have been residing in Texas for a considerable amount of time and purchased a home for $195,000 with a 2.7% VA loan. Looking ahead to 2024, I am due to receive orders to relocate to Washington State. Upon researching the housing market in WA, I have found that the average home price is around $350,000. After consulting with Navy Federal, it was determined that my credit score is not currently sufficient to qualify for another VA loan. This has left me in a state of worry, as my initial home purchase in TX only required a $500 upfront payment and the rest was handled through paperwork, resulting in a mortgage with no down payment and limited warranty coverage. At that time, I also had around $31,000 in savings.

## Financial Challenges and Options

After some rough calculations, it appears that opting for Navy Federal’s Military Choice mortgage loan would entail an interest rate of 7-8%. Regrettably, I have only $3,000 in savings and anticipate facing PCS expenses that I will likely need to cover upfront before seeking reimbursement.

In terms of my current property in TX, I am contemplating renting it out. However, with a monthly mortgage of $1,520 and the possibility of hiring a property manager, the estimated rent stands at $2,000. I am unsure if this rental situation would deter potential tenants or if the property’s prime location, within 1 mile of an Amazon Warehouse, would offset any concerns.

## Financial Profile and Considerations

It is essential to note that I have an “excellent” credit score, minimal credit card debt of under $2,000, no outstanding vehicle payments, hold the rank of E6 with two dependents, and have substantial savings in my TSP account.

## Seeking Advice and Guidance

Given these circumstances, I am torn between renting out the TX property and hoping for a positive return or selling it due to my lack of expertise in managing finances. What would be the optimal approach to address this predicament? Your insights and recommendations would be greatly appreciated.

Thank you for taking the time to read through my situation. I’ll be raising a frosty beverage to you all for your assistance.

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AI Legalese Decoder: Simplifying Legal Jargon

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