Going to Buy my first House-Hack Property

[David Tuma]

I'm 21 in the military about to buy my first ever property in VA, after wanting to get started in Real Estate Investing for a long time. It's intimidating but I have done all the research I can think of doing. I'm going on a short deployment (Navy) before-hand. My agent and I are aiming to be in contract with a seller a week before I get back. I've done my due diligence but i'm still completely new to all this (including this forum) Any tips, resources, etc. are very welcome. One question I have is should I get a quote for a loan and interest rate, then take it to another lender and see if they will do better? It's sort of hard because I won't have the best internet on the ship, but if it's worth it then I will try. Maybe my agent can do it? Very new and excited to get started, any info will help.

[David Tuma]

Quote from @Jaron Walling:

@David Tuma Are you using a VA loan? Hopefully you're taking advantage of it.

You can shop around for different lenders and lock in a rate for 60 days, but it doesn't really matter if you qualify for the VA. 

VA loans offer several advantages, including no down payment, no PMI, and often lower interest rates compared to conventional loans. That depends on you DTI, credit, etc.

As a new home owner at 21 y/o you're basically asking about personal finance. House hacking at 21 won't change you're life, but it's a good step in the right direction! Getting smart with your $$$, living below your means, following a budget, and buying rentals at that age is extremely powerful. If you share some of the numbers (PP, rents, location, property condition, etc.) you'll get more advice. 

Yes, using the VA Loan, I had no idea about lower interest rates using the va loan. I'm looking for any 2b 2b property around Portsmouth, VA. 240k is my budget, there's a lot of condos here but ideally I would like to get a duplex. Since it's my first property I wouldn't mind getting a single-family though. Thanks.