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Contributor

My husband and I make a good income but currently rent in San Diego, a high rent city and want to buy a home.  The only debt we have is my student loan debt of $30,000, with a monthly payment of $550.  We can afford the monthly payments of a mortgage and have been pre-approved but don't have enough downpayment to make the purchase. We have 6 months emergency fund and FICO scores between 790-820.  Do you recommend that we focus all of our extra money on paying the student loan off or should we put the extra cash into savings for the downpayment?  I currently pay the $550 month minimum plus and additional $500 towards the student loan.  Please help in getting us into a house in the quickest way possible. 

3 REPLIES

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Hi San Diego Honey,

 

I encourage you to contact our team of Financial Advisors here at USAA who can give you advice based on your specific situation and needs. Its seems like you guys have a great grasp on your financial situation and the advisors will help to make sure you are on the right track!  They can be reached at 800-771-9960.

 

Oh how I wish I lived in San Diego! The central valley of California is just not the same. Best of luck on your home buying endeavors!

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Don't use USAA mortgage services. They are terrible. You are better off using a local lender. I found that USAA's mortgage advisors are terrible and their fees are significantly higher than other banks we contacted. Good luck though. 

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Read the other reviews on this site (to include my own) on the USAA Mortgage process and then find a local bank or credit union to work with.  You might also try Quicken Loans - I didn't go with them but they seem hungry for business.

 

If you are a first time homebuyer - don't use USAA.  I was a 3rd time homebuyer and then were difficult to deal with - mainly being unresponsive the closer it got to close and my closing was delayed.