I had a great plan for saving to buy a house after my SO gets out of the military and goes to school full time on benefits. I would work and he would stay home with our kid. We had this amazing plan to pay off 2 vehicles now, depleting our savings(11,000), and start saving all we could with a solid budget that would get us to $16000 for a down payment on a house.
We don't have any other debt so the timing was perfect for having no other bills besides phone and internet. We would stay with his patents for a couple of weeks while I get a job established and our house finalized. We planned to fly down and get the process started so that when we arrived we were almost ready to move in.
Now we have found out that he is getting medically discharged and it could take 2 months for him to get out or the remainder of his contract(1.5 years). With it being so uncertain I am terrified to use the savings we have now to pay off the vehicles. It wasn't a problem before because we had 1.5yr to save again and get it to the 16,000.
If we use the savings and I can't get us back on track quickly with a new job right away then we will have nothing and be penniless. If I don't pay them off then we have 2 car payments and it would slowly chip away our savings. We can't live with his parents long so we would end up needing a place if I didn't get the savings back up to where we need it for a down payment.
Granted we both have VA loan benefits we could utilize for $0 down payment but with previous experience buying a house with little to no down, it wasn't a very good situation for me when I was divorced and he couldn't sell or refinance. I don't expect that to happen again with my current SO but how dumb would I be if I let myself get into that situation again.
How do I go about this? payoff or no? Does anyone know how long medical discharges take? HELP!
Submitted June 11, 2019 at 08:22PM by elizabethurry http://bit.ly/2WsXkME
