The best road to home ownership.........

[my4devils]

We are currently renting my husband's aunt's property. In exchange for the work we are doing be are going to be getting a portion of the property to build on when we are ready (hopefully 2 years post discharge). We currently have student loans in deferment until Oct. When this period is over, should we start paying on them or defer again and put the 300 dollars or so toward our down payment fund?

We already each have one installment loan and 2 small unsecured cc's to start rebuilding. We are both monitoring our reports and will start disputing in a few months. Husband's scores are still in upper 500's but mine is already back to 630's. Our emergency fund is started and we have about 2 months saved so far. Is there anything else I am missing as far as making the road to buying a home easier?

I am a planner and this is a HUGE goal of ours. I have alot of time but I want to make sure it is used wisely. Thanks!!!

[lrprn]

We are currently renting my husband's aunt's property. In exchange for the work we are doing be are going to be getting a portion of the property to build on when we are ready (hopefully 2 years post discharge). We currently have student loans in deferment until Oct. When this period is over, should we start paying on them or defer again and put the 300 dollars or so toward our down payment fund?

If I were you, I would start paying on those student loans, and not just the minimum payment every month either (which usually just pays the interest - a lifetime of financial bondage)! The interest is charged on the total every month - interest on interest! - so you want to get those out of the way asap!

Good for you that you are thinking ahead! I wish student loans weren't such a minefield, but they can be a deep cesspool if you don't attack them aggressively and get them paid off as quickly as possible. Save that deferment for when you might REALLY need it.