Financing training.. think I have a shot?

[alpine_wonder]

I'm 30, and looking at starting flight school in Northern Oregon.

 

My credit score is 720 to 730, One bad thing is I have one judgment on my credit report from my youth, It is something that I did not pay out of spite, but that is a long story. I was younger and did not take the proper channels to appeal/dispute it. I paid it off about 6 months ago after I got denied for my first loan, (I applied through TERI) it has been almost 7 years, its supposed to come off my credit next June but I do not want to be 31 and a half, and wait half a year.

 

I have my BA, but only have an average job making 30k, not sure if that factors into things, I do not have a lot of debt, just a small student loan and one credit card. I want to re-apply, I just don't want too many inquiries on my credit report. Do you think I have a chance, any recommendations?

 

Also, with the bad economy, I have had thoughts of buying a house even though I'm single it seems like a good time. The VA will guarantee a portion of my loan. (I used all my GI bill for my degree from 02 to 06) But I'm not sure how I should maneuver my debt... flight school then house.. house then flight school etc.

 

If anybody has any insight I would appreciate it.

[adam32]

HOUSE FIRST! Find one on a short sale or auction for CHEAP, then you will have some equity built up in no time...there will always be time to fly helicopters, but this is a GREAT time to buy a house...just my opinion...

[kodoz]

House first. There are some good values out there, and it can be a good investment. Flight school...maybe not such a good investment right now.

[rodrop]

House first...but make it close to a flight school

[Tom22]

House first. There are some good values out there, and it can be a good investment. Flight school...maybe not such a good investment right now.

 

Hey Kodoz,

 

Did you get my PM? It was the first time I sent on here. I wanted to make sure it went through.

[rjl2001]

Maybe this doesn't apply to you, but just in case... from the VA website:

 

"If you used all of your months of benefits under MGIB, you may still be eligible for benefits under the Post-9/11 GI Bill if you have qualifying active duty service after September 10, 2001, and meet all of the eligibility requirements for the Post-9/11 GI Bill.

 

For example, if you used 36 months of benefits under MGIB and you are eligible for the Post-9/11 GI Bill, you may receive up to 12 months of benefits under the Post-9/11 GI Bill."

 

As far as credit, your score sounds pretty good to me. If you're lucky enough to find a cosigner, that could help things also. Otherwise, if you go the house route first or try to wait out for your credit/loan situation to improve, you could do your PPL pay as you go. But it sounds like you make about as much as me, so pay as you go could be very slow.

[Wally]

The first question is where are you going? If you're going to fly professionally, that's one thing, if it's a hobby, that's another.

Even if you're intend to be a pro, are you in a position where you can work and fly, building time, all the while supporting yourself while you develop professionally- that is, accumulate flight time?

How does being a homeowner, with a mortgage, affect the all important credit score? Owning ones residence means maintenance, how does that fit?

This is a time to buy value, but not blindly. Generally speaking, buying a house fits that model. You need to look at the whole situation, however. An inescapable part of our economic issues right now is the bursting of a real estate bubble. It may be years, decades in some places, before house prices recover. How does that affect the proposition where you are?

Are you somebody who will, without question!, add sweat equity, buy and FIX, for resale? A high percentage of 'fixer uppers' stay 'fixer uppers'.

[ADRidge]

I'd wait, personally. For all the reasons given, plus it's really just not a good time to drop all that money on what may ultimately become a hobby for a year or three while you look for a job.

[lvchopperpilot]

The first question is where are you going? If you're going to fly professionally, that's one thing, if it's a hobby, that's another.

How does being a homeowner, with a mortgage, affect the all important credit score? Owning ones residence means maintenance, how does that fit?

This is a time to buy value, but not blindly. Generally speaking, buying a house fits that model. You need to look at the whole situation, however. An inescapable part of our economic issues right now is the bursting of a real estate bubble. It may be years, decades in some places, before house prices recover. How does that affect the proposition where you are?

 

This is good advice. My opinion of the real estate bubble is that prices will not recover to what they were for many years. I also think that real estate prices will continue to go down for at least 2 more years. The problem with my neighborhood, is other homes keep getting sold for less and less. That makes my home worth less and less. I do not know what will happen to our economy, but it is wise to be able to posess skills to perform multiple trades. Spending $60k on a helicopter career may or may not be the answer, but you should always have something to supplement your income and fall back on.

[alpine_wonder]

Thanks for the insight, basically what I am thinking is...

 

I want to be a career helicopter pilot, I'd be willing for the time being to go wherever the work is.. in the future years in an ideal world I would like to drop skiers and snowboarders off on the top of a majestic mountain peak, maybe firefight, medical, scenic tours, i'd be open to fly abroad a year or two.

 

I got out out of the Navy April 02, so I do need to call the VA and see if there are any benefits I can still receive, I imagine it would cover a small portion of the overall cost. I'd have to see if they changed the rule of having to have your PPL first.

 

I'm thinking flight school would be instant debt. Buying a house would probably be a smarter choice, an asset. I figure I'd see if I can get the 8k first time home buyers tax credit, use my VA loan to hopefully cover needing a down payment, then shop for a pre foreclosures, auctions, REO's and try to find something with instant potential. I'm not a great maintenance man but I'd be willing to learn

 

But I am 30 and a half, so I do not want to wait too start either choice. I'm working a underachieving job that I mildly despise. Buying a house would definitely lock me into feeling like I really need this job (until something better comes along which I guess I'll remain optimistic)

 

So it seems most people are thinking house first? Thanks for the opinions

[turbotay]

Hillsboro Aviation man, just got back from taking the measurements for the room they're going to hook me up, with great price and only about a block away from the school. And they're in Northern Oregon, its not a house buts its one of the cheapest apartment rates I've ever seen (of course I live in So Cal so everything is more expensive around here) something to think about they got a great program and if you want a degree to go with it they have a connection with the local college PCC