Military families can buy a home using BAH to qualify for a VA loan
Military families sacrifice enough with the low wages that often accompanies an armed forces career. Too many familes in the military cut corners on their financial future by not choosing to buy a home. Military housing doesn’t have to be confusing. A majority of service members do not realize there is a technique to abandon the renter mentality and actually buy a home paid for by their Military Housing Allowance.
Everyone knows that salaries in the service are not the best in the world. It’s usually necessary to utilize all available tricks at your disposal in order to qualify for a loan and make the payments. One of the best places to turn is the BAH, paired up with a V.A. loan.
It’s now possible, particularly in markets where home values have lowered significantly since peak real estate prices in 2006, to buy a home using your BAH. There are some rules that you must comply with when you choose to receive a Basic Allowance for Housing. The rules differ according to which military branch you are in, but in a nutshell, married personnel living in off-base housing are able to receive an allowance that goes a long way toward buying a home.
When spouses in the military are separated due to deployment, or both spouses are members of the service, they may qualify for even more of a loan paid for by their BAH. While each branch of service is slightly different in its rules, an agent who is an expert in providing military relocation services can help you navigate the regulations and develop an approach that aligns with your family’s needs.
Basic Allowance for Housing rates are distributed differently according to three primary factors:
- Military pay grade
- Geographic location
- If you have dependents
Armed with these three pieces of information, you can download the official military BAH Rates table for free and you’ll know how much money you can count on each month to qualify for a VA home loan.
