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.
Many people aren’t aware that San Antonio has a strong market for new homes. In fact, many real estate agents would say there is a shortage of San Antonio new homes available on the market becaus of decreasing numbers of new housing starts and building industry consolidiation.
There are a large number of San Antonio builders to select from when shopping for a new home in this healthy market, driven by both private sector business relocations plus a strong military housing market. With Lackland Air Force Base nearby in addition to several other military installations, Air Force families who want to buy buy a home near their base will find a nice inventory of new homes that fit within the Basic Allowance for Housing.
Most builders, such as Fieldstone and Pulte Homes have had a presence in the San Antonio market for many years, providing high quality houses and highly innovative floor plans for home buyers. Real estate agents who frequently with with the top builders in this TX real estate market are frequently able to negotiate better builder incentives for their clients.
One agent whose area of expertise is San Antonio new homes says that buyer incentives from builders can be substantial, sometimes adding up to thousands of dollars in valuable services, gift certificates with local furniture stores, all expense paid vacations, and other goodies.
In short, San Antonio new homes are a viable alternative to the used home market because of reduced prices in recent years since the 2005 peak in the real estate market. Builders are in stiff competition to reduce their overhead and inventory. That, coupled with rising demand for remaining inventory, makes for a strong new home market in San Antonio.
There are some great deals on Omaha real estate right now, but don’t expect them to last forever. With the redeployment of military personal from the various conflicts around the world, it seems safe to say that families will be setting up shop to raise their families and start civilian life.
With Offutt Air Force Base so close to Omaha, this is bound to have a significant impact on the local economy, bringing a new generation of leaders, entrepreneurs, and home owners into the mix for a vibrant community. How will that affect home prices? It’s hard to say, exactly.
Many real estate market watchers are looking for big growth around military installations nationwide. That seems like a logical outcome. If that indeed happens, right now could be the best time to make an offer on that piece of Omaha real estate you’ve been considering. The market’s had a tough hit since 2005, but buyers are starting to come back to the table. Let’s see if the pace picks up in Omaha as redeployments take places in the various branches of service.
