Buying a home with your military BAH
Military families sacrifice enough with the hectic lifestyle that usually accompanies careers in the military. Too many familes in the military cut corners on their financial future by not buying home. Understanding the rules for military housing doesn’t have to be confusing. Many members of the armed forces don’t realize there is a technique to get out of the renter lifestyle and buy a home paid for by their Basic Allowance for Housing.
It’s well known that salaries in the service are not the largest in the world. It is essential to utilize all available techniques at your disposal to buy a house. One of the best resources is the BAH, paired up with a V.A. loan.
It is now a possiblity, particularly in markets where home values have dropped significantly since the housing peak in 2006, to buy a home using your military housing allowance. There are some specific military regulations that apply when you choose to receive a BAH housing allowance. The regulations differ according to which military branch you are a member of, but basically, married personnel living off base are allowed to apply for a housing allowance that goes a long way toward buying a house.
When military families are separated due to deployment, or both spouses are members of the military, they can qualify to get a loan paid for by their Basic Allowance for Housing. Although each branch of the military is a little different in its rules, a real estate agent who is an expert in providing military relocation services can help you navigate the regulations and formulate an approach that aligns with your family’s needs.
Military housing allowance rates fluctuate based on three main factors:
- Pay grade
- Geographic location
- If you have dependents
Armed with these three pieces of information, you can look up your official BAH rates for free and determine how much money you can count on each month to apply toward qualifying for a VA loan.
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