NewsDoes The Military Give You A House

Does The Military Give You A House

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If You’re A Disabled Veteran

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If you need everyday help, or help with things like adaptations to your home, you may get this from your local council or the welfare service of Veterans UK.

In England, Wales and Scotland, you can find out about the help available from Veterans UK on their website or call the helpline on 0808 1914218.

Check your local council’s website to find out what services they offer. You can find your local council on GOV.UK.

In Northern Ireland, you can find out more about support to stay in your own home on the NI Direct website.

You may also be able to get help from some veterans’ organisations.

Tell Us A Little Bit About Military Retirement Pay

Military retirement pay generally refers to the monthly payments from the Armed Forces Retirement System after a service member has retired. The Armed Forces Retirement System is the formal name for the military pension plan. Military members who have served a minimum of 20 years are eligible to receive military retired pay through this system.

Mistake No : Not Thinking Of Your Home As An Investment

Maybe you think theres no sense in buying if theres a chance you might be relocated in the next few years. But that doesnt mean you shouldnt buy in fact, that home could end up being a smart investment.

By searching in high-demand areas or choosing a popular home style and size , youll give yourself a better chance at resale if you need to move later. Or, you can hang on to it and rent it out.

My clients and I often go out and look for their first rental home, not just a home for their family, Fraser says. With so many in transition, theyre able to purchase a home and it becomes an investment property for them when they go on to their next duty station or they move.

Dont like the idea of becoming a landlord? A VA loan is assumable , or you can just sell the home to a nonmilitary buyer. And dont forget: You can use your VA home loan benefits again and again, so you can own a rental property and a new home. You can even refinance a VA loan if you are an active-duty service member. You may want to refinance if you have a non-VA loan, to increase your loan amount and tap into your home equity, or if you can get a better interest rate with a new VA loan.

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Releasing From The Canadian Armed Forces

You can apply to stay in your unit past your date of release and you will be considered a Priority 1 applicant if you are eligible to move to an Intended Place of Residence, or if you are enrolled in an approved career transition or training program.

If you wish to request an occupancy extension, you must submit it in writing, including a copy of your release message confirming your Intended Place of Residence eligibility or your enrolment in an approved career or transition training program. Extensions may be authorized based on the availability of housing units and at the discretion of the Housing Services Centre manager.

If you wish to extend the existing occupancy agreement past your date of release, and you are not eligible to move to an Intended Place of Residence and you are not enrolled in an approved career transition or training program, you may be eligible for a short extension at our discretion.

What Makes The Va Loan A Good Option

Do you know a soldier coming home for Christmas? Please ...

Its a pretty hefty list!

  • Its government insured.

  • Theres no down payment required.

  • Theres no private mortgage insurance .

  • The funding fee can be financed in addition to your loan amount.

  • Its more forgiving with credit scores.

  • Closing costs could potentially be covered by the seller.

  • You can own two homes at once with a second VA loan.

  • Theres no prepayment penalty.

  • The VA loan is reusable.

  • The VA loan is assumable by qualified homebuyers.

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What About For Those Service Members Who Entered The Military After January 1 Of 2018

If a service member entered service after January 1st of 2018, they would automatically be enrolled in the new Blended Retirement System. This formula is similar to the high-3 formula, except instead of using 2.5% as the multiplier, a reduced percentage of 2% is used. This means the pension system is degraded in value when compared to the high-3 or final pay system. To help soften those reductions, the military makes automatic contributions the TSP account under the Blended Retirement System-contributions that are not provided under the high-3 or final pay systems.

These contributions have a formula of matching. The military will contribute 1% as a base contribution for all service members. For those service members who chose to contribute to their TSP account , the Military will match dollar for dollar up to 3% of base pay. If the service member contributions above 3%, the Military will contribute $0.50 towards every dollar the service member contributes above 3%, up to 5%.

Top 5 Tips For A Successful Move

  • Start planning early. Even before orders, you can start cleaning out the house or do a yard sale. Once you have orders, you can research your next duty station with input from fellow military families using the website PCSGrades.
  • Save money in advance. Before you even get orders, start saving at least $100 each month to prepare for the moving expenses. Even though the military reimburses some of your moving costs, there are tons of additional payments like closing out your bills at one location, paying security deposits at the new location, buying a different vehicle, setting up utilities, etc. Try to predict your expenses and plan for them.
  • Stay organized with a PCS binder. Save all your moving documents and paperwork in one place, along with copies of legal documents like ID, passport, car registration, marriage license, etc. Make sure to hand carry it with you, not pack it in moving boxes!
  • Be patient and flexible. Moving is stressful, and you can never plan for every possibility. Things will change suddenly or go wrong. Try to laugh with your spouse and adjust as things change.
  • Remember that many things can be replaced. Dont waste weight and space on items you can easily find or replace at the next duty station.
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    Army Help To Buy Down Payments

    Although some home purchases can be made without a down payment, a lump sum of 20 percent may either seal a deal or at least prevent the need for mortgage insurance. Some Army programs may help a soldier come up with the down payment money normally far more than a monthly mortgage payment. For instance, the Army periodically offers enlistment or re-enlistment bonuses, which could be saved for a down payment, or applied to one. In addition, the Department of Veterans Affairs offers home loan guarantees to Army veterans to help them qualify for a mortgage loan from a third-party lender.

    Rent Vs Mortgage Payment

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    In most markets, a mortgage is cheaper outright than renting. Additionally, your basic housing allowance can cover some or all of your mortgage. But, when calculating the monthly costs, keep in mind that maintaining a home can bring with it expenditures that renters dont have including appliance repairs, home maintenance like broken faucets, lawn care, homeownership association fees, insurance, and more. When something breaks, you cant simply call your landlord. Is that a responsibility youre prepared to take on?

    However, homeowners do receive tax benefits that renters do not like being able to deduct the interest you pay on your loan from your taxes, which can help offset the monthly costs.

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    Home Depot Military Discount Policy

    Home Depot offers a 10% military discount to select military personnel year-round. All active duty military personnel, Reserve members, National Guard members, retired veterans, veterans with a service-connected disability rating, and their immediate family members are entitled to receive Home Depots military discount at all U.S. store locations.

    All other former military personnel, such as those who have been honorably discharged but arent retired military members, arent eligible for the year-round military discounts but can receive a military discount on military holidays, including Memorial Day, Independence Day, and Veterans Day.

    One wonderful aspect of Home Depots discount policy is that its straightforward and doesnt require any registration or extensive approval process. This is in contrast to Lowes, which requires members to sign up for the free MyLowes program to be eligible for the military discount.

    Eligible active duty military members or veterans merely need to show their valid military ID card or veteran ID card at the time of purchase and they can receive a 10% military discount on qualifying purchases.

    Military ID Card requirements:

    • Your ID card must be physically present. Electronically sent copies of proof of military service dont work .
    • Disabled veterans must have a VA ID card that shows the veteran has a service-connected disability rating.

    Differences Between Stateside And Overseas

    Before diving further into housing options, its critical to know how housing varies whether youre stationed in the Continental United States or outside itfor example, overseas .

    When youre stationed CONUS, unless you live in government-owned base housing, youll receive a monthly BAH payment as part of your paycheck. The amount you receive is determined by your rank/pay grade, geographic location, and if you have dependents. Its up to you to use that money to pay your rent and any utilities if you have money left over.

    If you find a place that costs less than your BAH, you can pocket the difference, so this can be a smart option in affordable areas. For example, if your BAH is $1,200 but your rent is $1,000, you still get the extra $200 and can spend it however you want. Conversely, in more expensive areas, you may end up paying some out of pocket. Though the BAH is calculated to cover rent but not mortgage payments, some service members choose to buy homes in order to build equity. Just be aware that the BAH doesnt account for costs of homeownership such as property taxes or insurance.

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    The Second Reason Why The Military Diet Works

    The Military Diet is a form of intermittent fasting:

    Any diet with around 1000 calories a day is a type of fasting. And fasting changes the way the body works. For starters, fasting lowers levels of IGF-1 . Lower levels are a good thing. Besides weight loss and increased metabolism, low IGF-1 lowers risk of diabetes and increases longevity. With lower levels of IGF-1 from fasting, the body switches from growth mode to repair mode. This turns the body into a fat burning machine.

    A woman called Dr. Varady did a study on fasting with two groups of volunteers doing alternate day fasting for 10 weeks. One group was put on a low fat diet on their eat anything days, like the four days off on the Military Diet.

    The other group was encouraged to eat a typical high fat American diet with pizza and lasagna on their days off. The results were interesting to say the least. The people on the high fat diet were losing the same amount of weight and sometimes more as the low fat group.

    Contrary to popular opinion, fasting is a healthy way to lose weight. Fasting does not lower your metabolism when done properly. In fact, fasting boosts your metabolism by switching your bodys repair genes into on mode.

    Source: Dr. Krista Varady, Professor of Kinesiology and Nutrition

    What Is The Frozen Benefit Rule

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    The Frozen Benefit Rule changed the definition of disposable pay after the December 23rd of 2016.

    Under the old definition of disposable pay, Parties/Attorneys could agree to a time rule formula, whereby any enhancements to the Plan due to pay raises/promotions would be shared proportionally with both parties.

    Under the new definition of disposable pay, for Military Members that divorce or legally separate prior to retirement, those enhancements are not shared.

    This means the military requires former spouses share in the plan benefits to be valued at the lower rank and pay grade of the military member at the date of divorce . This translates into less money being paid to the former spouse.

    This new law is counter to California law, which follows a Marital Foundation Theory-meaning retirement benefits are valued at the time of retirement with all enhancements proportionally split.

    The thought behind Marital Foundation Theory is that an employee spouse would not have been able to receive those enhancements from pay raises and proportions later in their career, without first building the foundation of their career early on-a foundation that was built partially during the marriage. Therefore-the marriage should receive part of those enhancements.

    You mentioned California law, which is primarily where you have practiced. Do most other states also look at it from the same perspective in terms of that Marital Foundation Theory that you were referring to?

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    Requirements For Family Housing

    To live in military family housing, you must be living in the house with your dependent. There are exceptions for those who are temporarily deployed, or who are serving a remote overseas tour. In these cases, the family members can continue to live in military family housing, while the member is away. If you are divorced or unmarried, and you have physical custody of a child or children for at least 1/2 the year, you qualify. If you are married and you and your spouse separate , and your spouse moves out, you must terminate your family housing within 60 days. Conversely, if you move out, your spouse/family lose the military housing entitlement, as well .

    Military Housing For Married Couples Or Those With Dependents

    If you are married and living with your spouse or minor dependents, you will either live in on-base housing or be given a monetary allowance called Basic Allowance for Housing to live off-base. The amount of BAH depends on your duty station zip code, your rank, and whether or not you have dependents.

    If you are in the Guard or Reserves and entitled to a housing allowance, you will receive a reduced BAH, called BAH Type II. You will receive BAH Type II anytime you are on active duty for less than 30 days. If you are on orders to serve on active duty for 30 days or more, you’ll receive the full housing allowance rate, the same as active-duty personnel.

    If you have dependents, you will receive the housing allowance, even when staying in the barracks at basic training or technical school/AIT/A-School. This is because the military makes it mandatory for you to provide adequate housing for your dependents. This will be included as part of your regular paycheck, half on the first of the month and a half on the last duty day of the month. For basic training or technical school/AIT/A-School, you will receive the BAH amount for the location where your dependents are residing.

    However, if you are not married or divorced and are paying child support, you do not receive full-rate BAH while living in the barracks. In this case, special rules apply, and the member receives BAH-DIFF.

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    Pros Of Living Off Base

    • You have the freedom to find a property with the size and features you want.
    • You choose the location, so if you like to get out and about, you may enjoy renting in a nearby city rather than living on base.
    • You can get more immersed in the local community, which may be especially helpful for single service members those who are LGBTQ+ especially may find a larger community off base.
    • Theres more separation between work and personal life for the service member.
    • If youre stateside and find a rental that costs less than your BAH, you can use that money to jump-start your savings.
    • You can buy a property using your BAH toward your mortgage and build equity. When you leave, you can either sell the property or keep it and rent it out.

    Mistake No : Making Other Big Purchases Before Closing

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    Once home buyers find a home and their offer is accepted, they can be excited about moving in and making it theirs. Maybe you have an eye on a new big-screen TV, and youre looking into financing a new living room set you love. But dont do that until youre really a homeowner, even if your lender has approved your mortgage loan.

    Its easier to get a VA loan than a conventional, non-VA loan, but you still must meet lender requirements.

    Opening a line of credit or making a big purchase after mortgage approval is a common mistake, Gerke says. This can oftentimes change the veterans credit score and make them ineligible for the loan.

    Wait until after closing to make any other financial moves, just to be on the safe side and to keep your loan on track.

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    Using Your Army Benefits To Cover Housing Food Clothing And Other Expenses

    In addition to salary and bonuses, the Army provides military allowances to offset the cost of living. Soldiers who live on an Army post receive military housing and meals for free. If your situation calls for you to live off post, the Army provides allowances for your housing and meals. Soldiers also receive allowances for clothing and official travel.

    We Help Military Members Save On A Home

    Our nation exists because of the courage, perseverance and resolve of our active, reserve and veteran Army, Navy, Air Force, Marine Corps and Coast Guard service men and women. Those who stepped up to protect the values and freedoms our country was founded on. Just as we relied on your service to keep us free, you can depend on us to give back to you and your family when you need a place to call home.You have served this beautiful country. Now it’s our turn to serve you.Let us assist you by making the home buying, selling or refinancing process a breeze, and save you money in the process!

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