For many borrowers, applying for any kind of mortgage may seem daunting. But, when broken down, this rundown of 6 steps to getting a VA loan is easy to understand. 1. Select a VA-approved Lender On the surface, it might appear that any lender will do. However, if you dig a little deeper, you may discover…
Most veterans say that some of the more confusing aspects of qualifying for a VA home loan are the occupancy requirements. This usually stems from when a service member gets their PCS orders and has to move. Will they be able to rent the house? Will they be able to get a second VA loan…
The VA home loan benefit is one that most consumers would be thrilled to have; a mortgage loan with no down payment, no VA-required mortgage insurance, and the lower interest rates commonly associated with government-backed home loan programs. The VA loan program has weathered many difficult times including the housing crisis of 2008, for much of the…
Military pay can be hard to understand-at first. There are several types of compensation that may affect a military member’s total pay; some of them are considered “special pay” for duty or qualifications that warrant additional pay in the eyes of the Department of Defense, while other pay may be added for all servicemembers on…
TRICARE is the United States Military health care program for military members and their families, providing worldwide, comprehensive healthcare coverage including health plans that meet the minimum requirements of the Affordable Care Act, plus prescriptions, dental plans, and special plans tailored for certain types of medical conditions or coverage requirements. The TRICARE system is managed by…
When one military member marries another, the couple becomes a “dual military” couple, also known as mil-to-mil marriages. Different branches of service may use other terms. Dual military couples are common, and the number of same-service couples may be larger than those who marry someone from a different branch of service. Army spouses, Air Force…
There are many tax provisions that military members and their families can take advantage of. Here are some top tax tips to consider before filing taxes: Free Tax Filing Services and Consultants Military members and their families can get help at many installations through the Voluntary Income Tax Assistance program (VITA). The legal center on…
The VA home loan program has been around for seven decades. This long-cherished benefit has backed more than 24 million military mortgages since 1944. But in many ways, it’s more important today than ever before. Many lenders tightened their lending requirements after the housing market collapse. Access to credit is starting to loosen, but it’s…
An allotment is a designated amount of money that is automatically distributed for you, from your pay. There are many reasons to have an allotment, including setting aside funds for family, paying off a loan from the military, or paying for your life insurance premiums. The following summarizes what you need to know about allotments:…
The proposed military pay raise for fiscal 2021 in the Defense Department’s budget request, released Monday, is 3%, the second-highest pay raise for troops since 2010. The 3% raise, following 2020’s 3.1% bump, ensures that the troops will be “well compensated” and underlines DoD’s recognition that military and civilian personnel “are our most valuable resource” in carrying…
