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VA Mortgage Quick Tip: BAH and BAS Income

VA Mortgage

Military Mortgage Progam - VA Loan Quick Tip

When calculating income used to qualify for a VA Mortgage, make sure you are working with a Mortgage Expert that can analyze your income correctly.

Many mortgage professionals fail to calculate the correct income on LES Statements.

A LES statement is a Leave and Earnings statement. This is the best summary of all income.

The 3 main entitlements on the LES are Base Pay, BAS and BAH.

Your Base Pay should NOT BE THE ONLY income to qualify for a house. If just your base pay is used you could lose out on purchasing a higher value.

BAS can be used to qualify. BAS is Basic Allowance for Subsistance. BAS is meant to offset costs for a member's meals. You can gross this income up by 15% aswell.

BAH can be used to qualify. BAH is Basic Allowance for Housing. BAH is an allowance to offset the cost of housing when you do not receive government-provided housing. You can gross up this income by 15% too!

More information regarding military pay can be found here http://www.defenselink.mil/militarypay/pay/

Thanks for reading another quick tip by me and hope to see you again!

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Just-In-Time Loans - Mortgage Needs and Advice on Time. (757-692-3464)

Posted by Justin Williams - Loan Officer on 09/05/2008 11:34 PM

Comments (12)

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12 Comments on VA Mortgage Quick Tip: BAH and BAS Income

SEP

2008

Great information. Thanks for posting.

SEP

2008

@ Gail - Thanks for commenting!

Justin,

Great and timely advice! Hopefully situations abroad will improve and we will start seeing many of our vets returning. I encourage you to copy this post to the VA loan group just getting started.

Gerry Suarez, Jr.

Your HUD Loan Pro!

Justin, I read your blog to make sure you knew what you were talking about...and you do. You even got the aconyms right!! :) LOL

SEP

2008

@ Gerry - Thank you! Sure thing!

@ Latonia - thats too funny, Im glad I passed the test :) Thanks for commenting!

Great info, Justin - so many times, people forget about that!

SEP

2008

Great info -- I learned something by reading it.

SEP

2008

@ Sue - Thank You!

@ Kathy - Thats awesome, glad you learned something!

NOV

2008

Justin-nice post. I was reading the new laws that President Bush signed in October for military families and am awaiting the new BAH rates for 2009 expected by January 1.

Justin - don't forget to let everyone know that VA will do cash out refinances to 100% of the homes value now---- by the way... i think your post has a hitchiker on it.... hardmoney should check out AR rules regarding shameless self pormotion huh? Am I missing any relevance between his comments and your posts? This is exactly why I stopped posting on AR.