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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 (8)

VA Mortgage in the ActiveRain Channel

quick tip, va mortgage, mortgage, military, income, tips

This post has been included in Virginia Information Virginia Beach City County, VA Information Virginia Beach, VA Information
Post is included in group: Military
Post is included in group: Military Relocations
Post is included in group: Mortgages
Post is included in group: VA-RAIN
Post is included in group: VIRGINIA

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

Great information. Thanks for posting.

09/07/2008 09:52 PM

by Gail Wilson (Keller Williams)

@ Gail - Thanks for commenting!

09/08/2008 01:04 AM

by Justin Williams - Loan Officer (Prosperity Mortgage)

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!

09/08/2008 08:43 AM

by Thomas Mortgage, Florida's FHA 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

09/08/2008 05:32 PM

by Latonia Parks (Keller Williams Realty)

@ Gerry - Thank you! Sure thing!

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

09/09/2008 01:22 AM

by Justin Williams - Loan Officer (Prosperity Mortgage)

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

09/09/2008 10:22 PM

by Sue Botelho-USDA Rural Housing Mortgage Pro (Northstar Mortgage Group)

Great info -- I learned something by reading it.

09/12/2008 08:46 AM

by Colorado Springs Real Estate Blog - Kathy Torline - Nordstrom (Prudential Professional REALTORS)

@ Sue - Thank You!

@ Kathy - Thats awesome, glad you learned something!

09/13/2008 11:15 PM

by Justin Williams - Loan Officer (Prosperity Mortgage)

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