Military Housing Information

Military Housing Information

Ready To Buy?

Most people who rent military housing could afford to buy a home with the right planning.

To find out about your home buying potential...it will be useful for you to take a look at your income... savings... monthly expenses... and debt. All of these are important factors in how much mortgage you can afford and also in how purchasing a home will affect your monthly budget.

The following four categories are a guide that will give you a better understanding of your financial situation. You may want to print this page and fill in the blanks for each of the categories listed.

1) Review your income. Purchasing a home may require that you have a certain amount in savings that can be applied to your down payment and closing costs. If you don't have a lot of cash available, there are loan programs available through FHA and VA that do not require much cash payment at closing. Some questions to consider:

What is your monthly income?
How much is your military housing allowance?
Will your income remain stable in the near future?
Are you expecting any increase or decrease in income in the near future?

Here is an example of some income categories to help you estimate your monthly income.

Income Category

Monthly

Borrower's Salary
$
Co-Borrower's Salary $
Taxable Interest $

Investment Dividends $
Other Income $

2) Review your savings. A little savings can help a great deal when planning to purchase a home. There are some costs that you cannot finance through your loan; you have to pay those at closing, the day that you buy your home. Some questions to consider:

What portion of your income are you saving? Can you save more money than you are now? Here is an example of some savings categories to help you estimate your monthly savings.

Savings Category

Monthly

Savings Account $
Checking Account $
Retirement Fund Contributions $

Stocks, Mutual Fund Investments $
Other Savings $

3) Monthly expenses may increase. The purchase of your home will likely change how much you will need to spend on expenses every month. If you have trouble saving now, your finances may be too tight with the purchase of a home. Some questions to ask yourself:

How will the purchase of a home affect my monthly budget and my ability to save? Can I support the additional expenses that the purchase of a home will bring? Do I expect to maintain a stable income for the foreseeable future? Here is an example of expense categories to help you estimate your monthly expenses. This can be useful to determine your current monthly expenses and to estimate how these expenses will impact your budget.

Expense Category

Monthly (current
Utilities $
Car Expenses $
Insurance $
Medical Expenses $

Clothing $
Taxes $
Entertainment/Purchases $
Child Support $

4) Review your debt responsibilities. Consider how your debt in relation to your income will influence a lender's decision on your mortgage loan amount. Carefully consider how additional debt from house payments, on top of your existing debt, will restrict your lifestyle. Some questions to ask yourself:

How much debt can I afford to manage comfortably? Will I be able to manage my debt responsibilities through the life of my loan?

Debt Category

Monthly

Credit Card $
Car Loans $
School Loans $
Alimony $
Child Support $
Other Personal Debt $

Also, there is a program for Texas Veterans. For more information check here Texas Veterans

For mortgage payments:

Mortgage Solutions

Military Info & Resources

VA Home Loan Program

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