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Are you allowed to use military BAH (basic allowance for housing) as line of credit to buy a house?

Hi,

I recently applied for a VA Loan through a Wells Fargo affiliate in Colorado. A the the beginning of 2010 I started school to get a degree. I went from working full-time to working part-time and going to school full-time, as I would not need the extra work hours because I have a steady BAH check coming in for $1031 a month and I could devote more time to study. I began looking for house in Nov. of 2009 in-order to take advantage of the first time home buyers credit. In late Feb. I found a condo that met my needs and I was pre-approved for a loan. I then wrote a contract to buy the condo, payed the earnest money ($1000) and for the home inspection ($275), packed all of my belongings and now three days before closing the underwriter is telling me they will not accept BAH as a line of credit! My mortgage consultant told that I had stayed working full time I would have approved no problem, but since I went to school and receive BAH which is effectively more gross income than working full-time I can’t. I got penalized because I choose to go school. If this turns out to be the end result. I will be out the ($1275) for the earnest money and home inspection and more than likely the $8000 tax credit because it ends at the end of April.
I can’t image why they would not accept BAH as gross income. I fought 4 years for my country, I earned that money and they are telling me that it is worthless. I am doing all the right things, I served my country, I am bettering myself by going to school, and I am trying to stimulate the economy by buying a house and they are telling me I can’t. Is this how we treat our veterans?

I would like to know if they can do this? or number that I could contact someone who could help in this matter.
I am a Veteran.
I am using the post 9/11 GiBIll for school that went into affect Aug 2009.
The GiBill pays for your entire in-state tuition and gives you E-5 BAH while you are in school, which for where I live is $1031 a month.
Pre-approval was based on my part-time work status and monthly BAH income.
I do understand that the benefit is non-permenate, I will only receive for 36 months, but it is a more reliable income than a job (there is not risk of being fired) and I will back in the workforce after graduation will a degree working full-time hopefully at least earning what I do now. The only way I cannot get BAH is by withdrawing from the class. If I fail every one of my classes I still receive the BAH. All I have to do is show up.

tax credit, how do you receive and use it?

Husband is in the military. We have a energy tax credit coming our way because we installed a solar water heater.
He is filed as single no dependents for taxes from his work so that IRS takes out more than what they need every month.
Now since he is in the military, we get a lot of our taxes back.

So how would the tax credit work if we don’t actually get the credit with a check?
We can’t use it for taxes because we get the money back anyway? We don’t pay state taxes at our residence, so we can’t use it for that.

We do have the First-Time Homebuyers credit that we start paying back this coming up tax year (TY2010).
Can we apply it to the homebuyers ‘credit‘ (which is actually a loan; for 2008 homebuyers )?

Then we heard that we can get it as a grant?
What does that mean and how does it work?
(I googled grant, but it doesn’t make sense to me…)

We are lost to how we can use the energy tax credit cause you don’t get it in the form of a check.

…would call IRS, but they’re closed right now.

Thank You in advanced.

how to get a loan in the military?

i have no credit do i still need a co signer its for a car im not gettin a brand new car if that matters im goin to try to get a 2 or 3 year old car and when i do get or if i get this loan can i have it set up for them to just take the payments out of my checks i have no credit at all never had anything to do with credit

Am I out of luck? Or are there options?

I know these sort of things get asked on here all the time, I just have yet to find anything that helps my situation.

I am twenty years old, and about to start my freshman year of college. I have been accepted to University of Wisconsin – La Crosse, and have enrolled, made my deposits, and so on.

Except now comes the part of arranging payment. This is the problem. I already went with the FAFSA, and got approved for the standard direct loan of $5500, annually. This still leaves me at least $8000 shy, if you include room and board, and the school certifies up to another $3000 on top of this, since the current price listings are only an estimate.

I have insufficient credit history to secure a private loan on my own, and didn’t have good enough high school grades to rack up scholarships, nor do I have any exceptional traits or demographic features that qualify me for any scholarships based on those things. My health is too poor, for various reasons, to get into any military program.

My parents refuse to help pay for anything, as they are in financial troubles on their own. Despite making a fair amount of money per year, they have always had money issues, and purchased a house a few years ago that is now worth much less than what they paid for it, in addition to bills, car payments, and supporting me and my brother. My father has had two heart episodes in the past year, one of them a heart attack, so they’re buried in bills from that as well.

Their credit score just got “back up to” 380, so they’re highly doubtful their cosigning a loan application will help, and they’re hesitant to even let me apply with their name attached, as loan application credit checks alone bring your score back down. They’re also doubtful of their chances of getting a Parent PLUS loan, and would rather not go this route, since that would be in their name.

Simply put, this is the situation I find myself in now. I have no idea if I can make this work or not. Any advice or recommendations would be greatly appreciated.

How do I establish credit when I have none?

I was raised with the idea that credit cards are bad and lead to even more debt. So, I don’t own any credit cards. I merely have a checking/savings account. I was formerly in the military so I’ve never been in a stable residence. My husband wanted to get a new car but his credit score was in the 600′s and he had some loans out so they said he would need a co-signor. They told me that I am a ghost, have no credit, and basically am in purgatory so me co-signing with him wouldn’t be advisable.

So, how do I establish credit when I have none? (I have tried applying for Capital One online but got denied). I always pay my bills on time, manage my money well, and I never spend beyond my means.