The Basic Allowance for Housing, which is commonly referred to as the BAH, is payable for service members when quarters are not otherwise provided (read base housing). This payment is based on the geographic location that one’s duty places them in, as well as the dependency status and the pay grade of the service member in question. The current Basic Allowance for Housing tables are released every year between December the 15th and January 1st.
In San Diego the current average BAH is $2008.00 for someone without any dependents and $2527.50 for someone that has dependents. This exact same BAH can be used to purchase a home for up to $300,000 if you do not have dependents or $390,000 for someone with dependents. In San Diego the median price for a home is current $367,750. The 0$ down limit for a San Diego VA loan is $437,500.00, so the median house price is far below this.
What this boils down to is that rather than having to live in an apartment or living in base housing you can own your own home for the same monthly cost. In many cases you can even upgrade, when compared to housing, for the same Basic Allowance for Housing / payment. What a lot of people do not realize is that they have this option. So rather than having to live in an apartment, or any less desirable place, they may be eligible to purchase their own home. VA loans, are becoming more popular in San Diego as more people realize they are eligible to buy a home rather than having to rent.
There are some other benefits when it comes to owning your own home. When you have your own home you are also entitled to receive additional tax deductions. Often times this means that you are able to get a bigger refund check from the IRS when tax time comes around. Other individuals that adjust their withholdings are going to get more money each pay periods. In order to change your withholding you can ask you accountant for the appropriate adjustment and request said adjustment from your personnel officer.
There are a lot of benefits when it comes to home ownership. Owning your own home means that you have the freedom to choose the neighborhood you want to live in. Unlike apartment you can decorate your own home any way that you wish. The most important benefit to owning your own home is knowing that your money is going toward something (purchasing a home) rather than just throwing it away (by having to pay rent payments). Apartments can be an okay place to live, but if you have the option to buy a home it is always smarter to make that investment.
If you are thinking about buying a home in San Diego, a VA loan can help all of your dreams come true. If you are eligible for this kind of loan, then you should take advantage of the VA home loan program in order to buy a home and start building equity. Even if you do not live in the home that you are buying forever you can make money of the sale of it by having paid off your loan partially, rather than moving out of an apartment and never seeing the money that you put into it ever again. Investing your BAH is one of the smartest things you can do. If you decide to do it in the San Diego you can make sure that you can qualify for a home that you would otherwise never have been able to qualify for.
