Enlistment Military Loans

Sometimes you just need things, like when a necessary appliance breaks down or the computer crashes. Sometimes you want something special that you don’t have ready cash for, or you want to take advantage of a sale to buy what you can’t quite pay for in cash but could never dream of paying for at all if it were not on sale. How do you determine if you can afford it?

Assess how much money comes in and how much money you spend. List your income from all sources. Then, list the expenses that are the same each month. Next, list the expenses that vary, such as clothing and entertainment.

Consider how much income you receive each month and determine if there is any expense item that you can lower or minimize in any way. For the fixed expenses, review these carefully and investigate if you can reduce them by changing where and how you live. For the varied expenses, see if you can delete any of these altogether, such as outside services that you can do yourself instead. Review your budget to figure out if you can expect extraordinary income, such as a bonus, a raise, an income tax refund, etc.

If you have too much debt already, such as high credit card debt, on which you can make only minimum payments each month because the percentage of your debt relative to your income is too high, we encourage you to resist the temptation to purchase something else on credit. It may not be worth it in the end.

Base libraries have information about budgeting and money management techniques. Many military bases also operate nonprofit financial counseling programs to help you. Take advantage of this, folks. It is there and available. So why not?

A payday loan (also called a paycheck advance or payday advance) is a small, short-term loan that is intended to cover a borrower's expenses until his or her next payday. The loans are also sometimes referred to as cash advances, though that term can also refer to cash provided against a prearranged line of credit such as a credit card (see cash advance). Legislation regarding payday loans varies widely between different countries and, within the USA, between different states.

Some jurisdictions impose strict usury limits, limiting the nominal annual percentage rate (APR) that any lender, including payday lenders, can charge; some outlaw payday lending entirely; and some have very few restrictions on payday lenders. Due to the extremely short-term nature of payday loans, the difference between APR and effective annual rate (EAR) can be substantial, because EAR takes compounding into account. For a $15 charge on a $100 2-week payday loan, the APR is 26 × 15% = 390% but the EAR is 1.1526 - 1 × 100% = 3686%. Careful reporting of whether EAR or APR is quoted is necessary to make meaningful comparisons.

United States Army Enlistment Bonuses

Individuals who enlist in the United States Army in designated short-age MOS's (jobs) can receive a monetary enlistment bonus.

Below are the enlistment bonuses offered by the Army for enlistment in designated shortage jobs. This list is current as of September 6, 2005.

Enlistment bonuses are subject to change. For the very latest in enlistment bonuses, check the Army MILPER Messages.

To qualify for one of the below bonuses, an applicant must be a considered a Tier I Educational Applicant. That means the applicant must have a high school diploma, or a GED with at least 15 college credits. Additionally, the applicant must score a minimum of 50 on their overall Armed Forces Vocational Aptitude Battery (ASVAB) score. This is commonly referred to as the "AFQT Score."

Military Loans:
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VA Loans:

A VA loan is a mortgage loan in the United States guaranteed by the U.S. Department of Veterans Affairs. The loan may be issued by qualified lenders.

The VA loan was designed to offer long-term financing to American veterans or their surviving spouses (provided they do not remarry). The basic intention of the VA direct home loan program is to supply home financing to eligible veterans in areas where private financing is not generally available and to help veterans purchase properties with no down payment. Eligible areas are designated by the VA as housing credit shortage areas and are generally rural areas and small cities and towns not near metropolitan or commuting areas of large cities.

The VA loan allows veterans 100% financing without private mortgage insurance or 20% second mortgage. A VA funding fee of 0 to 3.3% of the loan amount is paid to the VA and is allowed to be financed. In a purchase, veterans may borrow up to 100% of the sales price or reasonable value of the home, whichever is less. Since there is no monthly PMI more of the mortgage payment goes directly towards qualifying for the loan amount, allowing for larger loans with the same payment. In a refinance, veterans may borrow up to 90% of reasonable value, where allowed by state laws.

VA loans allow veterans to qualify for loans amounts larger than traditional Fannie Mae / conforming loans. VA will insure a mortgage where the monthly payment of the loan is up to 41% of the gross monthly income vs. 28% for a conforming loan assuming the veteran has no monthly bills.

As of January 1, 2006, the maximum VA loan amount with no down payment is $417,000 and can be as high as $625,500 in certain high cost areas. VA also allows the seller to pay all of the veteran's closing cost as long as the cost do not exceed 4% of the sales price of the home.

• Veterans Affairs Home Loan Guaranty Services
• Funding Fee Table
• List of VA Regional Loan Centers

source: Enlisted Rank, Enlisted and Wikipedia.org

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