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The answer is yes, but it may not be the amount you are expecting. BAH or basic allowance for housing is partially determined by where your duty station will be. If your intention is to purchase a home in the location of a new duty station, your BAH may be reduced. Lenders will use that amount for qualifying you and not the amount you have been receiving for the last 13 months. The good news is that BAH is a non-taxable allowance, so a lender will use 115% of that amount to add to your base income. If you are indeed relocating and need to see what your new BAH will be, you can look it up here: http://www.defensetravel.dod.mil/site/bahCalc.cfm
Be sure to work with a lender who can properly read an LES and will give you credit for your allowances as well as your base pay. Semper Fi
I am an active marine.For the past thirteen months i have earned a monthly allowance (BAH) of $2,600.00. Can this alloance be used as qualifying income for a VA loan?
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