Military Pay Increase 2017 BAH and basic pay VA loan buyers

If you want to know what changes have been approved for Military Families for 2017. Pay attention to the base pay and basic allowance for housing changes.  

On December 8, 2016, the full Senate passed the final conference report for the 2017 National Defense Authorization Act by a vote of 92 to 7. The bill will now move to President Obama for final signature. If approved by the President, the 2.1 percent pay raise for 2017 will become effective January 1, 2017.

Military pay will see a 2.1 percent increase for 2017, compared to 2016 levels. The military pay tables below apply to active members of the Navy, Marines, Army, Air Force, and Coast Guard.

The calculator above (and related tables below) reflect 2017 monthly pay based on the 2.1 percent pay raise, which is effective as of January 1, 2017. This pay increase will be reflected in the January 15 paycheck.

The 2017 Basic Allowance for Housing (BAH) rate has increased on average by 2.4% or approximately $41 per month, according to a Defense Department news release. The new BAH rates will take effect on January 1, 2017 and service members will see their first increase on their January 15th pay.  The overall rates are based on area- areas such as Washington DC and Northern VA will have a higher allowance than areas in Hampton Roads and Virginia Beach. To find your area go to http://www.militaryrates.com/military-pay-charts,  But the litlle increase can still help those thinking of using their VA home loan benefit.

also BAH Update 12/11/16: Congress has agreed to not reduce the Basic Allowance for Housing benefits for new entrants beginning in 2018. The language originally called for only covering what service members actually pay in rent.  

Read more: http://militarybenefits.info/2017-bah-basic-allowance-for-housing-rates/#ixzz4TV4BeZCG

by DMVRealEstateChick.com

Washington DC Open Doors Down Payment Assistance Program for District of Columbia

Do you like to Make or Save Money? Do you currently live in or plan to move to Washington D.C., District of Columbia?

If the answer is yes and you make under $123,395 you may 

be able to qualify for Home Buying Down Payment assistance.

 This is basically like finding FREE Money !!!!! DC Open Doors

Down Payment Assistance Program (DPAL)  is your answer.

This program and funding is available to both first time home buyers and repeat home buyers.  DCHFA defines, “First time home buyer’ means you have not owned your primary residence for the last 3 years. If you currently own your primary residence, you can still apply for $0 Down. Your current home must be sold and settled prior to closing on your $0 Down home.

According to DCHFA, "They know your biggest obstacle to a home purchase can be the required minimum down payment so DC Open Doors offers down payment assistance loans (DPAL) that bridge the financial gap between the purchase price of your home and your first trust mortgage loan. If you qualify, you can obtain a DPAL for the full amount of your required minimum down payment, substantially reducing your upfront out-of-pocket expense! See the two examples below."

Currently, DC Open Doors offers its DPAL at a 0% interest rate and it is non-amortizing so you are not required to make monthly payments on it. The loan is only repayable if you sell or refinance your home, or if you no longer occupy it as your primary residence.

Home Buyers Marketing II, Inc offers real estate brokerage Services in DC, MD and VA but is not affiliated with the DC Housing Finance Agency.  This program requires a Home Ownership education class contact me to register for a class djoneshomes@gmail.com.

For more info and to search homes contact DeAndrea Dee Dee Jones thru GreatDCMetroHomes.org

DMV, DC, MD, Northern VA Climbing Real Estate Taxes

A climbing market is great news to homeowners but keep in mind, with growing sales prices comes higher taxes.  Eager buyers and motivated sellers have jump started the market this year in the DMV areas DC, MD, and Northern VA.

Homeowners be prepared and take this as a warning your real estate taxes could be should be going up soon.   Data released Monday from MRIS show that greater inventory and modest prices have driven sales from Jan to April.  Areas like DC have a lack of inventory and is experiencing more bidding wars. With all of this comes more sales, more comps, more appreciation, higher prices, and then higher taxes....

The jump you see will depend on your location and how often taxes are assessed in your area but just note you may receive a notice in the mail..  

Do not let it bother or worry you it is usually just a small jump in payment.