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One of the things that is really helping military families afford good properties is the military housing allowance and the way that lenders treat it, making it much easier for them to qualify with regards to debt to income ratio, while the magic bullet of VA loans makes loan to value ratio essentially a non-issue. Between these benefits, the military is sitting pretty for being able to afford housing.
I should mention that this math helps non-military getting a housing allowance just as much, but there are relatively few people outside of the military receiving a housing allowance. People who are not getting such benefits can enjoy signature loans. Signature loans have various benefits, it is said to be one of the easiest ways to get a loan, just sign on the paper and take the money. No need to provide anything but make sure you do have any older debts from that lender.
Receiving a housing allowance actually works out far more advantageously for purposes of loan qualification than if they just paid them the extra money. $X basic salary plus $Y housing allowance is demonstrably more money than a salary of $X+Y as far as qualifying for a real estate loan goes. Here’s how it works.
To start with, the housing allowance is generally non-taxable. I’m sure you know that’s not the case with your basic salary. The $Y extra you get in allowance really is $Y, not the much lesser amount that you would get to keep if paid that in salary.
On top of that, the housing allowance is “soaked off” against the expenses of housing on a dollar for dollar basis. In other words, compute your cost of housing – principal and interest on the loan, taxes, insurance, Homeowner’s Association dues, Mello-Roos, etcetera. Add them all up. From this, subtract housing allowance. If the housing allowance is more than actual cost of housing, we’re all done. You made it, at least on the basis of debt to income ratio. If the costs are more than the allowance, all is not lost. At this point, you have to add in other debt service to whatever is left, but then so long as you are less than the normally allowed debt to income ratio as compared to your regular salary, you still qualify. Is this a great country, or what?
Here’s a concrete example of how it all works: Let’s say you make $3000 per month salary from the military. In addition to that, you get a $2000 housing allowance. You have other monthly debts of $250, and you want to buy a property where the monthly expenses of owning it (principal and interest on sustainable loan, taxes, and insurance, or PITI) are $2500. If you made that $5000 per month as a regular working schmoe, you would be told you aren’t likely to qualify. Your “front end” ratio would be 50%, and adding the other monthly debt service makes 55%. Normal guidelines are 45% “back end” (housing plus all other debt service) for conforming loans, and you’re way over that on the front end alone. Maybe in some circumstances such as disability or retirement income with a “walks on water” credit score, that might be accepted by one of the automated loan underwriting systems, but under manual underwriting rules you are dead in the water.
As the beneficiary of that housing allowance, however, things are quite different. The $2000 housing allowance draws off housing expense dollar for dollar, not at the 45% ratio of the rest of your salary. Instead of $1 enabling you to have forty-five cents of housing expense, it enables your to have $1. So subtract $2000 housing allowance from $2500 housing expense, and you have $500 left over.
If housing allowance was $2500 against that $2500 housing expense, or to use the general case, if housing expense was less than or equal to housing allowance, we’d be done, at least on the grounds of debt to income ratio. We’re not done yet in this case, but the remaining $500 of housing expense plus $250 of other debt service equals $750, which divided by $3000 regular income yields a 25% back end ratio. Since this is less than 45%, bing! Debt to Income ratio works – by which I mean that you are over the most important hurdle in loan qualification.
So there you have an example where somebody making exactly the same number of dollars does not qualify where someone getting part of their salary via a housing allowance does. Since the military is pretty much the only folks that get paid that way (I can’t remember the last time I had anyone not in the military with a housing allowance), advantage: military.
A couple of caveats need to be mentioned and emphasized right now. As should be obvious to the mathematically inclined, Comparatively small amounts of difference make much larger differences to debt to income ratio. Change the PITI payment to $3000, and your debt to income ratio stands at 40 percent, getting close to the ultimate edge of qualification.
You should also be careful that you really can make the payment on the loan. Foreclosure is no fun, as millions can attest right now. Make certain you really can make the payment, considering your family’s lifestyle and other bills that may not be monthly debt but would be difficult to eliminate. I have written multiple times warning Never Choose A Loan (or a Property) Based Upon Payment.
Because I am normally careful to quote in terms of purchase price and loan amount and interest rate, I want to say why I did it this way, quoting in terms of payment, in this case. It’s a complex subject, and the math gets hairy very quickly, and varies constantly and from market to market and time to time as interest rates and home prices change. Judging by my traffic, people are going to be reading this article months from now, if not years. I wanted a concrete, easily understood example of the subject that’s not going to be completely out of line six months from now when the rates have changed and some housing markets are recovering strongly while others are still in the process of crashing.
I also should observe that companies looking to help their employees while conserving costs can do this every bit as much as the military does by carving off a portion of the salary and paying it in the form of housing allowance – but in order to do that, they’d have to admit these people were employees. Pay the social security taxes lots of companies are manipulating the law to avoid, give them all the rights contractors don’t have in employment. Of course, the reason why that happens is due to government action. Every time the legislature or some judge adds another cost to having employees or makes it more difficult to terminate those who need to be terminated, they give corporations another reason to avoid hiring them in the first place.
Things are starting to get out of hand. You’ve been making only the minimum monthly payments on your credit cards for a while now, and you’ve continued to use your cards to make more purchases anyway. You need some kind of credit card debt relief because even if you were to stop using your cards now, the total balance on them is more than you even want to know. You realize it’s time to get serious before things get worse. So what can you do to take charge of this debt predicament and bring all this craziness to an end?
If this situation describes where you are right now, then following this easy 5-step guide should allow you to take the upper hand. I’ve used it myself, so I can tell you with confidence that it works if you’re serious about your debt and are willing to do what it takes to be successful in eliminating it.
Step 1 – Stop making any new charges on your cards now
The only way you’re going to stand a good chance of getting out of the hole you’re in is to put the cards away and stop using them. The debt you’ve amassed is already enough to make you cringe, so don’t sabotage your efforts to become debt-free by repeating the patterns that got you in trouble in the first place. Learn to live on the cash you have and if you can’t afford it, don’t buy it.
Step 2 – Collect your credit card information and then contact your creditors
Get all your most recent statements together and start compiling important information about each account on a separate sheet. For each card note the name, account number, balance, interest rate, minimum monthly payment and due date. Then use the customer service number to contact each of your creditors. Tell the representative that you’re struggling just to make your minimum payment, and that you’re trying to do the right thing and pay off your debt. Politely ask if they would be willing to consider reducing your interest rate so that you’ll be able to repay them. If some of your creditors say no, try contacting them in a couple of months and asking for help again.
Step 3 – Organize your accounts and pay off the highest interest rate balances first
Now that you know what interest rates you’ll be working with, organize your accounts so that you’ll be paying off the balances on your highest interest rate credit cards first, and pay as much as you can reasonably afford to without getting yourself in trouble. Of course, be sure you continue to make the minimum monthly payments on your other accounts until they’re the one that you’re paying off. Keep your list of accounts up-to-date, reorganizing them according to any subsequent rate reductions you’re able to arrange so that you’re always paying off the highest rate card each month.
Step 4 – Reduce your expenses and try to increase your income
Make a list of all your expenses and see which ones you can reasonably reduce or eliminate. For the next month, carry around a pocket-sized notepad and keep a running list of all your expenditures. Review the results and make sure you have a firm grasp on where your money is going. Reassess your expenses with this new information and see if you can make any additional cuts. At the same time, see if you can find some new and creative ways you can increase your income. Use the additional funds you’ve saved up to make a higher payment on your highest interest rate card. Reassess your expenses periodically to be sure you’re eliminating your debt as quickly as possible.
Step 5 – Stay disciplined and apply any additional funds to your debt
Do your best to stick to your plan, and consider any additional funds you acquire along the way as opportunities to accelerate your debt-free timetable. As time passes and you begin reducing or eliminating your account balances one by one, sometimes you may have moments of weakness in which you become frustrated and think about quitting your plan. Before you go and do something foolish, review your progress and see just how far you’ve already come since you began your plan, and remind yourself how helpless you felt at the beginning. Resolve never to return to that situation again. Stay the course and achieve total freedom from your debt. You’ll feel great when you’ve done it!
Some further thoughts about your debt
If you find yourself unable to be disciplined enough to follow the steps in this guide, or if you’re simply too far over your head in debt, then speaking with an experienced debt counselor to discuss your other debt relief solutions can be helpful. Among these other options may be credit debt counseling, credit card debt settlement, or possibly even bankruptcy if all else fails. In any case, educating yourself about these other options before speaking with a debt counselor will allow you to make an informed decision about what you ultimately choose to do.
If you want to improve your credit score or correct any mistakes in your credit report, it is the right decision to hire a good credit repair company to handle the process. mercurynews
work with you on behalf of the major credit bureaus to remove negative aspects that may affect your credit rating, such as: B. Repayments, late payments, collections and bankruptcy.
Short term loans with the best deals provide you quick loan approval in your account, which is easy to manage. And then, you can submit all documents and then do payment options. You can also do the online loan approval with your minimum documentation. You can get personal loans with the best EMI options. The people Also get the instant loan with an extra interest rate. It is easy to approve.
More about short term loans
- The loans are vest for the short-term loans which are useful ate you are waiting for it they demand loans which help them for the need urgent financing. They can offer a high loan amount and can be used for the new purpose.
- Banks also deal with short-term loans by cutting the interest rate from them. For many people, it becomes a good rate for short-term loans because the prices are fixed.
- The fixed prices are good because they will stay consistent for your whole full life of the loan, and you always know all the information exactly how much will be a payment.
- Short-term loans also involve repaying the amount of the interest which should be given due to date and usually within the years you are getting the loan. They provide the best facility, which is extended to the individuals and entitled to finance a cash shortage.
- Short-term loans make repayments very easier for the customer without getting into them. All of the people do apply for this online or by going to the lender. They do approve your loan request and give you many offers.
- You also have to decide exactly about all the information that you want to borrow. You have to clear it out and how you will spend your loan, how you will repay it every week, either every month, etc.
The short-term loans are not more expensive it is affordable for everyone if anyone wants to buy it they will it is affordable for everyone. It provides you many of the benefits either you can take your all thing which you want to it fulfill you homes and needs. You can take loans, but you have to repay them at the most important time, and they have the fixed prices also. The short-term loans are very better. You can finance them fastly and repay them. While taking a loan, you have to take care of the interest rate. Also, it is a very good loan and the most popular.
You can easily buy the loan by signing up online or by going to the lenders. And the short-term loan is a type of loan that is obtained to support us with temporary or personal needs. Many of the sites and companies offer short-term loans at the time of emergency need also when you are in crisis. They do approve your loan very fastly and help people for their future.
A bad credit score draws unwanted attention and doesn’t count for a stable financial future. If you need a personal loan with poor credit history, you may have to bear certain consequences. Although it isn’t impossible to get a private loan sanctioned with poor credit, the process involves a lot of hard work.
Poor credit score individuals have turned away from most organizations due to their existing debt situation. Hence, it’s important to look for alternative ways to get a loan and improve the financial situation.
Therefore, what is the solution available? There are certain hacks available to help individuals get the loan they are looking for. You do not need to qualify here. The loan amount sanctioned can repay all kinds of debt and recover from the financial crisis.
Tips to get your loan approved with poor credit!
Loans for bad credit are possible only when traversing the right path. You may face hindrances, and you might want to give up. But there is light at the end of every tunnel and getting a loan with poor credit is also possible.
Here are some of the best tips to follow when looking for bad credit personal loan:
- Check for personal loan lenders who are willing to help here. A nationalized bank will probably reject you because of your low credit score. Hence, lenders will understand your situation and accept your request for quick loan approval.
- Get your loan online. There are sites available that guarantee instant loans in minutes. It’s a simple and hassle-free process. Your loan gets sanctioned within minutes.
- Produce all documents asked for. Poor credit history attracts unwanted attention. Hence, if you are producing all your documents, you may still have some chance of getting a personal loan.
- Show your bank statement when asked for. Stay clear and focused when the lender asks you questions. Honesty can help you get your loan sanctioned quickly without further delay.
- Get all queries resolved within time. Please don’t make the mistake of spending the money as soon as you receive it. Understand the conditions of repayment first.
What are the advantages of getting loans with bad credit?
Loans with bad credit have lower rates. Certified lenders quickly sanction them. Therefore, individuals should visit the concerned authority with poor credit scores and receive their loans. Sometimes, you may also receive your loan within a single day, without any such paperwork!
How to pay back the loan?
Bad credit personal loans are available only for a short-term period. This means that you are not eligible for long-term loans, which usually last up to 30 years. A maximum of 5-6 years is possible with poor credit history.
Therefore, after calculation of the loan amount, one must pay back the money in monthly installments. The individual can also pay back the money beforehand, thereby creating a good impression and improving the score report.
As I mentioned in the Old Age Security (OAS) clawback article, a reader requested an explanation of the various seniors benefits in Canada. While I’ve explained some income sources (oas and gis), lets get into a couple popular tax credits.
Age Amount Tax Credit
This tax credit, as the name suggest, is for seniors age 65 and older within an income threshold. Like Old Age Security and Guaranteed Income Supplement, the Age Amount Tax Credit is reduced as income increases past the pre-determined limit.
In 2010, a non-refundable tax credit of $6,446 (worth about $967 federally) is offered to seniors who make $32,506 or less.
The Age Amount Tax Credit is reduced by 15% for every dollar above $32,506 until it is completely eliminated when income reaches $75,480.
This tax credit is also matched by a provincial portion which varies. For a complete table of this tax credit calculated by province, standard life has a useful table to reference. There are a lot of things that are very vital to get the most of things very vital to get the things very accurately. That is the main reason people are not getting the best result in the concept of short term loan.
For example, a 65 year old senior in Ontario making $32,000 per year, can reduce his/her tax owing by $1,187 (provincial and federal combined). Or what if the a senior makes $50,000 income for the year? The age amount tax credit (federal) would be clawed back by ($50,000 – $32,506=$17,494 * 15%) $2624.10. This results in the tax credit of $6446-2624.10 = $3822 (worth about $573.30 federally).
Another thing to note is that the dividend gross up (45%) from stocks held in a non-registered account is counted as income when determining the age amount (similar to the OAS clawback). Here is a comprehensive article on how clawbacks work in the big picture.
Pension Income Amount Tax Credit
This tax credit is a bit more simple than the age amount. The pension amount tax credit offers up to a $2,000 non-refundable tax credit (worth about $300) to seniors who collect private pension (RRIF counts) or annuity payments. Qualifying pensions do not include Canada Pension Plan (CPP), Old Age Security (OAS), or Guaranteed Income Supplement (GIS).
For example, if a retiree is collecting benefits of $1,500 per year from a defined benefit pension, then he/she can claim $1500 under the pension income amount tax credit and be awarded a $225 (1500 * 15%) reduction in taxes owing. If he/she somehow increases his pension income (RRIF withdrawals etc) to greater than $2,000 per year, then he/she can claim the full amount.
One advantage of getting a private pension is the ability to split the pension with your spouse. Not only will that help reduce tax, the spouse would be eligible for the pension tax credit (according to George Vandebeek, tax partner at BDO Canada).