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Thread: Financial Planning for after the Army

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    #1

    Financial Planning for after the Army

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    My DF will be ETS'ing out of the Army 2/2012. My question is how do we plan or use the benefits available to him to get a house and put him through school. I work full time and we'd also like to get married in 2012/2013. How is the best way to go at post Army life??
    "Time passes. Even when it seems impossible, even when each tick of the second hand aches like the pulse of blood behind a bruise. It passes unevenly, in strange lurches and dragging lulls, but pass it does. Even for me."

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    I know the Veterans Affairs does home loans so you would have to apply for one, which I would do maybe before he is even out? He needs to apply for the school he wants to go to now so he can be accepted, can enroll and they can get going on helping him with his GI Bill.

    I dont know much else, We wont go through this till Early 2013 but Im already nervous and trying to prepare

    Does he have 1 year inactive when he's done?

    Also- remember to have your DF go to the VA as he will receive 5 years of low cost healthcare and he can be evaluated for a service connection(s).
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    Thanks for the input Ya I believe he's going to go to the local community college here so he doesn't have to worry about much but the placement testing which is good. So he basically has to talk to Veteran affairs when he get's back from Deployment? I'm sure they will lead him in the right direction in reaching the goals he'd like after the Army. He's freaked out about not being able to take care of the family when he's out..I'm trying to ease his mind as much as possible.
    "Time passes. Even when it seems impossible, even when each tick of the second hand aches like the pulse of blood behind a bruise. It passes unevenly, in strange lurches and dragging lulls, but pass it does. Even for me."

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    The new GI Bill is a great deal for those who want to go to school full time and at a brick and mortar institution. It will cover tuition, $1000/year in books and will give him BAH at the E-5 with dependent rate. With the BAH at least rent and utilities are covered. Depending on where you guys are planning on settling down it can sometimes cover more.
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    the VA loan is not a loan- just a guarenty. he will still need to qaulify for a loan with a bank- he will not be able to get a loan for a while- the banks even with VA are very strict with the income guidelines.

    as for the GI bill- he will need to switch from the montgomery bill to the post 9/11 bill to get the BAH and book stipend.

    when he gets home he will attend some classes on everything he needs to know about getting out.
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    Quote Originally Posted by gunsgirl View Post
    the VA loan is not a loan- just a guarenty. he will still need to qaulify for a loan with a bank- he will not be able to get a loan for a while- the banks even with VA are very strict with the income guidelines.

    as for the GI bill- he will need to switch from the montgomery bill to the post 9/11 bill to get the BAH and book stipend.

    when he gets home he will attend some classes on everything he needs to know about getting out.
    Great info thanks. What do you mean by just a guarenty though?? You think he won't be able to get a loan until he has a set job after school right??
    "Time passes. Even when it seems impossible, even when each tick of the second hand aches like the pulse of blood behind a bruise. It passes unevenly, in strange lurches and dragging lulls, but pass it does. Even for me."

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    Quote Originally Posted by Behindblueyes112 View Post
    Great info thanks. What do you mean by just a guarenty though?? You think he won't be able to get a loan until he has a set job after school right??
    the VA does not laon money all they do is guarenty a portion of the loan amount. he will still need to apply for a loan at a bank. which means he needs to have a job to do that.

    since he will be getting out banks will not give him a loan based on the BAH for the Gi bill alone.
    he will need to get a job and be employed for at least 12 months before he would even be considered for a mortgage loan.
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    #8
    Quote Originally Posted by gunsgirl View Post
    the VA does not laon money all they do is guarenty a portion of the loan amount. he will still need to apply for a loan at a bank. which means he needs to have a job to do that.

    since he will be getting out banks will not give him a loan based on the BAH for the Gi bill alone.
    he will need to get a job and be employed for at least 12 months before he would even be considered for a mortgage loan.
    Hmm good to know! I have no clue how mortgages work. Looks like we'll have tons of time to build our credit too
    "Time passes. Even when it seems impossible, even when each tick of the second hand aches like the pulse of blood behind a bruise. It passes unevenly, in strange lurches and dragging lulls, but pass it does. Even for me."

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    #9
    Quote Originally Posted by Jeffuhkxd View Post
    Am I correct in my observations to think that most individuals are not interested in overall financial planning? Or is it only because you dont want to create one on your own?
    This post is 6 years old.

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