Considering that a lower ranking member will need to go through the VA as they will not qualify for a conventional loan, it is unlikely they didn’t receive a proper loan.
> “Considering that a lower ranking member will need to go through the VA as they will not qualify for a conventional loan, it is unlikely they didn’t receive a proper loan.”
That’s the essence of the situation. Ginnie Mae (a federal government agency) put out rules to prevent this and yet the loan sharks are pushing it strongly onto veterans.
Military pay is very low compared to the civilian sector.
President Trump should NOT raise military pay in excess of COLA because it can blow a hole in the budget. Instead, he can order a plan to bring back the benefits of living on-base which historically allowed service members to SAVE money rather than become debt slaves to loan predators.
“Some commands have in the past required its members to attend credit and financial counseling.”
My GF’s son graduated from AF Basic this past March and has taken a couple of finance courses on base. One was mandatory the other optional.