There are a few variables to consider for someone in a similar circumstance. With similar credit card and vehicle debt, and with a larger SRB of around 60K, in an area with a generous BAH rate around $1600 monthly, pre-approval of 150-200K mortgage, someone could set themselves up for their first mortgage in a starter home. Taking the BAH and SRB into consideration over the coming years, the principal could be paid down enough to allow worthwhie refinancing within a 3 or 4 year tour. The option that creates is maintaining ownership of the residence even in the worst case scenario of being stationed elsewhere in the country after the tour is over. That is the only option for home ownership as an enlisted service member.

With zero credit card debt, Phil could have set himself up similarly even with only a 28K SRB.

[...] The Carnival of Money Stories #51 was hosted at Life Lessons of a Military Wife. An article from my other blog Military Finance Network was included – What Should I Do With My Reenlistment Bonus?. [...]