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Does anyone know if the USAA loan, which is fixed at 2.5%, for newly commissioned officers is available for HPSP students also?
TAbrown said:Does anyone know if the USAA loan, which is fixed at 2.5%, for newly commissioned officers is available for HPSP students also?
TAbrown said:Does anyone know if the USAA loan, which is fixed at 2.5%, for newly commissioned officers is available for HPSP students also?
HooahDOc said:Where is this loan found at? I am in my USAA account and do not see any "new officer" specific loans. Also, what are the credit requirements? (min FICO etc)
USAF_O said:You'll have to call them and ask for the loan. For officer trainees, the loan is no questions asked (no credit check).
HooahDOc said:What about current officers? I find it hard to believe they're just going to give 25K to anyone regardless of creditworthiness.
HooahDOc said:Ok, I just got off of the phone with them.
They DO look at your credit, but have different criteria than normal lenders. Naturally she would not tell me what it was.
I have crappy credit because of applying to med school, and my wife has a lot of debt but good credit. However, I was still approved for $22,000. Most of the money I had made out as vouchers to the creditors, so I am now credit-card debtless. I did get some money back as well.
I love USAA.
HooahDOc said:Ok, I just got off of the phone with them.
They DO look at your credit, but have different criteria than normal lenders. Naturally she would not tell me what it was.
I have crappy credit because of applying to med school, and my wife has a lot of debt but good credit. However, I was still approved for $22,000. Most of the money I had made out as vouchers to the creditors, so I am now credit-card debtless. I did get some money back as well.
I love USAA.
Heeed! said:HoohahDOc and USAF_0, what is the name or type of loan you are talking about from USAA??? I could use the $$$! Thanks.
Heeed! said:The link you posted is broken. I don't have access to whatever system the website is on. And since I'm already commissioned, I guess I wouldn't be eligible for pre-commissioning loan.
Heeed! said:The link you posted is broken. I don't have access to whatever system the website is on. And since I'm already commissioned, I guess I wouldn't be eligible for pre-commissioning loan.
HooahDOc said:Hey guy,
it's the pre-commissioning loan. The name is a bit misleading as I was eligible for it. You have up to a year after your commissioning date to get it. There is no direct number to call. I can't remember if someone posted this on here or not, but call the normal number, then ask for "Loans", and then, "other". Then ask about the "pre-commissioning loan". I actually asked for the, "New officer loan or whatever" and they knew what I was referring to.
I got the fixed 2% rate. I basically saved myself a ****load of money and now have no revolving debt, only installment debt. It should be pretty easy to fix my credit now.
USAF,
They probably pulled your credit anyway, I don't know. I had to provide income and some other stuff, but that may have been because I was already commissioned, my credit, or both. I got the impression they really only look for really bad stuff like bankruptcy, liens, judgements, etc.
USAF_O said:glad it worked out for you!
isn't it nice to be able to defer the payments for 6 months?
El_Medico said:I just got it. $25,000 2% Thanks for the heads up!