Can I still get the VA home loan if I am in school full time?
I am just recently out of the military and went directly into school full time. I don't have anything other than my LAST two years with the military as income verification and I know that's not what they want. I am not employed so I am concerned that I won't be able to get the loan. Anybody know what I can do? by evilja_261_276 from Clarksville, Tennessee. Mar 21st 2012
Gene Mundt (genemundt)
#62 ranked lender in Illinois - 30 contributions
Sorry, must be employed or a spouse employed , or at least some sort of guaranteed income. HOWEVER, we can do an FHA loan for you, IF your credit allows you to qualify AND a relative can co-sign and they have the income/assets to allow an approval. FHA requires a 3.5% down payment in most cases, as little as $100 down if buying a FHA foreclosed property. I can be reached at gmundt@the federalsavingsbank.comThanks, Gene
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
The GI bill and the BAH is income, however it is not considered income according to VA underwriting guidelines... the BAH is contingent upon you going to school.. if you drop out, you don't get the money... income has to be "Earned" and it has to have the likelihood of continuing for at least 2 years... you have to have a job or earned income to qualify for a mortgage.... WilliamAcres.com
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