Income and financing

[Colby Todd]

Hi everyone,

I am a vet and using post 9/11 gi bill which gives you non taxable housing allowance while attending school. In the area I am in ( 40 mins to Boston) and this allowance is enough to support my family. I have read that this is not seen as a source of income by banks because they see it as non long term, which is true. I am weighing my options about how to obtain a loan with technically no income (partnering with family or friend) for my first investment. Once I am over this hurdle and hopefully receiving some passive income, will any lenders see this passive income as a significant means of income enough to obtain a future  loan? even if the monthly cash flow is relatively low (100-300) for an example?

Also, is there a way to get a loan while having a non taxable income like  GI bill military housing allowance?

Thanks!