Buying Home W/ No Employment
I'm transitioning out of the military and looking to start college in the Philadelphia area with my Post 9/11 GI Bill. For those who don't know the GI Bill pays a certain amount of money every month aside from the college tuition. I was looking to buy a rental property and house hack. The question is how will I finance a home without employment? I will be a Navy reservist but I'm unsure banks will accept that as a source of income. I would highly appreciate any help with this.
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Are you still in the service? I believe there is a program available that allows you to buy while still technically on active duty but in the process of moving to SELRES through the VA. Banks will accept your Reservist pay as a source of income, the question is will it be enough? More than likely, no. I was a Reservist and have a good friend who just went through a similar process that almost bought via the program. If you still have time until you leave active duty, shoot me a message and I can get the details for you.