VA Loan with no income

[Kevin Phu]

Looking to hear from those who have experiences using a VA loan.

Quick run down of my situation: I am currently transitioning from military to college so in a few months I will not have an income. I will be using my GI Bill for college and be receiving income from the GI Bill. I want to purchase a multi-unit property and live in one of the units.

From your experiences, what are the chances I will get approved for a VA loan with zero income from employment with the exception of money from my GI Bill? I have not spoken to lenders.

Will rental income from the other units be able to qualify as my income? What lenders did you work through and recommend?

[Chris Mason]

Originally posted by @Kevin Phu:

From your experiences, what are the chances I will get approved for a VA loan with zero income from employment with the exception of money from my GI Bill? I have not spoken to lenders.

 0%, sorry. Better to just rip the band aid off than string you along.

VA Loan guidelines say two things:

1. GI Bill income cannot be used as qualifying income.
2. Rental income cannot be used as qualifying income until you have two years of landlord or property management experience.