Updated about 7 years ago on . Most recent reply
VA Loan- No income, no problem?
Hi yall!
So ill try to make this short and to the point. My buddy (Veteran) and myself (Active duty for 4 more months) are starting a partnership with real estate investing. We are both going to college using the post 9/11 GI bill. We don't have for sure jobs set up, but a lender (Veterans United) says he might be able to get us accepted for a big (250,000+) loan for a multi-unit property. Very liquid together we have around 30k. Both have 720+ credit scores. This lender said while I'm in he can use my military pay for income. One question is, how in the world can they use that if I have to move there within 60 days? So ill be moving from Cali to Nebraska and have no income, but he says he can maybe still get me approved. The property we will get will have past rental income so I guess he could use that. Does anyone have anything AT ALL to argue my point to see if my strategy will work. Any constructive criticism is greatly appreciated.
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As a veteran myself, I think it’s a shame how poorly the real estate community regards the VA loan; at least here.