Posted on Aug 11, 2016
Have any of you tried to get a VA Home Loan when transitioning back to the military?
3.05K
3
7
1
1
0
After a 2 yr break in service I'm heading back on AD. I was prequal'ed for a VA backed loan through USAA and I found a house and signed the contract this week. I'm a little worried about the employment verification to finalize the loan. From everything I found an LES is required to verify income, but I won't have one for at least a month after I report. Has anyone been through a similar situation?
VA Loan
Mortgage
Posted >1 y ago
Responses: 4
1
1
0
USAA MAY, and thats a big MAY allow you to get a memorandum or something showing your income. In all honesty, a friend just tried to close a VA Loan with USAA while transitioning out and had a hard time even with verifiable income as they hadn't received any yet. I believe they ended up doing a rent to own option.
(1)
(0)
CPT (Join to see)
I did some research online and I saw a bunch of folks who ran into issues when it came to ETSing and getting a VA loan. Apparently one of the things they check when looking at your LES is your ETS date. If you are within 12 months you can run into issues. I think I was a little too excited to get back on duty and find a place that I may have jumped the gun a bit. I can provide them with my orders and contract but no LES for a while. I'll be in training for almost 3 years, plus I'll incur a 54 month ADSO after the training is completed. That's more than 7 years of time I'm pretty much guaranteed to be getting a solid salary (coming back in as an O-1E with 14 yrs). Hopefully I can find a work around. If not it's my own fault for not doing enough research ahead of time.
(0)
(0)
0
0
0
UPDATE: After a very long call with my mortgage rep I think I have it figured out. At first it didn't sound good. They said I can't use my current job as proof of income because I'm currently in California and the house is in Texas. It would fail to show continuity of employment or something along those lines. Initially he said to use my military pay I would need a copy of an LES, which wouldn't be possible for a month or so after I reported (way too late in this case). After a while though he consulted with an underwriter and they said that I should be fine as long I can furnish my contract and/or orders to establish my future earnings. For now it looks like the problem is resolved.
(0)
(0)
0
0
0
It shouldn't be an LES, it should be any form of income. So if you had a job prior, you should be able to use those paystubs. They only care about you having a source of income, not where the income is coming from.
(0)
(0)
Read This Next
Continue with Facebook 
Continue with Google