Posted on Mar 1, 2016
VA Loan Qualification - Can the GI Bill Be Used for Qualifying Income?
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Thought I'd share this, since there has been some misconception about using the GI Bill housing allowance to buy a home with a VA Loan. It is also difficult to rent using the GI Bill since it's not guaranteed income like a job. If anyone knows of exceptions, please let me know.
VA Loan Qualification - Can the GI Bill Be Used for Qualifying Income?
Posted from veteransunited.com
VA Loan
GI Bill
Housing
Transition
Posted 9 y ago
Responses: 2
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If you have decent credit, you can use a rental lease guaranty agency.
Similar to this: http://www.insurent.com/
*Disclaimer: I know nothing about this agency, or how they operate. They were mentioned in an article I ran across of another soldier having issues getting a rental property with his GI Bill housing allowance.
Similar to this: http://www.insurent.com/
*Disclaimer: I know nothing about this agency, or how they operate. They were mentioned in an article I ran across of another soldier having issues getting a rental property with his GI Bill housing allowance.
Rental Guarantor & Lease Cosign Company in Boston, Chicago, DC & NYC - Insurent Lease Guaranty
Insurent, the first and most trusted rental guarantor/cosign service, allows leases to quickly and easily close to the benefit of both renters and landlords!
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SSgt (Join to see)
I have a few people who use their GI Bill to pay the rent. I realize it's not part of the VA loan process it's just not smart to rely on that money to pay rent. That's all. I've should have clarified it in my response. Thank you for your response.
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SGT Kristin Wiley
SSgt (Join to see) Yeah, I agree. Especially for those with families. I used to always have to cover my roommate's rent until her check came in. I think if you are a single person who has enough in savings to cover rent when there's a delay in payment, or have roommates that you'll be okay.
I'm personally hoping to get parents to co-sign for a home loan for me, so I can use my GI Bill, National Guard pay, and any other 'income' to pay on the house while I'm in medical school. I'll get a roommate to offset the mortgage cost if I have to. I'm just not sure how well it's going to work out, but it doesn't hurt to try.
I'm personally hoping to get parents to co-sign for a home loan for me, so I can use my GI Bill, National Guard pay, and any other 'income' to pay on the house while I'm in medical school. I'll get a roommate to offset the mortgage cost if I have to. I'm just not sure how well it's going to work out, but it doesn't hurt to try.
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SCPO Jason McLaughlin
SSgt (Join to see) - I don't understand how utilizing/relying on the housing allowance portion of the GI Bill to pay for housing is "not smart"! Isn't that what it is for?
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