I’m getting out of the Navy. What are my chances of getting a mortgage before I get out?
I’m getting out of the Navy in 3 months. I’ve been pre-approved by a couple banks for a mortgage.
Will they ask when I’m getting out when I find a house and start the official mortgage approval process?
My income will be -unofficially- changing… I won’t be earning money from a job but I’ll be getting more than enough each month from the VA to pay my mortgage. Banks don’t consider money from the VA as “income” and that’s why I’m asking if me getting out of the Navy will affect my chances.
Also I’m not really interested in the VA home loan specifically for this reason… but also because I have a little bit of cash to put down.
Any help or tips would be great
Edit: I’m not buying this house for investment purposes I plan on living in it. A good house can go for around $ 50,000 around here. Why would I rent for $ 600 a month when I can own for around $ 300 ??