I’m getting out of the Navy. What are my chances of getting a mortgage before I get out?

Deal Score0

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 ??

6 Comments
  1. Reply
    Your Uncle Dodge!
    May 4, 2011 at 12:30 am

    Considering how many homes flip over due to banks not taking chances with loans anymore, I would call this risky. Why get tied to a house and suddenly not have as much income?

    If you use the VA loan to buy a home, you must live there at least 3 years. Not for investments.

  2. Reply
    Atruesoldier
    May 4, 2011 at 1:26 am

    The last contributor is right. As you know the VA payment is non taxable. I do not know if you have received a VA rating, but this can sometimes take up to 6 months. If you can not prove to the bank where your money coming after you get out, they are not going to take a chance with you. Regardless of your VA loan guarantee. Also do not think you will be getting 100% from the VA until your rating comes back. I know you need to have a severe service-connected injury or illness or missing a limb to get top pay. I am speaking from experience i had over 200% of ratings which equals to 100% VA. I also receive my full retirement and 100% from the VA. I just bought another house with no problem. Do not get yourself in a bind before you know how much you will be getting back. Need more on VA let me know.

  3. Reply
    Yak Rider
    May 4, 2011 at 2:25 am

    Honestly, right now your chances of getting a loan are absolutely zero. This isn’t 2005 when you could have easily got a loan with almost no documentation. They ALL want to contact your “employer” and get a statement of how “secure” your job is.

    Wait until after you’re out and work with a lender that has a person who is specialized in working with VA and Vets.

  4. Reply
    Bob P
    May 4, 2011 at 2:40 am

    Conventional loans will require at least 20% down and a real good credit score – somewhere around 750. You need to investigate using your VA loan – it may be your best way to loan approval. With a VA loan you can still put money down if you want to.

  5. Reply
    Vince Roberts
    May 4, 2011 at 3:21 am

    Unfortunately, no one can give you your chances. Good luck, Sailor.

  6. Reply
    Prince Brien
    May 4, 2011 at 3:51 am

    you can learn more from this kind of books

    http://goo.gl/KYLS3

    Good luck!

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