Veteran Looking For VA Loan Options For Starting Out...

[Leonard Wright III]

Hello BP,

What to pick a few brains on some options in flipping or holding with a VA Loan? As a vet, I would like to use such a tool for starting my investment journey. Current situation credit score of 720 using Post/911 bill for school while working part-time, cash flow of about 300 a month. Looking forward to the ideas and thoughts, thanks.

~L. Wright III   

[Kevin Phu]

@Leonard Wright III First off, thank you for your service. I am a vet as well. As @Jerry Padilla stated, you need to have 2 years of landlord history to have rental income qualify as your income. I pitched almost the same question you did to some people on BP and the general consensus is that it'll be pretty tough. BAH from the GI Bill also doesn't qualify as income for the VA loan.

Have you talked to any lenders yet to see what your options are? Depending on your details, they might be able to offer you something. If you can't get a VA loan, look into FHA loans. A low 3.5% down compared to conventional.

Link to my thread

https://www.biggerpockets.com/forums/49/topics/332542-va-loan-with-no-income