Starting out with VA loan, pay off with GI bill

[David Wong]

Hello, 

I am currently in the military and I will be getting out of the military within the next year. 364 days to be exact and I want to purchase a house in Washington State using my VA loan and then pay the VA loan off with the Basic Housing Allowance I will be receiving with my GI bill. Has anyone done that before? I also want to have roommates to pay off the house as well. Is that do able?

Thank You, 

David Wong 

[Joe Sillaman]

So many grammar mistakes on that last post...Was trying to type on a ipad quickly. Bottom line, use you loan before you get separation orders!!! GI Bill cannot be used as income when qualifying for a VA loan. It's sad because I see so many separating/retiring members looking to use their VA loan and they don't realize it's too late after you get PCS/Separation/Retirement orders. That is unless the member is jumping directly into another good job or has a high retirement income.