Norfolk, VA · Member since 2019 · 21 posts · 4 votes
So I bought a place in Virginia using the va loan and I plan to go to go to NY to go to school on my post 9/11 gi bill. Would I be able to have the va loan in a different state then I am going to school at? And would I still receive the bah of NY?
San Antonio, TX · Member since 2019 · 930 posts · 836 votes
7y
@Bertram Scroggins
You will receive BAH for NY if you are attending classes in person at the school located in New York. If you plan to buy a property with a VA loan, you are supposed to live there. I assume you weren't planning to commute for classes, so I don't really see how you can do both of these at the same time.
You won't have a problem renting your house if you move for college. You also won't have a problem getting a new loan if DTI is still good.
You need to realize they have funny rules about the second VA loan though. It usually has to be more money and the fee goes up (unless disabled). Also 99 percent of VA lenders won't accept rental income as credit until it has been rented 12-24 months.
Norfolk, VA · Member since 2019 · 21 posts · 4 votes
7y
@Luke Reninger what if I had my brother occupy the property while I was in school because he lives with me? When u go back to ny I will not be getting another loan. I’ll be paying rent. There’s a school that I really would like to attend that’s why I was asking this question.
If you already own the home, they don't care if you go to school somewhere else as long as the bill gets paid. The GI bill people (VA) don't talk to your VA loan lender.
If you haven’t bought a house yet and don’t plan on occupying it, that’s different.
Norfolk, VA · Member since 2019 · 21 posts · 4 votes
7y
@Luke Reninger okay I believe you answered my question. I wasn’t sure is the loan and the post 9/11 people talk considering the loan and the bah are coming from the va. Thank you very much.