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Updated about 3 years ago,

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Connor P.
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Advice: Should I tell the mortgage lender about deployment?

Connor P.
Posted

Here is my predicament and I need some advice. I've been wanting to purchase my first multifamily rental property with a VA Loan for a few years now (since getting off active duty in 2019) but I've been waiting to reach two years at my job and get a few raises before I put in applications to lenders. Now that I'm in the National Guard, we're deploying in less than a year and I'm ready to go through the process. Is this something I should inform my lender?

By deploying this means I will be getting tax free money including extra money (BAH) for housing back home. This will be almost double what I make now. I'm worried to tell the lender about it because I don't know if it will effect my chances of getting a mortgage as it's technically me switching jobs. Ive heard some lenders can take into account "anticipated" income but I haven't heard much about it. Being a government job, the money is virtually guaranteed. I just wanna do the smart thing but also not do anything illegal. My apologies if this isn't the right place to post this. I just really want to get into a house and stop paying a landlord.

Before its mentioned, I have great friends and a team put together to take care of the property while I'm gone. If everything goes well the plan is to buy a second property when I get home.

Thank you in advance.