All Forum Posts by: Joel Allen

@Israel Merchan

Thanks for your service. In order to utilize your current active duty income for qualifying for a VA loan, the lender will need to verify that you have at least 12 months remaining in service (or written verification that you intend to re-enlist/extend to a point at least 12 months beyond the anticipated closing date).

@Hamp Lee III is exactly on-target...VA loan guidelines do not allow the housing stipend you receive while utilizing the Post 9-11 GI Bill to be counted toward qualifying income for a VA loan.

Conversely, if you receive VA disability compensation it can be counted as qualifying income, but of course you won't know that amount (if any) until after you separate.

Are you looking to transition into a job that directly correlates/relates to your job in the Navy?  While typically 2 years of employment in a new line of work are required to qualify for a mortgage, time in the military may count towards a two-year history if the military job is in close relation to the civilian employment.

@Brendan Terranova

Welcome to Texas!  The Austin area is great, and there are quite a few great Austin-area real estate investors and professionals here on the BiggerPockets forums that can offer advice.  I'd be happy to help in any way!

@Erelyn Apolinar

I’m here in San Antonio and I did the 6-month DoD Skillbridge program with a mortgage lender as I was transitioning out of the military. It was a great program and opportunity.

While I'm sure the experience will be a bit different with a real estate brokerage compared to a mortgage lender, I'd be happy to talk with you about the pros and cons of my experience in the program.

If you haven’t already, go to the listing of DoD authorized Skillbridge organizations (https://skillbridge.osd.mil/organizations.htm) and filter it by the criteria you’re looking for.  Then reach out to the listed Point of Contact for the company you’re interested in and inquire.

Hi Jamie! I’d recommend connecting with @Taj Akinbode

He’s active here on BiggerPockets and is a really great, investor-friendly agent in the Houston area.

If you need any assistance with financing, I’m happy to help.

@Juan David Maldonado

The Texas State Affordable Housing Corporation (TSAHC) offers the Homes for Texas Heroes Program which provides down payment assistance for teachers serving in public schools in Texas.  Depending on the mortgage type being utilized, you may be able to house-hack a duplex and still qualify for this program.  Information about the program, eligibility requirements, and FAQs are located at their site:  https://www.tsahc.org/homebuye...

And I'm happy to help answer any questions you may have about the program.

@Kris L.

I’ve had really good experiences with Anchor Plumbing here in San Antonio for several plumbing projects I’ve needed done.  None have been to the extent of the project you’re describing, but I believe they are equipped to do large projects such as that.

@Mo Karim

That's valuable information, thanks for sharing it.  TSAHC's down payment assistance programs can be great options to assist qualified homebuyers get into a home that they might otherwise not have the available funds/reserves for.

There are also a few other down payment assistance programs here in Texas as well that are worth mentioning:

- TDHCA (Texas Department of Housing and Community Affairs) offers the Texas Homebuyers Program with a couple down payment assistance programs.  Website:  https://thetexashomebuyerprogr...

- (Southeast Texas Housing Finance Corporation) offers the 5-Star Texas Advantage Program which provides down payment assistance.  Website:  https://sethfc.com/programs/5-...

Each of these programs has various eligibility criteria and down payment assistance terms (e.g. grant vs. 3-year forgivable second lien vs. 30-year deferred second lien), so it's important to work with a lender that's an approved partner of those programs and can match the homebuyer with the right program.

@Elijah Maestas

I did the 6-month DoD Skillbridge program with a mortgage lender as I was transitioning out of the military.  It was a great program and opportunity.  While I'm sure the experience with each partner company is different, I'd be happy to talk with you about the pros and cons of the experience.

@Gabe Salinger

Lots of great advice on this thread, and I wholeheartedly agree with @Tim Lockhart

You're in the perfect position to use your VA loan, live in the home for the 1.5 years that you'll be in Wichita Falls, and with the home prices in Wichita Falls you may very well still have enough VA loan entitlement remaining to purchase another home with the VA loan once you get to your next duty station.

I used this same strategy (purchase primary residence at each duty station and then convert to a rental when it was time to PCS) during my 13 years in the military, which allowed me to build a small, but very stable, portfolio of rental properties.

Happy to chat if you'd like to talk about the strategy more in-depth.

Hi Stacey!  I’d recommend connecting with @Taj Akinbode

He’s active here on BiggerPockets and is a really great, investor-friendly agent in the Houston area.