All Forum Posts by: Joel Allen

@Azaleia Sinclair

Thank you for your service! I'd be surprised if any lender is willing/able to count your GI bill toward your qualifying income. VA Pamphlet 26-7, which outlines underwriting guidelines for the VA Loan, states "Do not include temporary income items such as VA educational allowances (including the Post 9/11 GI Bill benefit)...in effective income" (paragraph 2.r)

Lenders administering the VA Loan have a responsibility to ensure that an individual's income is stable, reliable, and expected to continue into the future. As soon as the veteran is no longer attending school, the housing stipend stops, so it is not seen as meeting those criteria.

With that said, military retirement pay and VA disability compensation can both be counted toward qualifying income (if either of those is applicable in your situation).

@Ty Suggs

Thanks for your service!  I took a similar path as well...military veteran-turned-MLO.

I 100% agree with the advice that others have given about The Loan Officer Podcast (TLOP)...it's incredibly valuable content as you're learning the ins-and-outs of mortgages.

Along with TLOP, the other two podcasts that round out my Top 3 recommendations are Loan Officer Freedom Podcast with Carl White and Mortgage Lending Mastery with Jen Du Plessis.

Will you have the opportunity to participate in the DoD SkillBridge Program to help ease the transition to a new career?  I know there are a few mortgage companies that are approved partners with the program.

Let me know if you'd like to hop on a call sometime!

Hi @Vicki G.

I’m a lender that lives here in San Antonio and a fellow real estate investor as well.  I'd be happy to discuss your situation and goals to help firm up your financing strategy.

@Alex Guerrero, you're asking great questions and @Josh Young and @Kyle Spearin are providing some good options to think through.

I'm a real estate investor that self manages a small portfolio of out-of-state LTRs.  I'm also a mortgage lender and would be happy to talk through the various scenarios to see how each option would impact your ability to purchase another home.

Let me know if I can help.

@Hamp Lee III -- Thanks for the mention.

@Juwan Durham -- I'm sending you a message and would be happy to help in any way.  I'm not licensed in Oklahoma, so don't worry...no sales pitch : )  Just trying to help out a fellow BP (and basketball) fan.

@Manav Wadhwa

Did you utilize owner-occupied financing or investment property financing to purchase the home?  That's an important consideration, because if you used owner-occupied financing you received advantageous financing terms because you agreed to occupy the home as your primary residence initially (vs. renting it out).

@Rogers Marquess

Consider having the reputable HVAC company install a float switch or wet switch in the HVAC system’s condensate pan.  If the HVAC drain line clogs, water will fill the condensate pan and then begin to spill over, causing flooding to the surrounding insulation, ceiling, etc.

The float switch or wet switch shuts off HVAC when it senses water filling the condensate pan.  Since the HVAC stops running, it stops producing condensation and prevents flooding.

This doesn’t necessarily fix the underlying issue with the HVAC system and drain line, but could prevent a costly leak/flooding to the area around the HVAC.

@Anthony Hidalgo

There's some really good advice on this thread, highlighting both the pros and cons of selling vs. renting.

You mentioned as one of your considerations that your VA home loan is tied up in your current home. When you PCS to San Antonio you may be able to utilize your VA loan bonus entitlement (2nd tier entitlement) to purchase a home in San Antonio with your remaining VA loan entitlement without having to sell or refinance your current home in Colorado Springs.

Bonus entitlement is based upon the FHFA Conforming Loan Limits, and these limits have increased exponentially the past couple years due to the appreciating housing market. As I glance at your current mortgage amount and factor in the average home prices in San Antonio, you may be able to utilize your VA loan again to purchase in SATX.

I'm a military veteran and lender here in San Antonio...happy to be a resource for you if you make the transition to San Antonio.

@Jerod McCarrell

Welcome to BP and to San Antonio!  I’ve lived here in San Antonio for about 5 years and am both a real estate investor and a mortgage lender.

Happy to be a resource for you, or to answer any questions you may have.

@Sanat Bhandari is right about the FHA occupancy requirements. Something to consider is that there are a variety of programs designed to assist first-time homebuyers with the down payment and/or closing costs associated with purchasing their first primary residence. You'll want to get connected with a lender that knows the programs well and is credentialed to offer those programs. A few in Texas to look into are:

- Texas Dept of Housing & Community Affairs – Texas Homebuyer Program

- Texas State Affordable Housing Commission - Home Sweet Texas Program