All Forum Posts by: Kristi H.

@Lynn McGeein Yes, I will be leaving active duty in about 7 months.  Thank you for your response, it is a really helpful perspective.  And you are right, plenty of people start their own businesses while employed full time.  Also, having a steady salary could likely give me more freedom.  

@Dylan H. Thank you for the follow-up, even though it isn't the answer I was hoping to hear!

@Chris Mason The document you posted was exactly the kind of thing I was looking for.  Thank you so much for the feedback!  Now I will just need to get the timing to align with getting an offer letter/contract, and closing happening around the same time.  That reference is AMAZING! I can't believe I didn't come across it sooner.  Thanks again!!

@Michael Kelly Really appreciate your perspective, thank you so much!

@Dylan H. My resignation is in routing and should have orders in hand around the time I hope to close.  I wasn't aware of the statement of service requirement but will certainly get that generated, thanks for the heads up.  I'll also have my DD214 and will be transferring to reserve duty.

My main concern is getting approved for the loan despite not having a reliable income 2-3 months after close.  Will the lender take all my other assets, and credit score into consideration?

I want to buy my first house hack using my VA Loan benefits. However, I also plan to get out of the Military and am not moving straight into a high paying job. The goal is to close on the house 2-3 months before getting out and getting my last full paycheck. I am very concerned that a lender won't approve the loan if they know I don't have a new job lined up.

How much does continuing income matter in getting a mortgage (specifically the VA loan)? Currently, I have $0 in debt, an 825 credit score, make $80k a year and have $60k cash in the bank. I would make an ideal candidate in any other situation...

If a mortgage lender won't approve the loan without having a job lined up, is my only option to get a job?  Does my cash savings count towards "income?"  I will be in the Reserves which will provide reliable, albeit low, income.  

I don't intend to get a job because I plan to utilize the saved $60k as income while I hustle to make extra cash, get a small business off the ground, and focus all my efforts on the house hack. Six months after the first purchase the goal is to close on a BRRRR property with an all-cash investment... no time for a "real" job.