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Complex question on VA loan timing...

Hello.
My husband is about to be honorably separated from the military due to a medical condition. I'm a full time student with a career path that will keep me in school for the next 5-6 years. My husband wants to go to school as well. After calculating the total housing benefits he will receive through the GI Bill, he believes we should buy a house before he re-starts his education. He will receive VA monthly installments, but will need to start working immediately. His projected salary with his current education is $40-45k + 6k from the VA. I will also work part time, but it wouldn't be significant income. Perhaps another 10k?

Our question... Can we be approved after he works for 6 months or 1 year? What can we do to improve our overall chances of approval?

Financial details: credit scores 725, 740
Looking for a house around 80k
10-15% down
Debt to income ratio will be good when we apply for the loan.

Thank you so much in advance!
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June 02 2012 - US
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Answers (2)

Your situation is not uncommon. And it isn't necessary to wait 6-12 mos after separation to buy a home. VA guidelines are setup to address situations similar to yours.

From VA Guide Chapter 4 "For recently discharged veterans who have been in their new jobs only a very short time, analyze prospects for continued employment as follows:

If the duties the applicant performed in the military are similar or directly related to the duties fo the present position, use this as one indicator that the employment is likely to continue. "
 
As a veteran myself, I think the VA loan benefit together with the new GI Bill are some of the best benefits available for veterans. 

There is more to this and if you want to discuss your situation in detail don't hesitate to contact me through my profile.
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June 02 2012
Thank your husband for his service. There are a number of questions that would need to be answered to give good input, so I would suggest you go to Professionals tab above and review Zillow loan officer profiles in your area/state. Specifically look for someone with VA loan experience, as that appears to be best loan program. (though FHA may be secondary option)
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June 02 2012
 
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