OrionStang Posted June 9, 2011 Report Share Posted June 9, 2011 Quick overview for those not familiar with the new Post 9/11 GI Bill. The VA will pay for your tuition(they pay it directly to the school) and they also give you a housing allowance while you are attending classes. It goes by the rate an E5 with dependants would get, and varies by the location of the school. Here's the problem, that housing allowance income doesn't count as "real" income when applying for a home loan or apartment, or any line of credit for that matter. My wife and I had a house all lined up, ready to move Aug 1st and we get a call from the lender saying the VA underwriter won't approve it because they won't count the income. So we're like fuck it, just get a better apartment until we build a 'regular' income history. Find a nice place, turn in the paperwork, and whats this? "We're gonna have to look into this and see if its acceptable income", they say. What the fuck is the point of a housing allowance, if you can't get into any housing with it. Oh, and guaranteed VA home loans for vets? Bullshit, wrong again. They wouldn't give us a $225,000(small for Cali) unless my wife and I have a combined income of over 6 grand a month. The house payment would be less than my rent is now, and you deny me? Obviously I can afford it if I afford my ridiculous rent now. I just got out, just started school and you expect me to be earning 6k a month. This is mainly for service members, but also general knowledge to US citizens. All the good programs the gov't has in place to thank veterans is BS. They just say how good it is, when its not, just to look good to the people. I'm fucking heated right now. /rant Quote SMD Super Seller My Feedback Thread Link to comment Share on other sites More sharing options...
corona_jeff Posted June 9, 2011 Report Share Posted June 9, 2011 Its not counted because its NON taxable. Sucks for buying house factor Quote Link to comment Share on other sites More sharing options...
OrionStang Posted June 9, 2011 Author Report Share Posted June 9, 2011 Its not counted because its NON taxable. Sucks for buying house factor What does taxes have to do with it? If you get disability pay from the military, and that injury occurred in combat, its not taxed. Will that not be excepted either? Quote SMD Super Seller My Feedback Thread Link to comment Share on other sites More sharing options...
TeejayBee Posted June 9, 2011 Report Share Posted June 9, 2011 im looking at 1k - 3k this next year for my gi bill from my dad but hes a e8 Quote Link to comment Share on other sites More sharing options...
corona_jeff Posted June 9, 2011 Report Share Posted June 9, 2011 Its not counted because its NON taxable. Sucks for buying house factor What does taxes have to do with it? If you get disability pay from the military, and that injury occurred in combat, its not taxed. Will that not be excepted either? Disability from VA cant be filed on for taxed BUT is yours for life so it does count as income. the GI bill is only for a set time, so thats the reason its not counted by the loan company. I think its BS. If its yours for housing, it should be fine to use to buy a home. This is almost as messed up as there disability % chart. There math blows Quote Link to comment Share on other sites More sharing options...
OrionStang Posted June 9, 2011 Author Report Share Posted June 9, 2011 I know right, %20 + %20=%34. Thats how my Army claim was any way. Luckily I had a good JAG officer that go it rounded up to 40. Still waiting on a VA rating. And just to make it clear. I don't want any special treatment. I only want what I was told would be available when I left the Army. It's definitely not as good as they make it sound. Quote SMD Super Seller My Feedback Thread Link to comment Share on other sites More sharing options...
Ray Posted June 9, 2011 Report Share Posted June 9, 2011 i found out the hard way also.. va loan is a horrible thing. I hate that its such an ordeal. Quote 2008 California state record holder 157.2 Bassrace2009 California state record holder 157.0 BassraceRollin 50's 158.7db2009 King of Cali Bassrace2009 USACi score 160.5 @ 42hz Link to comment Share on other sites More sharing options...
melonhead Posted June 11, 2011 Report Share Posted June 11, 2011 What city do you want to buy a home in? Quote Link to comment Share on other sites More sharing options...
OrionStang Posted June 11, 2011 Author Report Share Posted June 11, 2011 Lake Elsinore/Winchester/Menifee area. We just re-upped on our apartment lease. Try and save some serious coin, and make my credit score golden, for the next year. Its all we can do. Quote SMD Super Seller My Feedback Thread Link to comment Share on other sites More sharing options...
melonhead Posted June 12, 2011 Report Share Posted June 12, 2011 Look into the USDA rural home loan program. I used this type of loan to buy my home in Lincoln, CA. Here is the link to the site. http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?NavKey=home@1 I looked on their map and it appears Winchester is a city that you can purchase a home in using that loan. Basically you have to buy a home in a "rural" area. Their map will tell you where you can buy and where you can't buy. The loan itself is $0 down out of your pocket. You do finance the home at 102% but there is no PMI. You just need to fnid a lender that does that type of loan. I believe that site gives a list of all of the lenders. If you already have a finance company in mind, just ask if they offer that loan. Quote Link to comment Share on other sites More sharing options...
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