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Where can i make a appointment to meet a real VA LOAN specialist to get a pre qualification?

Because my mom is a realtor and the lender she works with told me the post 9/11 gi bill is not a source of income and neither is unemployment. well too bad! DH is getting out of the army and going straight to a 12 month school for mechanics. He will be applying for unemployment. we will be collecting $4 grand a month because thats how it is when you where in the military and how much you get. WA State has the highest unemployment money and we live here for now until we move to ca for his school. i told her how much we will get per month for his Living Allowance and how much we might be getting for Unemployment and the woman is telling us we cant buy a house like that. um okay? i dont want to rent for the rest of my life either. What is the point of a VA LOAN if we cant buy a house

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Anonymous

Asked by Anonymous at 3:27 PM on Feb. 15, 2011 in Money & Work

Answers (9)
  • The VA Loan isn't going away any time soon; he'll be able to take one out when he's employed. But the specialist is right.. unemployment won't do it. No matter how high the payment. Sorry.
    gdiamante

    Answer by gdiamante at 3:29 PM on Feb. 15, 2011

  • Even with a VA loan HE has to have a job and good credit to qualify for the loan. My DH is retired army and knows several people who did not qualify to get a VA loan for various reasons,, bad credit is one.

    louise2

    Answer by louise2 at 3:34 PM on Feb. 15, 2011

  • everyone gets a va loan, it says so on there website.
    anyways. so even if he was on Unemployment money can we rent a apartment or do we need a job? He cant be working and going to school because it would be minimum wage and we wont be able to survive with him working a $8-10 a hour job. we wont be able to pay for food, gas, car payment, utilities.. So he has to be on Unemployment.
    Anonymous

    Comment by Anonymous (original poster) at 3:38 PM on Feb. 15, 2011

  • Likely one of you will need to be working, even to qualify for an apartment. You also need to make sure that he can collect unemployment while going to school... some places don't allow it. Call the Employment Development Office to find out for sure now, before he is discharged.
    gdiamante

    Answer by gdiamante at 3:50 PM on Feb. 15, 2011

  • Can't stay on unemployment for the rest of your life. Sound like you guys need to get your priorities right.  Jobs, then school.

    louise2

    Answer by louise2 at 3:55 PM on Feb. 15, 2011

  • No one is going to give you a loan while your on unemployment even a VA loan. Many places might not even rent to you so having a cosigner lined up would be smart.
    FricknFrack

    Answer by FricknFrack at 4:48 PM on Feb. 15, 2011

  • You will need to be way more grounded financially before you even think of taking on the commitment of a mortage.
    tasches

    Answer by tasches at 7:10 PM on Feb. 15, 2011

  • A pp is correct, not only will you not be able to get a loan without a job, but they will also look at your credit. You have to have a certain income/debt ratio to even qualify.

    I'm with the others, you may even have trouble renting AND you should WAIT until you are financially stable before buying a home.
    yourspecialkid

    Answer by yourspecialkid at 10:53 PM on Feb. 15, 2011

  • The ladies above me are correct. With no real income source and living off of unemployment, renting might be the better option. The VA loan doesn't mean you are eligible simply because he served. If you have come on a site like this for help, that leaves me to think you haven't educated yourself on the VA loan process.

    http://www.benefits.va.gov/homeloans/eligibility.asp
    grlygrlz2

    Answer by grlygrlz2 at 9:38 AM on Feb. 16, 2011

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