Purchasing a house while on Post 9/11 GI Bill

Highlighted
Ryan OK
Contributor

Currently I receive $1,400 a month during the school year in housing allowance, as well I part time Uber drive making around $1,500 a month. Homes are super cheap in the location I am and would like to look into purchasing a house in order to build equity for the 4 years I stay at this location rather than using this money for rent never to see it again, I will be living in this location full time and will most likely rent out parts of the house while living there. Is this a good idea why/why not?


Most Helpful

Hello and thank you for contacting us. To help you determine if purchasing versus renting is best for your particular needs, we would like to forward your inquiry to our mortgage department. They will review your inquiry and follow-up with you shortly. Thank you!

2 REPLIES

Hello and thank you for contacting us. To help you determine if purchasing versus renting is best for your particular needs, we would like to forward your inquiry to our mortgage department. They will review your inquiry and follow-up with you shortly. Thank you!

Hello Ryan, housing allowance and rental income for the subject property would not be acceptable forms of income for a VA or Conventional loan which is what USAA offers. to include self-employment income you would need a two year history verifiable by tax returns. For more information regarding loan types and what could work for you please contact one of our licensed loan officers at 800-531-8781. Thank you!