I've been in the Army Reserves for 5 years now. Recently graduated college. Only worked during my college internship but don't currently have a full-time job or offer yet but I'm looking for opportunities. Only income now is my monthly Reserves income. Credit score is in the low 700s and have $7k credit card debt, but no other monthly bills. I also have no savings and less than $500 in my checking. I live with friends but don't pay them rent. I want to get my own place and am interested in a VA loan since they don't require a down payment. Would I qualify with my current situation even though i don't currently have a job, only my Army Reserves income? Would I need out-of-pocket money or money in the bank to qualify? How long would I need to have a job to qualify? Any other advice?
Posted by Elle-in-the-Haus
1 Comment
Not even close, no. You need a stable job with likely a couple years worth of that income.
You’ll also need about $20k saved up for move-in and furniture costs, as well as CC debt paid off.