Get a letter saying you’re hired somewhere else with expected salary.
No one is going to give you a loan with no planned (proven) income within 12 months.
__DeezNuts__ on
Not much you can do. If you have a civilian job lined up most lenders will want to see a contract signed by you and a future employer to get you pre-approved, but chances are you won’t close on the loan until you already started the job and have at least a pay stub or two.
LoanSlinger on
No, you’re kind of in a bad spot. The VA loan approval requires that the underwriter have a reasonable expectation that your income, in its present form, will continue for at least 12 months beyond your closing date. If you have an ETS date within 12 months on your LES, they’re going to ask for a letter of intent to reenlist (and sometimes a letter from your command). Otherwise, you’ll need to have an executed employment offer from a civilian company, with a start date no later than 2 months from your closing date.
Your loan should not have gotten to underwriting without you knowing this was coming. If your loan officer didn’t see your ETS (or ask about it as part of your pre-app interview), they failed you. This is one of the main things I look for when I have an enlisted active duty home buyer client, and I go over this info before an app is even completed in most cases.
PacManVAwholesaler on
You’re not entirely out of luck if you have Military pension, pre-rating memo, and salaried job offer letter.
Sorry you’re going through that blindside condition. Did the loan officer fail to read your LES’ ets date before issuing a preapproval?
TORCHonFIREandForget on
You’d may be better off waiting til after ETS anyway. Better for flexibility to pursue life and career options. Plus, if you get VA rating the funding fee gets waived potentially saving thousands plus interest over 30 yrs.
5 Comments
Get a letter saying you’re hired somewhere else with expected salary.
No one is going to give you a loan with no planned (proven) income within 12 months.
Not much you can do. If you have a civilian job lined up most lenders will want to see a contract signed by you and a future employer to get you pre-approved, but chances are you won’t close on the loan until you already started the job and have at least a pay stub or two.
No, you’re kind of in a bad spot. The VA loan approval requires that the underwriter have a reasonable expectation that your income, in its present form, will continue for at least 12 months beyond your closing date. If you have an ETS date within 12 months on your LES, they’re going to ask for a letter of intent to reenlist (and sometimes a letter from your command). Otherwise, you’ll need to have an executed employment offer from a civilian company, with a start date no later than 2 months from your closing date.
Your loan should not have gotten to underwriting without you knowing this was coming. If your loan officer didn’t see your ETS (or ask about it as part of your pre-app interview), they failed you. This is one of the main things I look for when I have an enlisted active duty home buyer client, and I go over this info before an app is even completed in most cases.
You’re not entirely out of luck if you have Military pension, pre-rating memo, and salaried job offer letter.
Sorry you’re going through that blindside condition. Did the loan officer fail to read your LES’ ets date before issuing a preapproval?
You’d may be better off waiting til after ETS anyway. Better for flexibility to pursue life and career options. Plus, if you get VA rating the funding fee gets waived potentially saving thousands plus interest over 30 yrs.