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How to get a mortgage loan with less than 12 months left in military service?

by JamesStMarks602 from Norfolk, Virginia. Sep 8th 2014 Reply


Joe Metzler (JoeMetzler)
#2 ranked lender in Minnesota - 3,852 contributions

Unfortunately, it is generally pretty tough if a lenders knows your current income is going to be ending. The basic rule is lenders want to know the income will continue for at least 3-years. Talk to a local mortgage broker in your area about your personal situation, and if there are other options (qualify with just a spouses income, co-signers, etc). But you likely will need to wait until you've gotten your post military job. Lending in WI, SD, and MN. www.Minneapolis-Mortgage.net

Sep 9th 2014
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John Burke (jburke)
#30 ranked lender in Texas - 201 contributions

Hi James, Thank you for your service. It depends on your situation. Are you retiring or just leaving? If retiring, your retirement income and if you receive VA disability can both be used for qualifying. As Sonya mentioned, if you're married and your spouse makes enough you can use just that income but if your income is needed it gets a little tricky. I typed it all out and after looking at that wall of text, I decided it would be easier to just post a link to the information or you can call me and I can walk you thorough it. Here is the link:http://www.valoansdoneright.com/va-mortgage-with-less-than-12-months-left-in-service/ | Please feel free to contact me for more information or help. John Burke | Senior Mortgage Banker | Great Plains National Bank | (877)228-9069 | Lending in ALL 50 states |

Sep 16th 2014
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Jeanette Salamon (Jeanette)
#65 ranked lender in Virginia - 32 contributions

Your eligibility for the VA loan will be confirmed by the issuance of a Certificate of Eligibility. The Lender will need to verify income that will continue after the loan closes, like VA retirement, VA disability, or income from a spouse if they are on the loan as well. Contact me if I can help you in any way.

Sep 9th 2014
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Sonya St Jacques (sstjacques@mmcdcorp.com)
#79 ranked lender in Virginia - 24 contributions

We really need to see a continuing income for three years but if you have a spouse that can qualify you can still purchase. You can also build a relationship with a mortgage lender and Realtor in the interim to get an idea of what your price range should be once you are employed in the private sector. This would give you a seamless transition when exiting your military service. This is especially good if you will be utilizing your Veteran's Benefit. Give me a call. I specialize in returning Veterans and I would love to get you headed in the right direction.

Sep 9th 2014
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