Localfund.com - All about Fund and Investment
*Home>>>Income Fund

Can I get my VA Loan to buy a house while I am in Law School and have no income?


Assumptions
I qualify for a VA loan.
I will not being working while in law school.
I have enough money in my mutal funds to pay for law school.
I can get a co-signer if needed.

Well beening a veteran should help, you in some cases, you are first time home buyer, will get in the door but some lenders look for cerlateral, but try a good investment banker and see what options you have with them?

Here's a site that may be able to answer your question.

http://www.homeloans.va.gov/faqelig.htm

http://www.homeloans.va.gov/veteran.htm

A VA loan works the same way as any other home loan. You must meet all qualifications in regards to monthly income, debt, insurance. Sometimes a VA loan is not the best route when financing a home.
The VA must verify your eligibility in writing, you can find additional info on their website.
Unless you already have a position waiting for you after law school, you may want to reconsider using your VA eligibility.
Good luck.

All VA loans require you qualify for the payment based upon your income. Consequently, if you do not have a monthly income stream, you cannot get VA financing. A co-borrower (not co-signer) is allowed but must be a blood relative and I believe, that as they would not be occuping the property, you would still be required to qualify although the ratio guidelines would be extended.

Tags
  Investment Account   Invest Money   Invest in Gold   Invest Fund   Income Fund   HYIP   High Yield   Hedge Fund
Related information
  • Can we deduct an IRA cotribution for a non-working spouse not covered by Company Plan,regardless of Income ?

    Yes. As long as the spouse invested in a traditional IRA and not a Roth IRA and is not covered by any other retirement plan, you can deduct the amount up to 4,000. 5,000 for those age 50 and above...

  • If someone owns a company but hasn't filled 06 tax return yet, how do you verify thier income?

    Absent his tax return, only a full audit of the company records can be used to verify income. However, what you are not understanding here is that every one of the expenses you are claiming he inc...

  • If I take money out of my trust, then pay back monthly, does the IRS tax the 'income'?

    It sounds like you are describing a loan from the trust. If that is the case, loans are neither income nor taxable. As others have said, depending on how the trust was structured, you may or may ...

  • What's the best way to invest money, while at the same time optimally sheltering your income from taxes?

    Your 401k and IRA are both designed for tax sheltered investing. Currently you can invest up to approximately $20,000 using both of these vehicles. After that your options become very limited Tax f...

  • If I make profit in trading in equities will that profit be taxed as business income or short term capital gai

    See that depends on nature of your equity trading. As you yourself describe purchase and sale in shares as TRADING, Income tax department shall take it as Business Income and tax @33% shall be char...

  • I need help in paying my water bill, am disabled and on a fixed income. Am in Wasco, Co. Any1 kno where to go?

    I know that the Salvation Army helps with some utilities, you might want to give your local office a call.

    ...
  • What is Pan no,as I am from north east India and exempted from Income tax do I still need Pan no to invest?

    I agree with "srirama c". Please appreciate that having PAN do not create any liability on your end to either PAY Taxes or to file your return. Though for filing ITR, PAN is compulsor...

  • Do I pay taxes on money I borrowed for a S-corporation?

    Proceeds from a loan are not taxable.

    ...
  •  

    Categories--Copyright/IP Policy--Contact Webmaster