I am getting out of the army in august and starting school. I was wondering if i can use my housing stipend from the gi bill as a source of income for my va loan. I will be going to school in San Francisco so i will be getting 2700 a month for the stipend. I have plenty of money saved up from Iraq but i wont have a job as i will be going to school. My credit score is 700. Will lenders still give me a loan if i don't have a job? Any advice greatly appreciated.

chris

No. Educational benefits, including housing stipends associated with them, are not allowable sources of income to qualify for a mortgage.

k thanks mortgage guru. Can i have someone cosign with me for a va loan then? Or have some a co owner was going to buy a house with my brother would that work?

Yes. Has to be an immediate family member.