can i use rotc stipends scholarships and gibill as income for home loan?

Posted on Oct 16, 2012 in Stated Income Loans

Question by lran_vt: How are the consumers who signed and received reverse mortgages making out in this time of economic downturn?
None of the news articles are addressing this problem. And my friends wont tell me how they are making out financially.
Just curious.

Best answer:

Answer by shippywoman
They don’t have a change and are still spending down equity.

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Question by : Are FHA loans assumable when the home is worth less than the loan?
My friend and I purchased a home together a couple of years ago. I potentially will be moving to another city because of a job transfer. Can she assume my portion of the FHA loan? The home is currently worth less than the loan by about $ 30K.

Best answer:

Answer by Steve D
Nope…no one has written an assumable loan in years. However, health the mortgage contract will have a clause that says whether the loan is assumable or not. If the home is underwater, nurse then there is very little chance that your friend will be able to re-finance in their name only, which would be the only way you can get your name off the mortgage.

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income for home loan
by eyewashdesign: A. Golden

Question by SPCStevens: can i use rotc stipends scholarships and gibill as income for home loan?
Im in the national guard and rotc. I get stipends, purchase gibill, check drill pay, discount and a room and board scholarship totalling around 25000 a year. Can i use this for income when applying for a home loan?
The room and board scholarhip goes directly to my bank account and is allowed for off campus/. I have a 720 score

Best answer:

Answer by WCHS1970
If you can prove income with pay stubs of course it will be considered.
However your room and board scholarship is not income – I presume that goes directly to the school?
So really all they are going to consider is actual income which would be the stipend and drill pay I would think.
The lender is also going to look at your down payment amount, credit score and credit history, other liabilities and job stability.

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5avg.rating 25 votes.

One Comment

  1. Yes for the guard, rotc, and drill pay. No for the scholarship money because it is temporary.