Originally Posted by Hacker15e

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Of note: I closed on the house before I left active duty and it didn't make a difference in the process. The bank wanted documentation of continued service if I was going to claim my military income in obtaining the loan. This isn't their first rodeo.

Originally Posted by banana380

This is kinda what I was afraid of happening if I tried to do that. I talked to the guy from NBKC yesterday, he mentioned manual underwriting but didn't sound like it should be a problem. He seemed to agree that 150K was a reasonable target home price on first year regional pay, and Zillow has a good number of ok houses in that range in North Ft. Worth where we're looking.

Interesting point, he said that despite the bonus, they can't count that toward your pay unless there is proof of it continuing, which obviously can't be done unless the regionals change something. So I plan on discussing it with a financial advisor, but plan to use the bonus to pay off wifey's student loan and eliminate monthly debt payments since TX is a community property state and that $250 a month would count against our debt/income ratio.

Originally Posted by Hacker15e

I did exactly what you're talking about; bought a house on a VA loan while separating with my follow-on employment at a regional.

It was a bit of a pain to show the loan guy what my income was going to actually be. I sent them a copy of the contract for the regional I was going to be working at, which showed both the pay scale as well as monthly hourly pay guarantees, etc. I created a spreadsheet that showed what my minimum annual income was going to based on the contract, but the bank wasn't satisfied with it.

I eventually had to contact the regional itself, which had a contractor they employed to verify employment. That contractor was able to produce a document that said basically the same thing I had previously done, showing the minimum income that the contract guaranteed for the first year, second year, third year of employment. Since it was on company letterhead, I guess, the bank accepted it and I got the loan.

Of note: I closed on the house before I left active duty and it didn't make a difference in the process. The bank wanted documentation of continued service if I was going to claim my military income in obtaining the loan. This isn't their first rodeo.

Originally Posted by FLY6584

I am putting zero down on my VA and show a high debt to income ratio due to first year guarantee and they are making it happen.

Originally Posted by Planephlyer

Try National Bank of Kansas City (NBKC). I'm still in and refinanced recently, their customer service is amazing. Some of my Bro's, in your same shoes, are having success there once they separate.

Originally Posted by PilotWife2

Hello! I work for NBKC, and my husband is retired Air Force and flies for Delta. I have helped many people in your exact situation. Send me a PM if I can be of any help!

Originally Posted by Lobaeux

I can not recommend NKBC enough!!! They were fantastic!!! On the ball and impressed my realtor with their service.

I believe I worked with Pilotwife2, she was immense! Customer service through the roof!!!

I had originally went through a local mortgage company, they couldn't understand the way pilots are paid, they insisted I was only part time since I was only guaranteed 72 hours a month. NKBC made it happen!

For my next house, I'm going back to NKBC for my mortgage.

My God, I sound like a commercial, but they were great. This was my eighth house I've purchased, and they were easily the best mortgage company I've dealt with.

Originally Posted by navigatro

I would absolutely RENT if I was in your shoes.

Wait until you have your dream job at a major, and are stable in domicile. Then buy.

Originally Posted by Otterbox

I think what people are trying to tell you is its going to be difficult buying right away leaving the Navy since your employment status will be in flux. You're not going to be an Envoy employee when you get out due to your side tour in SD in the training program. How long will it be between seperation and having an envoy employee number?