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Mil separation and house buying

Pinion

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Anyone had exp leaving military, and trying to buy a house based on a conditional offer from SWA? (I.E. interviewed and typed, SWA called to see if you were available for a class, but still having residual mil commitment). Bank wants a letter of guaranteed employment PRIOR to approval of loan, and as of right now, I haven't even left the military yet. Bank is not interested in my military paycheck, because they know I am separating. Will SWA send the Bank some sort of employment 'promise'? What is the 'salary' figure they use for newbies?
Anybody else go through this? Can't believe I am the first. . . Been trying to get a hold of Jennifer all day. . .
Thanks in advance, and I hope I can buy the house Momma Bear found today!!
 

C-17->Majors

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I bought a house last summer while waiting on my DOS and still on active duty. USAA's mortage folks could have cared less that I was getting out. They based everything on my then current military salary.

Was that the wisest thing for them to do and really the best thing for me in hindsight? Post Sept-11 there were many times I wished that they had not approved the loan and that I was through training before I bought the house.

It all worked out in the end, but needless to say my wife and kids enjoyed the house while I stayed in a rat hole crash pad at base-x for 9 months while waiting on a new airline job to come through.

I am sure there are many opinions out there about how big to buy and where to buy (domicile versus guard/reserve base), but I will leave that for others.
 

zman300

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Pinion said:
Bank is not interested in my military paycheck, because they know I am separating. Will SWA send the Bank some sort of employment 'promise'?

I think you would've been better off not discussing future employment with the bank. Most of the guys I know who've gotten out got all their mortgage work done before getting out, and without mention of a employer change (Of course, that meant two house payments for a while, since they bought their houses before getting out).

I don't think I want to do what they did since it's a bit inconvenient, so that puts me in almost the same boat as you. I do have a letter from my future employer though.

Actually, I'm surprised the bank's willing to consider you because of the employer change. Some folks I've talked to say some banks don't like to see you in a brand new job. I don't know...lots of theories on what banks look at. Sounds like USAA understands our predicament though.
 

Pinion

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Looks like the process continues to lurch along, and I will let post what the final outcome is. Thanks for the intel
 

Shooter38

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Feb 5, 2002
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Pinion-
What's the latest?

What bank are you going through?

Why did you decide on them?

I am in the same boat except that I am out and now in the reserves. I'm hoping they will take my paychecks while on continous orders which would show fulltime pay (and Major in Nov).

When in the process did they check your finances (ie at contract or closing?)

USAA (PHH) sounded like they didn't care till somewhere in the 6 month window between contract and closing (building new).

The builder said they would not check till a month out from closing, so as long as things were stabile by then...no problem.
 

Tri-holer

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Apr 18, 2002
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I am kind of in the same boat.

We are moving to my new domicile before I am even in class. And buying a house on regional pilot pay is not easy.

However, we are selling a house and will make a little money for a downpayment. If you are able to put down 20%, there is loan called a NIFA. It is for executive types and the self-employed. The NIFA stands for No Income check, Full Asset verification.

You might want to ask your lender about it.
 

Pinion

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Mar 28, 2002
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In The House

All,
We are moved in, so the loan did get approved. Biting my nails for a while on that issue! JB from SWA REALLY helped out, as well as the Holly at USAA. . . I believe that USAA went above and beyond in order to push this loan through. . .good luck to all in the House buying bidness, and I guess I'll get back to biting my nails waiting on the next SWA class.
Cheers
Pinion
BTW, PM me if you have any questions
 

Chunk

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Nov 25, 2001
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Best bank/insurer on the planet!

USAA rocks....
 
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