- Joined
- May 20, 2008
- Messages
- 127
- Reaction score
- 0
As an HPSP student in medical school do we have access to the same loans for buying a home through the army as active duty? And if so who do we speak to get details?
As an HPSP student in medical school do we have access to the same loans for buying a home through the army as active duty? And if so who do we speak to get details?
How about the overall wisdom of buying a house while in school? I was planning on using part of the 20k bonus to put a nice down payment on a home. Houses are cheap where we are moving (Kirksville, MO) and most rentals in the size we need are 3X the mortgage.
I have never bought ahome before and although I have done alot of preliminary research, I've reached the point where I don't know enough to know what I don't know. Elequent.
Should I do it?
BUT you get the first 9k shortly after school starts but then get the other checks on your anniversary start date, meaning you don't see the other 9k for a year and then the other 2k for another year. This is what my recruiter told me.
Dont know where he/she got his info...but I got all of my bonus (14,000 after taxes) within 6 weeks...
Interesting enough this seems to be the consensus with other SDN posters and other Google searches for the same thing.
Well I just got a pre-approval on a house and now Im scratching my head trying to make sure things work out.
So the mortgage company had to use my income, the HPSP stipend, for the approval and could not use my wife's since she does not have a contract saying she is going to make XXX.XXX with Y company, since we are moving out of state.
Im curious as to how the HPSP stipend works for creditors looking at income. When talking with the mortgage company they said stipends can't be accepted but I persisted in finding out that non-taxable type 'educational' stipends cant be used as income but the HPSP is taxed, documented ect. It took the guy an hour to get back but they gave me the pre-approval to go out and buy a house so Im guessing its ok.
Sorry now to my question. Do you get a 'pay stub' for your HPSP stipend? From reading on the forums it looks like HPSP guys dont have access to the mypay system so what do you get to show what taxes where taken out and how much you get with the HPSP stipend? (Actually looks like end of April 2011 HPSP guys will have access to my pay, according to the FAQ in mods)
Also they call it a stipend but is it in a different class of 'stipend', like I was hinting above, meaning this stipend can be used as "income" in the realm of credit ect?
Well I just got a pre-approval on a house and now Im scratching my head trying to make sure things work out.
So the mortgage company had to use my income, the HPSP stipend, for the approval and could not use my wife's since she does not have a contract saying she is going to make XXX.XXX with Y company, since we are moving out of state.
Im curious as to how the HPSP stipend works for creditors looking at income. When talking with the mortgage company they said stipends can't be accepted but I persisted in finding out that non-taxable type 'educational' stipends cant be used as income but the HPSP is taxed, documented ect. It took the guy an hour to get back but they gave me the pre-approval to go out and buy a house so Im guessing its ok.
Sorry now to my question. Do you get a 'pay stub' for your HPSP stipend? From reading on the forums it looks like HPSP guys dont have access to the mypay system so what do you get to show what taxes where taken out and how much you get with the HPSP stipend? (Actually looks like end of April 2011 HPSP guys will have access to my pay, according to the FAQ in mods)
Also they call it a stipend but is it in a different class of 'stipend', like I was hinting above, meaning this stipend can be used as "income" in the realm of credit ect?
Don't assume that pre-approval = loan approval; continue to get documentation on this. The last thing you want is to have a home picked out and 2 weeks away from closing only to find that some underwriter isn't satisfied with your income ratio or something. Your mypay LES may not be adequate. I needed to get a signed commander's letter from AFIT (=MODS) stating my annual HPSP income, which is 'stipend' + annual ADT money. FYI just call it reserve officer pay instead of stipend to avoid confusion.