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All Branch Topic (ABT) HPSP

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wakeforestkid12

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Hey Guys,

Quick question regarding HPSP. My wife and I are moving for school soon and I was already accepted to HPSP. We are relocating to a rural area with many housing options, however housing for sale is very cheap. With that in mind we were considering buying with the VA option however I have to prove income of at least the next three years, which I will have via the HPSP. I know during the year that you receive the stipend and during the summer you have active duty pay. Does anyone happen to know whether or not they can or would be able to provide me with documentation of income? Thanks for the assistance!
 

backrow

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Hey Guys,

Quick question regarding HPSP. My wife and I are moving for school soon and I was already accepted to HPSP. We are relocating to a rural area with many housing options, however housing for sale is very cheap. With that in mind we were considering buying with the VA option however I have to prove income of at least the next three years, which I will have via the HPSP. I know during the year that you receive the stipend and during the summer you have active duty pay. Does anyone happen to know whether or not they can or would be able to provide me with documentation of income? Thanks for the assistance!

Do you have VA eligibility already established?

Unless something has changed then HPSP does not qualify you for the VA loan until you have graduated medical school and served on active duty for a period of time (I believe it is still 90 days since GWOT is still ongoing).

If you have VA eligibility from prior service then what you need is a Statement of Service which could likely be obtained from the folks that run HPSP.
 
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colbgw02

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Typically, an employment contract that contains one's salary is sufficient for proof of income. If your HPSP contract contains specifics about your stipend and ADT pay, then that may suffice. Ask your mortgage broker.

Being eligible for a VA financing is a separate issue. As backrow already mentioned, HPSP alone will not make you eligible.
 
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wakeforestkid12

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Thank you both very much for your responses. I do not have prior enlistment history so I guess I'll have to look into another option. I'm still waiting for my contract and other paperwork to come through. Thanks again for your help!
 
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Unless you have significant assets for repairs, etc. and can afford to rent and maintain the property if it won't sell, I'm not sure buying a house is a smart investment for a medical student that has a 99.9% chance of having to move for residency.
 
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trev5150

Yeah but the debt-to-income ratio he'll increase on O-3 pay isn't worth it. I have two houses from moves and neither one brought enough in from rents to cover the mortgage.
Managing properties from across the country sucks. Property management companies will sap 10% of your rental income. Yes it's a cost and a deduction but again it's not worth it in the short run.
Renters bleed you with stupid crap all the time. I had to pay for a tech service call once for a broken dushwasher. Nothing wrong with the dishwasher, the renter was an idiot and couldn't figure out a device with one (1) dial on the front.
My recommendation is to go ahead and rent until you know you're going to be somewhere for at least 5 years.
 
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