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Count GI Bill Income? - Landlord Forum thread 328787

Count GI Bill Income? by Anonymous on December 17, 2014 @11:00

                              
Texas SFH: I have a prospective married couple with less than acceptable credit, 613 FICO score average, but with adequate income if you count GI Bill income. Husband is going to university on the GI Bill and claims a substantial amount of GI Bill income monthly. Can this income be considered normal, reliable, long term income that can be counted on to calculate the 3.5X income to rent ratio I use? I have no knowledge of or experience with this type of income. What do you-all think?
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Re: Count GI Bill Income? by jannie (IL) on December 17, 2014 @13:14 [ Reply ]
Your 3.5 income ratio is higher than what I use. When my husband had the GI Bill sometime ago - I don't remember it being all that much and he used it to pay tuition and books. Admittedly it's been awhile, but he worked, I worked and for us we watched our pennies. At that time we rented a small place.

As a landlord, I would not count that income.
Re: Count GI Bill Income? by Bill on December 17, 2014 @13:53 [ Reply ]
One of the reasons this applicant has "substantial income" is because he is not paying his bills. Hence the 613 credit score. We can not help but believe that part of the unpaid bills were unpaid rent.
Re: Count GI Bill Income? by Anonymous on December 17, 2014 @15:53 [ Reply ]
I count it. These guys/women make a pile of money if they use the newest GI Bill. They get their tuition, fees, and books paid PLUS a living stipend- which was $1700 per month the last time I checked a couple of years ago.
Re: Count GI Bill Income? by Anonymous on December 17, 2014 @16:45 [ Reply ]
Hello, I am the OP. Thank you for the replies. If I consider these people I would require a double SD up front, in addition to first months rent, which is allowed in my state, Texas.

But my original questions was "Can this income be considered normal, reliable, long term income that can be counted on?" In other words does the GI BILL income have and end date of any kind? Or do you get paid forever? Can it be counted on? Any exceptions?
Re: Count GI Bill Income? by Anonymous on December 19, 2014 @01:01 [ Reply ]
His end date is when he quits or doesn't complete school.

Take his tuition, average books from the total, and just count what is left......

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