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Does GI bill income count as income?

New Member

Does GI bill income count as income?

My husband and I are applying for an FHA loan within the next year.  He has a low credit score, so we were just planning to put my name on the loan.  Could we still include his income if he is not on the loan?

 

Also, he is currently a student receiving the GI bill each month.  When they calculate our monthly income to become pre-qualified, would my husband's GI bill be considered income if he is going to school for the next 3 years? 

 

 

Message 1 of 4
3 REPLIES
Valued Member

Re: Does GI bill income count as income?

I don't believe the GI Bill will be counted as income since it's educational benefits. The only way to receive your monthly GI bill benefits is if you certify that you are currently enrolled in school and those benefits should be used towards school. Now they may consider any excess money as income (ie, school is $1,000 a month and the benefits are $1,200 a month giving you an additional $200) but honestly I don't believe they will. But maybe one of the LO can tell you for sure.  

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Message 2 of 4
Super Contributor

Re: Does GI bill income count as income?

Educational benefits are not counted as income.
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Message 3 of 4
Frequent Contributor

Re: Does GI bill income count as income?

and to answer the other part of your question... no, if you don't use his credit you cannot use his income.
Message 4 of 4