New GI Bill as income for mortgage ap

[Anonymous]

Hi everyone!

My wife and I are thinking about moving to New England and buying a house.  My wife should be able to transfer from her current job and I wanted to go back to school using the new GI bill.  The new bill provides a monthly allowance for housing which would more than cover a monthly mortgage payment for the places we are looking to move to.  Will lenders consider this as income or will we have to solely rely on my wife's income?  Thanks for your help.

[Anonymous]

Sorry, I don't have the answer but rather the same question so I thought I would post it here.

My husband and I are both currently deployed and upon returning home will be collecting approximately $3,500 a month total for both of us for both drill and funds from our GI Bills. We are looking at a mortgage payment of around $900 with no further debt. Is it possible that a lender will qualify us with only those funds as income?

[ShanetheMortgageMan]

Unfortunately VA educational benefits cannot be used as qualifying income.