Timeline on getting VA Benefits Award Letter

turion1973

PEB Forum Veteran
Registered Member
Joined
Feb 7, 2013
Messages
45
Likes
9
#1
I just got my Unfit Memo thru the IDES, last week so I figure I have about 3 to 5 months give or take a few weeks to get all my priorities together. Lately I have been beating myself up on trying to decide to buy a house or just rent one. Since I have learned that you have to show the mortgage lenders the VA benefits award letter for proof of income since they really don't like to take the RAS from MYPAY to show our retiremtent pay given I get 30% or higher from the DOD which I'm 99% sure I am. I have spoke with my PEBLO and he said the VA will send my Benefits letter in 30 days or less. But I spoke with the VA DES Representive and she told me it really takes about 90 days to 120 to be more honest since they will have to re-rate my Proposed ratings once I produce my DD214 to them prior to sending out my VA Benefits award letter that to recieve it in 30 days or less is imposible.

Please any info would help
 

Sicotic

PEB Forum Veteran
Registered Member
Joined
Sep 18, 2012
Messages
767
Likes
97
#4
38 days in counting. I was that you couldn't get. Va loan unless you have. Full time job when you get out. Also has to be within your mos or job in military. Plus have. Credit of 620 or better ith and 40% debt to income.
 

Jason Perry

Benevolent Leader
Site Founder
Staff Member
PEB Forum Veteran
Registered Member
Joined
May 15, 2007
Messages
12,168
Likes
1,444
#5
38 days in counting. I was that you couldn't get. Va loan unless you have. Full time job when you get out. Also has to be within your mos or job in military. Plus have. Credit of 620 or better ith and 40% debt to income.
There are credit criteria for the banks who issue the loan that must be met. But, there is no requirement that you have to have a job within "your mos or job" in the military. Just think about how that requirement would be met by an infantryman, or a weapons officer on a submarine.
 

SGT B

Registered Member
Joined
Sep 19, 2012
Messages
15
Likes
1
#7
58 days from date of separation for me. My case was closed on Feb 6 so when I log onto ebenefits it's saying a letter should have been mailed already, I called yesterday to request another one be sent out since I haven't received the other.
 

ceilingfan

PEB Forum Veteran
Joined
Aug 1, 2010
Messages
1,257
Likes
123
#9
There are credit criteria for the banks who issue the loan that must be met. But, there is no requirement that you have to have a job within "your mos or job" in the military. Just think about how that requirement would be met by an infantryman, or a weapons officer on a submarine.
I ran into this exact situation when I was applying for VA home loan. According to USAA underwriters (and their interpretation of VA regulations), I did need to have a job, which correlated with my military MOS (infantry). However, as with anything, there are work-arounds and waivers. The only thing that saved me was the fact that I was working in the field I was before joining the Army and that I have a degree in. I was eventually approved and everything went through. This was last July.

The VA doesn't worry so much about credit score as they do 'debt to income ratio'.