What income can I use to qualify for a VA Loan?

Video Transcript

What income can I use to qualify for a VA Loan?

VA-approved lenders have to make sure prospective borrowers have enough steady income to meet the monthly expenses, including a new mortgage payment. Lenders are generally looking for at least two years of stable employment and income from the same employer and job type.

Reliable documented income can be included from a host of sources, including base pay and allowances, non-military employment, retirement income, self-employment, commissions, rental income, a spouse’s income, and alimony and child care.

To count income from overtime work, part-time jobs, second jobs and bonuses, veterans need to show that same two year period of stability. Veterans who are self-employed or make a living in the building trades doing seasonal work or working mostly on commission have some additional paperwork hurdles to face. Tax returns from the previous two years will be essential in verifying income.

For more information, please call Veterans United Home Loans to speak with a VA Loan Specialist.