All home loan programs require you to prove your ability to afford the house you buy. The same is true for home loans offered by the VA. Even though VA loans have no down payment and can have easier financial benchmarks for eligibility, lenders still evaluate your income when considering you for a loan. Here is a guide to the basics of VA loan income eligibility requirements:
VA lenders will consider income from multiple sources as long as they meet certain requirements.
The most important factor in your income according to the VA is the likelihood it will continue. While many conventional lenders set a guideline for the minimum total income required, the amount does not mean as much as the consistency. A steady income, no matter how large, will help you gain approval for a VA loan.
Not all types of income count toward VA guidelines for lending. Some examples include gambling or lottery winnings and one-time performance bonuses from your employer. Unemployment income is another common type of income VA lenders will not count toward meeting requirement guidelines.
These are just the basics of the income requirements for VA loans. To find out if you're eligible, the best thing to do is to consult a VA lender or financial professional to go over your unique situation.
"THE DONNA WARFIELD TEAM" Donna Warfield & Kimberly Clark joined together in 2017 as The Donna Warfield Team of RE/MAX Vision as a "Mother/Daughter" Real Estate duo. Together we offer 36 years of experience and have been assisting buyers and sellers since 1994 "There is no substitute for an experienced Real Estate Agent who is able to advise & guide you through the entire process, eliminate obstacles, as well as being able to resolve any potential problems that may arise." A home is one of the biggest investments that you will ever have whether you are a 1st time buyer or a seasoned home owner considering selling your home, our goal is to educate our clients on what to expect along the way and to make your Real Estate experience a pleasant one!
The Donna Warfield Team is the key ingredient to a "successful" Real Estate transaction......contact us today! We look forward to assisting you with all your real estate needs.
Donna Warfield & Kimberly Clark