To be eligible for a VA home loan, borrowers must have a stable and reliable source of income that is sufficient to cover the costs of the loan. This income can come from a variety of sources, including employment, self-employment, retirement income, disability income, and social security.
In general, lenders will want to see that you have a steady stream of income to ensure that you can make your monthly mortgage payments. If you are currently unemployed, you may still be eligible for a VA home loan if you have other sources of income that are sufficient to cover the costs of the loan.
Some borrowers may be able to use non-employment income, such as disability payments or retirement income, to qualify for a VA home loan. However, you will need to provide documentation of this income and show that it is reliable and likely to continue for the foreseeable future.
It’s important to note that lenders may have their own specific requirements and guidelines for income verification, so it’s a good idea to speak with a VA-approved lender or a VA loan specialist to learn more about the specific requirements and options for your situation. They can help you understand the income requirements and guide you through the application process.
If you are ready to purchase a home in Idaho, Oregon or Washington, you can get started get started by appling today! For more information, please contact our VA experts at 833-VA-Expert. (833) 823-9737
