What Counts As A Verifiable Income on a VA Home Loan?0August 16th, 2010va loans
A VA loan is a military benefit that is available to help Veterans and their families. Just like most other loans, there are certain requirements the person applying for the loan must meet. You will need to provide the correct documents and information that is asked for. One of the things that is wanted is a form of verifiable income. If you have taken out regular loans before this will not really come as a surprise to you. You may be wondering what is and isn’t considered a verifiable income. The VA has certain VA loan guidelines it follows to decide just what is a verifiable income.
One of the first and main things that is looked at is the borrower’s debt-to-income ratio. The VA wants to be sure that people can make their living costs as well as what they will need to repay their loans. Just about all income in the home counts towards this. This includes military income, the income your spouse makes, and any additional income that is earned. This could be from a part time job or even steady sales from an online business. There are certain percentages that can be made and as long as you do not go over that, you will be eligible for the loan.Tags: va guidelines, va home loan, va loan guidelines, va loan income requirements