This post will have a brief description of the VA home loan requirements for income to qualify for a VA loan in California.  Of course part of the VA home loan qualification process is providing some kind of stable income source to qualify for VA financing.    And below is a partial list of the income types accepted and documentation required:

• Salaried W-2: VA loan guidelines require your last 30 days paystubs, last two years w-2′s and last two years federal tax returns all pages
• Self-employed: VA home loan requirements need your last two years federal tax returns all pages and your NET income will be averaged for the last two years
• Social Security: VA loan lenders will need your social security award letter (get to “gross up by 1.25% if not taxed)
• Disability pay:Award letter showing the amount you get per year.  Disability pay must be permanent  (get to “gross up by 1.25% if not taxed)
• Child support: VA loan requirements state that you should have 12 months canceled checks to document that you are receiving child support and you must show the court documents showing you will receive child support for at least three more years  (get to “gross up by 1.25% if not taxed)
• Rental income:VA loan lenders will average the last two years of your schedule E off your tax returns
• Interest income: VA loan guidelines will require this to be on your tax returns the last two years and ask for supporting documentation of the capital providing the interest income
• Second Job:You will need to have had the second job for two years to count that income

So I hope this helps you understand some of the VA home loan requirements for documenting your income to qualify for a VA loan in California.  If you have any questions don’t hesitate to email me at homeloan8@gmail.com or call at 858-922-7899.

Some VA loan highlights:

• Max VA loan with 100% financing in select California areas:

• San Francisco, Oakland, Bay Area VA loan limits $1 million
• Los Angeles, Orange County, Santa Ana, Anaheim $700,000
• San Diego $546,250
• Riverside, San Benardino, Fresno, Bakersfield, Redding, Santa
• Santa Rosa VA loan limits $478,750

VA loan interest rates are still at record lows

VA funding fee waived if VA borrower receives disability pay

 

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