One of the keys to being able to use your VA home loan benefits in California is being able to document your income to qualify for a VA home loan. For active military members it is fairly simple, you will just provide your most recent LES, and VA home loan lenders can count b0th your basic pay and BAH and BAS pay. But for veterans it is a little more complicated. Below are some main bullet points of how VA home loan lenders calculate income for qualification:
- W-2 wage earner - generally you have to have two years job history, but there are MANY exceptions to this so call or email and ask us
- Commission income - you need a two year history of commission income and the VA lender will take a 24 month average
- Overtime income - two year history is required to count this
- Alimony and child support – this can be counted if you will receive for three more years and you can document you received the last 12 mos
- Social security – this is allowed
- VA disability pay - allowed
- Pension income – allowed
- Rental property income - VA loan program guidelines require the last two years of your schedule E income on your tax returns to be averaged
- Self-employed or 1099 Independent Contractors - your NET income after tax deductions will be averaged over the last two years
So those are some basic income requirements for VA home loan eligibility in California. If you have any further questions about your income or would like to be fully approved please email me at homeloan8@gmail.com or call 858-922-7899.
Below are some of the very most recent up-to-date benefits of VA financing in California:
- VA mortgage loan limits in California go up to $1 million in San Francisco, San Jose area and most of the Bay Area. Los Angeles and Orange County VA loan limits are $697,000 with 100% financing and San Diego is $537,750. You can go above these VA loan limits with a small down payment.
- VA funding fee is waived for veterans who receive disability pay
- VA home loan rates are still close to 60 year lows
- VA home loan refinance can be done in a very easy simple manner
Regards,
Rob Chomentowski
Sr. Loan Officer (and VA loan specialist)
858-922-7899
homeloan8@gmail.com
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