There are very specific requirements for what income that can count and what income that cannot count to satisfy VA loan requirements in California.
- If you are a salaried or hourly employee we will need your last two years W-2′s
- If you get overtime or bonuses VA loan guidelines require you have to have received it the last two years and we will take an average
- If you are self-employed VA loan guidelines require us to get your last two years of tax returns and average your NET income the last two years. We can add back depreciation and sometimes business use of home deductions.
- Commission income must be averaged over the last two years to qualify for a VA loan in California
- Child Support and alimony can be counted as income to get a VA loan in California
- Disability income, social security income, SSI can all be counted for FHA loan approval if it is permanent and can be documented
- Part-time or 2nd job income can be counted to get a VA loan if it has been uninterrupted the last two years
So those are just a few of the items you need to keep in mind as to whether your income will qualify you for a veteran loan in California. If you have any questions at all about California VA home loans don’t hesitate to give us a call at 858-922-7899 or email at homeloan8@gmail.com.
Best Regards,
Rob Chomentowski
Sr. Loan Officer (and VA specialist)
858-922-7899
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