va loan income: VA Loans and Rental Income
- 06/05/12 01:26 AM
A reader asks, “Can the rental income from a multi unit property be used at least partially to qualify for the loan? I know in the past that it could as long as the veteran had six months of cash reserve on hand to cover rental vacancies.” This question comes up frequently; some borrowers want to know if a VA home loan can be used to purchase a multi-unit property (yes) and also want to know if rental income from said property can be used to qualify for the VA mortgage loan (it depends). Borrowers cannot automatically use projected rental income … (0 comments)
va loan income: VA Home Loans and Verifiable Income
- 01/31/11 11:57 AM
When a veteran or current military member applies for a VA mortgage loan, income verification is one thing that must happen as a part of the VA loan application process. The VA can’t determine a borrower’s debt-to-income ratio without properly documenting what the Department of Veterans Affairs describes as “stable” or “effective income”. Borrowers are encouraged to list all sources on the VA loan application including alimony and child support payments (which are not required but must be listed in order to count as verifiable income). A military member or veteran’s income as listed on their retirement pay statements, disability pay … (1 comments)
A reader asks, “Can the rental income from a multi unit property be used at least partially to qualify for the loan? I know in the past that it could as long as the veteran had six months of cash reserve on hand to cover rental vacancies.”
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