Can I Get a VA Loan if I Don’t Have a Job?
VA lenders have to consider your sources of income when applying for a VA loan. Having a job can be a big plus as a loan applicant for a VA mortgage but it isn’t required. The VA home loan program allows lenders to look at other sources of income. In fact, some VA lenders can even turn your assets into income to qualify for a VA loan application. Can I get a VA Loan if I Don’t have a job? Keep reading to find out.
So, having a job isn’t a requirement if you find a lender who can work with your other income sources. The key is to find a flexible VA lender who knows how to work through the complicated VA lending rules.
Can I Use Part Time Income to Qualify for a VA loan?
Some service members are worried that a part-time job can’t be used for a VA mortgage application. You may have been told that only full time income is allowed. That’s not true in all cases. The key is how your lender does the verification of income when they review of your employment history.
A part time job can be used as qualifying income but there are some special rules that a VA loan expert will help you navigate. An expert review of your pay stubs will also be important to be able to use part time income. If you call one of our VA loan experts at 800-720-0250 you can find out if your part time job can be used for a VA loan application.
“I highly recommend HomePromise without hesitation.” – Debra H.
VA Loan Review – Offer Accepted
VA loans give you many advantages that other loans cannot offer including government backed loans like FHA. When buying a home with your VA home loan benefit, no down payment is usually required, there is no monthly mortgage insurance (not to be confused with homeowner insurance) and, you can even prepay as much of the loan as you want without being penalized. However, after obtaining a VA eligibility certificate, you have one more hurdle to cross: getting your home purchase offer accepted by a seller.
Using VA Disability Income to qualify for a VA loan
A helpful source of income for some veterans is from a VA service-connected disability. Some lenders will allow you to use a special calculation of your disability income to increase the income amount to a level higher than is used by other VA lenders. This increase (some call it a “gross up”) is very important to get you the most income from your VA disability. This approach to VA disability income worries some lenders so they make the income lower than is allowed by the VA. If you have lower income allowed from your VA disability, then you might get denied for a VA loan when you shouldn’t be. If you don’t have VA disability income yet but you think you might be eligible for it, you can find out how to submit a VA disability claim on the VA website File Claim.
Get an Expert Review of your Tax Returns
An expert review of your tax returns may uncover income that some VA lenders may overlook. Tax returns are very complicated and not all lenders are experts and reading them. You may find that you can get approved for a VA loan using income that can be uncovered in your last two years of federal income tax returns. A VA home loan expert at HomePromise can do that review for you and give you feedback to see if income can be found to use for a VA loan. Give us a call at 800-720-0250 to get an expert review of your tax returns.
Other Kinds of Income
There are other kinds of income that can be used for VA home loans including retirement income, social security income, your spouse’s income, a family member’s income and investment income. These each have some VA lending rules that have to be used to determine if they are acceptable and how much of these income sources can be used. If these income sources come in on a monthly basis then you should discuss them with a VA lender as an alternative income source.
Get Expert Advice Today
HomePromise is a flexible lender approved with the US Department of Veterans Affairs to make VA home loans. The HomePromise approach is not a rigid approach but one that takes into account your special circumstances. At HomePromise, we will review your credit score and credit history along with your income sources to see if you qualify for a VA loan. Call us at 800-720-0250 for help today.