Rules for Income Verification when using VA in Washington
One of the requirements for using a VA home loan to buy a home in Washington is to verify your income and employment. This can be an issue for VA buyers when they've been employed for less than 24 months. For example, an individual may have retired from the Army when stationed at JBLM and decided to buy a home in Tacoma. If this individual has a new employer in the Washington or Tacoma area, he or she may not have 24 months of solid employment. The question I commonly get is whether or not this individual can still buy a home in Tacoma.
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The short answer is yes. The buyer must show stable, reliable income and show that this income is likely to continue. The retired military member wanting to buy in Tacoma must show that he or she has a job in the Washington area and will likely continue to receive income from this employment. Another issue arises when the employment in Washington is less than a year because the VA sees employment in Washington that is less than a year as not stable. Thus, it comes down to your argument of job stability in Washington through facts. As a VA buyer in Washington, you are given certain advantages in this regard. Your Washington lender can approve your loan application if evidence supports it. Here are some considerations you can add to your application if your employment is less than 12 months:
- Buyer requests feedback from their new employer to add to his or her loan application.
- Additional education is required for your current position.
Your loan officer in Washington will review your application and determine if you meet the requirements. Fortunately, VA provides lenders certain flexibility with these requirements.
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Posted in Home Improvement Post Date 11/10/2017