Employment verification
general requirement
- Verify a minimum of 2 years employment.
- If employed by the present employer less than 2 years:
- Verify prior employment plus present employment covering a total of 2
years;
or
- Provide an explanation of why 2 years employment could not be
verified.
VA’s debt-to-income ratio is a ratio of total monthly debt
payments (housing expense, installment debts, etc.) to gross monthly income.
A ratio greater than 41 percent requires:
Compensating Factors
- Sizable down payment
- The existence of equity in refinancing loans
- Little or no increase in shelter expense
- Military benefits
- Satisfactory homeownership experience
- High residual income
- Low debt-to-income ratio
- Tax credits for child care
- Tax benefits of home ownership
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