Kentucky VA Home Loan Guidelines
Minimum History of Employment A minimum of 2 year history in the same industry/line of work is required in most instances but it’s not a universal rule. Recent graduates can satisfy the two year requirement by providing proof of schooling with a degree for the line of work you are now employed in. Active duty members do not need a two year history as long as the minimum service requirement for eligibility has been met. Self employed borrowers must always have a two year history of self employment and must show a two year history of filed tax returns to meet the 24 month requirement. Income Calculations If you are salaried, your base income will be used to qualify you for the loan. However, if you are an hourly employee with varied hours, more than likely, your income will be averaged over an extended period such as 18 or 24 months depending on the situation. Overtime, bonuses, commission and part time employment must have a 24 history in order to be included in the qualifying income. T...