Va Social Security Income Documentation Requirements

A Documentation of the borrowers total earnings year-to-date.

Va social security income documentation requirements. Base non-fluctuating employment earnings. Stable monthly income requirements Documentation requirements. 1 How to Underwrite a VA-Guaranteed Loan 4-2 2 Income 4-6 3 Income Taxes and Other Deductions from Income 4-25 4 Assets 4-27 5 Debts and Obligations 4-29 6 Required Search for and Treatment of Debts Owed to the Federal Government 4-34 7 Credit History 4-40 8 Documentation for Automated Underwriting Cases 4-46 9 How to Complete VA Form 26-6393. Additional documentation for a borrowers employed in building trades or other seasonal or climate-dependent work must provide in addition to the standard documentation VOE and pay stubs the following.

Determine that your retirement income is likely to continue for at least three years. Proof of current receipt. Documentation evidencing the applicants total earnings year to date signed and dated individual income tax returns for the previ ous 2 years and if applicant works out of a union evidence of the unions history with the applicant. Documentation of social security benefits pensions andor retirement income and Documentation of savings bonds certificates of deposit andor stocks.

Social Security Administrators SSA Award letter or. The VA needs a record of both in the form of pay stubs tax returns and Verification of Employment documents. In addition to the standard documentation VOE and pay stub obtain. Employment and income are two important factors.

Borrower is drawing Social Security benefits from another persons accountwork record 2. As part of the requirements to receive VA Pension benefits you also must have low income. Generally at Veterans United well typically need to. One of the most obvious for veterans who are retired your pension can be included in your income.

One requirement is that you must have served for at least 90 days and one day during a war period. VA disability income is often counted as well. The VA provides a specific form for Verification of Employment which must be submitted as an original. Savings from your 401k or IRA that started paying out work here as well.

The above list is not all inclusive. Verifications of employment and deposit. Fluctuating hourly employment earnings. Also keep in mind that if you are applying for a VA streamline refinance no income documentation or ratio calculation is required.

Verify the retirement income through bank statements awards letters or IRS Form 1099-R documents for the past two years. Send an electronic request see example in Topic 7 of this chapter to verify income disclosed by the Veteran from the following sources. To qualify to receive VA Pension benefits you must be age 65 or older or you must be totally and permanently disabled. Temporary limited income however is rarely acceptable as a form of income for loan documentation purposes.

If you have compensating factors like good credit a down payment or extra money in reserve you could be approved for more. Military income is generally accepted and can be most easily documented with your Leave and Earning Statements. Borrower is drawing Social Security benefits from own accountwork record 1. Type of Social Security benefit.

If youve started collecting Social Security can also be included in income. Streamlined Accept and Standard Documentation Levels. The Seller is not required to obtain documentation to verify income continuance absent any knowledge information or documentation that the income is no longer being received or is likely to cease. Note must have a remaining term of at least three years.

Income must be likely to continue for at least the next three years. Any other jobs that had some type of retirement income can be included as well.