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VA Loan Income Eligibility

Following World War II, America was still in economic chaos. The nation was still picking up the pieces of the Great Depression, the era which destroyed the country that had so long enjoyed the booming success of capitalism. Economists and sociologists alike floundered in search of a way to secure financial stability for the country as a whole, and for each individual family. The task at hand was not an easy one, and to be sure, there were a great many failed ideas before some measure of improvement could be made.

The returning soldiers, weary from battle, but elated from victory, came home to a nation in the process of a rebirth. As part of that rebirth, came benefits to help the veterans adjust from life on the battlefield and travel overseas, to a career in the newly prosperous cities of America. The mentality behind VA Home Loans came from a program designed to help low income families land on their feet after the recent years of financial and emotional instability. Just as VA Home Loans enabled thousands of veterans purchase a home after WWII; it has also enabled countless families to experience the joy of owning a home since its creation in 1944.

Since 1944, the objectives of the VA Home Loan have changed significantly. The program is now aimed at long term benefits for borrowers. This is why VA Home Loans are more lenient than conventional loans with debt ratios, low-income borrowers, as well as borrowers with little or no credit. If you served at least 90 days in WWII, or you served in any of the following wars: Korean War, Vietnam War, Persian Gulf War, you are eligible for a VA mortgage.

For proof of income, regardless of what it is, you need to provide proof of employment over the past two years. If you have not been employed for two years, simply state the circumstances as to why not (i.e. disability, etc.). As long as you provide proof of employment or explain why you have not been employed, you have a good chance of being approved by the VA for your Certificate of Eligibility.

Back to the Veterans' Loan Handbook Table of Contents.