When you are providing documentation to a private lender who handles VA Loans, you must familiarize yourself with the income documentation requirements. If you are asking yourself whether or not you need tax returns to qualify for a VA Loan, you must look at how you earn your income. Consider things like self-employed income, contract work income or generating income from a traditional job. So here is a list of things to consider while asking yourself whether you need at least two years of tax returns:

Income Documentation Verification

  • You will need copies of your most recent pay stub, two years of W-2’s and some lenders require a minimum of 12 months bank statements. The bank statement requirement varies among lenders. Some require the statements and some lenders do not require the statements
  • Two years of business bank statements are required if you are self-employed. If you generated any income from rental properties, you will need your Schedule E showing positive or negative rental income. You must also provide two years of 1040 filings over the past two years.
  • If you are a 1099 contract employee, you must show two years of 1099’s. Then you must provide a minimum of two years of tax returns that clearly shows how much gross income you made pre-tax. This is used to ensure that you can continue to generate a freelance income.

Working with MortgageDepot

We are a leading mortgage service based out of New York. We specialize in working with veterans who are struggling to come up with the right income documentation. If you feel overwhelmed, or do not know how to obtain various income docs, then MortgageDepot is who you should look to for support. Our team of mortgage professionals guides you throughout the process all the way to the VA Loan closing. Do not hesitate to call today.

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