Example VA Loan Analysis
Applicants for a VA home loan must complete a VA Loan Analysis form to determine his or her ability to afford the mortgage. In order to qualify for a VA loan, the borrower must have a minimum amount of residual income after subtracting total monthly housing expense, including your mortgage payment, property tax and homeowners insurance, plus payments for credit cards, auto and student loans. The form is included in your loan application you submit when you apply for a VA loan.
In short, you need to have enough money leftover after paying all of your monthly debts including your mortgage, to qualify for a VA loan. The amount of residual income required to qualify depends on your mortgage amount, where you live and the size of your household. Review our comprehensive explanation of VA program eligibility guidelines
including the residual income requirement.
The lender inputs detailed information about your monthly income and debt payments into the VA Loan Analysis form to determine if you can afford the mortgage you want. If you have sufficient residual income, you should be able to qualify for a VA mortgage. If you have insufficient income you may not be approved or you may need a smaller loan amount. Please note that this is an example VA Loan Analysis document that should be used for informational purposes only.