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Applicants for a VA home loan must complete a VA Loan Analysis form to determine your ability to afford the mortgage. In order to qualify for a VA loan, you must have a minimum amount of residual income after subtracting total monthly housing expense, including your mortgage payment, property tax, homeowners insurance, property maintenance and utilities and homeowners association (HOA) dues, if applicable.
Payments for credit cards and other debts including car, personal and student loans are also subtracted from your gross income in addition to taxes and social security. All of these items are outlined in the VA Loan Analysis form below, which is included in your loan application when you apply for the mortgage.
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. Applicants that live in more expensive regions or who have bigger families are required to have higher leftover income. 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 amount you want. If you have sufficient residual income, you should be able to qualify for the 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.