• The lender must verify a minimum of two years of employment.
• If the applicant has been employed by the present employer for less than two years:

• Verify prior prior Employment Plus present employment covering a total of 2 years years,
• Provide an explanation of why 2 years employment could not be verified.
• Compare any differnt types of employment, verification such as, there verification BOE, consistency,
• Compare and Clarify any substantial differences in the data that would have been bearing on the qualification of the applicants.

• General acceptable income verification

• VA form 26-8497, request for verification of employment or any format which furnishes the same information as VA form 26 - 8497, plus a pay stub if the employer normally provides one to the applicant.
• If the employer does not indicate the probability of continued employment on the verification of employment VOE, the lender is not required to request any additional on that subject.
• The BOE must be unoriginal. The pay stub may be an original or copy certified by lenders to be a true copy of the original.

Alternative income verification - alternative documents may be submitted in place of a VOE, If the lender concludes that the applicants income is stable, reliable, and anticipated to continue during the foreseeable future - that is, if the applicant's income qualifies as an effective income. 2 years employment is not required to reach this conclusion.

• Alternative documentation consist of:

• Pay stubs covering the last most recent 30-day.
• WW2 forms for previous two years
• Telephone verification of the applicants

• Income of Applicant Employed less than 12 months.

• Generally, employment less than 12 months is not considered stable and reliable. However, it may be considered stable and reliable if an individual fact warrants such a conclusion
.
• Your lender needs to clarify the lender needs to carefully consider the employer's evaluation of the probability of continued employment, if provided.
• This generally applies to skilled positions. Examples include nurse, medical technician, lawyer, paralegal, and Computer Systems Analyst.

Note: If the probability of continued employment is high based on these factors, then the lender makes favorable considerations to include the income in the total effective income. Lender must include an explanation of why income of less than 12 months duration was used, must a company that Loan submission.

• Lenders need to obtain the following documentation:
• Current financial statements prepared in a General Lee recognize format, including:
• Year-to-date profit and loss statement; and current balance sheet

Tip: The financial statements must be sufficient for a loan underwriter to determine the necessary information for loan approval. The lender may require an account - prepared financial statements for financial statements audited by a certified public accountant if needed to make sure determination due to the nature of the business or the content of financial statemen

• Individual income tax returns, signed and dated, plus all applicable schedules for the previous two years or.
• If needed to demonstrate a satisfactory earnings record.
• If the most recent years tax return has not been prepared, provide a profit and loss statement for that year, and if the business is a corporation or partnership:
• Copies of sign Federal Business income tax returns for the previous two years plus all applicable schedules, and a list of stockholders or partner showing the interest each holds in business

Tip: generally, income from self-employed is considered stable when the applicant has been in business for at least 2 years. Less than two years cannot usually be considered stable unless the applicant has previously related employment and / or extensive specialized training. Less than one year can really qualify. In-depth development is required for a conclusion of stable income in less than 1 year cases.

• Active military and applicants income

• A military leave and earnings statement Les is required instead of a BOE.
• The LES must furnish the same information as a VOE.
• For loans close automatically, the date of the Les Les must be within 120 days of the date that Note is signed 180 days for new construction
• Construction. For prior loans, of the Apple the applica one 100 construction.

Note: most lenders will want to see a current Les due to military downsizing and many ETFs dates are changing and showing less than 12 months. Oftentimes a statement of service will be required which must show the veteran is active duty and All Dates must be completed. A good example of this is when a battery is being transferred to a new Duty station and purchasing before or at, the time they arrive at their new station. This is the time you take advantage of someone who understands military protocol as a realtor to help you find your home in Maryland. If you're pcsing to Fort me be sure to give me a call 301-337-1999. I'm easy to find and have been selling real estate for over 18 years. I grew up in the area and my family still lives here. I also served in the military with an elite unit. the DNA the government installed in my blood that makes me finish every job possible and leave no one behind. Is the reason why you want to hire me to help find your home when you're pcsing To Fort Meade Maryland, Andrews Air Force Base, Patuxent naval base.

• Reservist, Guard and Active Duty Applicants

• The continuation of military pay allowances must be determined to count as income.
• If the duration of these pay allowances cannot be determined then the pay allowances will only be used to offset intermediate debts of 24 months or less.

• It is up to the lender to separate the allowances into taxable and tax-free categories. Example basic allowance for housing.
• Example: basic allowance for housing BAH in basic allowance for subsistence BAS are Allowances that are tax-exempt
• Example: cost of living allowance COLA is an allowance that is taxable.

Skip Young Realtor® with Reviews as a Realtor®, has an extensive background in working with an Elite Unit while serving his country from 91 - 94. Now an Award-winning Realtor®, located in Waldorf MD, has proven not just in the ranks of the field with an Elite unit in the Army, but also in the Maryland Real Estate Business. By working with every type of client, to include active duty and veterans alike. His dedication to helping those who are serving and need to use their VA loan, need information on leasing a property due to a short-term duty station at any one of the bases here in Washington DC, Maryland or Virginia. Military bases such as:

Skip Young Realtor® with Reviews as a Realtor®, has an extensive background in working with an Elite Unit while serving his country from 91 - 94. Now an Award-winning Realtor®, located in Waldorf MD, has proven not just in the ranks of the field with an Elite unit in the Army, but also in the Maryland Real Estate Business. By working with every type of client, to include active duty and veterans alike. His dedication to helping those who are serving and need to use their VA loan, need information on leasing a property due to a short-term duty station at any one of the bases here in the Washington DC, Maryland or Virginia. Military bases such as:

There are currently 23 million veterans and service members right in your local community of Washington DC, Maryland, and Virginia. They transact over $153 billion annually in the Local Real Estate purchases and Selling of Property, along with the Rental Market. Learn how you can help tap into and serve the veteran community with VAREP, the Greater Annapolis Chapter. Skip Young your Waldorf MD Realtor® and Veteran is still continuing to serve my country by helping our community of brothers and sisters by representing the Government Affairs division. The position is about assisting in changing the laws that help protect veterans and service members who need to find housing in the Washington DC Maryland and Virginia area.