Income Guidelines for A Kentucky VA and Rural Housing Loan Approval?

Employment Guidelines for Kentucky Rural Housing and Kentucky VA Loans Mortgage Approval Gaps in Employment in regards to a Rural Housing Loan in Kentucky A borrower who has no verifiable employment for 6 months or longer is deemed to have a gap in employment. RHS or USDA loan approval: Any gaps in employment must be analyzed in order to make a final determination of stable and dependable income. An employment gap does not automatically render an applicant ineligible. Applicants with job gaps due to maternity leave, medical leave, relocation, etc. are considered to have employment continuity. Applicants returning to the workforce after leaving a previous job to care for a child/family member, complete education, etc. will require a 12 month employment history. Kentucky VA mortgage loans" VA does not address gaps in employment and generally does not consider non military employment less than 12 months as stable and reliable. Any exceptions based on the loan as a whole is underwriter discretion. Medical or Temporary Leave Income in regards to a Rural Housing Loan or VA loan in Kentucky The borrower has taken a temporary leave of absence from work typically for medical leave such as maternity, illness, surgery, or on the job injury. This leave is short term in nature and the borrower is still employed with their same employer prior to the leave of absence. RHS & VA: Borrower’s on temporary leave are not eligible for a Kentucky Mortgage loan transaction. Frequent Job Changes for Kentucky VA and Rural Housing Mortgage Loans Frequent job changes may indicate instability in a borrower’s income. RHS: Many low and moderate-income applicants change jobs frequently due to the nature of the employment available. Applicants should not be penalized for frequent changes in jobs within the same line of work if, despite the changes, income continuity has been maintained and the income amount has remained at a consistent level. VA: The borrower must demonstrate the ability to maintain an income at a constant level over the recent 2-year period even if he or she has worked for a variety of employers. Seasonal Employment for a Kentucky VA and USDA Mortgage Loan Seasonal Employment refers to employment that is not year round typically due to weather conditions. Seasonal Employment can be full time or part time. RHS & VA: Borrower must have worked the same job (or same line of seasonal work) for the past 2 years and the borrower’s employer must state there is a reasonable expectation that the borrower will be rehired for the next season. Tax returns will be required if unemployment compensation will be used to qualify the borrower. **Income calculation will follow calculation guidelines. These guidelines are for employment history and profile only.