As long as you can document that you've received rental income through your tax returns, you'll be fine,
Here are the VA guidelines for multi-family units and rental income.
Verification: Multi-Unit Property Securing the VA Loan
â€¢ cash reserves totaling at least 6 months mortgage payments (principal, interest, taxes, and insurance - PITI), and
â€¢ documentation of the applicantâ€™s prior experience managing rental units or other background involving both property maintenance and rental.
Analysis: Multi-Unit Property Securing the VA Loan
Include the prospective rental income in effective income only if:
â€¢ evidence indicates the applicant has a reasonable likelihood of success as a landlord, and
â€¢ cash reserves totaling at least 6 months mortgage payments are available.
The amount of rental income to include in effective income is based on 75 percent of:
â€¢ verified prior rent collected on the units (existing property), or
â€¢ the appraiserâ€™s opinion of the propertyâ€™s fair monthly rental (proposed construction).
Note: A percentage greater than 75 percent may be used if the basis for such percentage is adequately documented.
Please feel free to contact me for more information or help. You can also find info on my VA Mortgage website by clicking the link below.
Senior Mortgage Banker