Employment Verification (VOE) is essential for VA lenders to verify that you have a reliable source of income and can make your mortgage payments. The guidelines will vary depending on the lender, and borrowers should be aware that some work scenarios may disrupt the VA lending process. VA lenders can use income from a variety of sources, but each must meet a minimum set of requirements. The first requirement is that income be verified as full-time and, in the world of VA lenders, full-time means working at least 30 hours a week for your employer.
VA loans have a unique rating guideline that establishes what is called “residual income” that VA borrowers should have. Without the VA service statement, you wouldn't be able to close a VA loan, and the delay in receiving it could delay your loan process. A VA home loan service statement is one of the most important documents you can have when applying for VA funding. The right to a VA loan is an amount of money that the VA will pay if a veteran doesn't pay his mortgage.
