Can I Get a VA Loan if I’m Unemployed?
Anytime you apply for a loan, VA lenders in Colorado Springs expect you to prove that you have a reliable source of income every month. This gives them peace of mind knowing that you’ll be able to make monthly payments on the loan without issue. But what happens if you’re unemployed? Can you still get a loan? You can as long as you know what to do.
You Still Have to Provide a Source of Income
Whether you have a full-time job or you’re unemployed, you’ll need to provide proof of income to your lender. That income can be from any source including permanent disability, retirement income, investments, or your spouse’s job. What matters is that you have money coming in every month and that it’s enough to cover your loan payments.
Existing Debt Matters
VA lenders in Colorado Springs also want to make sure you don’t have tons of debt if you’re unemployed and applying for a VA loan. If you and your spouse have tons of existing debt, it could bar you from being able to qualify for a loan in the first place. You need to have enough income to cover your current debt payments as well as the payments for the new loan.
Speak with an Approved Lender
There’s no one-size-fits-all solution for unemployed veterans looking for a VA loan. The best thing you can do is speak with approved VA lenders in Colorado Springs and discuss your personal situation. Contact our team today and let us help.