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what can be used instead of cancelled checks and bank statements

We are closing on a va loan our credit is good.we have been renting rooms in our current home and will continue to do so when we move.the issue is we have no cancelled checks because we have been getting cash from our family membersthe lender has accepted the lease any suggestions. by bmtop100340 from , California. Mar 4th 2017 Reply


Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,446 contributions

What you are attempting to use for qualifying income (renting rooms in a non official multi-unit home). While VA is one of the most liberal programs, I've never heard of allowing this type of income, and just reviewing VA guidelines, I do not see this being specifically addressed. My opinion is this is not allowable, especially if it is not WELL DOCUMENTED with third party proof, like cancelled checks. Good luck!

Mar 6th 2017
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Larry Gray (lgray_312_247)
#4 ranked lender in California - 1,127 contributions

As someone who does VA guaranteed insured loans, I also have not heard of being able to use such income though being family members perhaps you could include one or more on the loan in a pinch?"Rental income: Must be received from investment properties you own. Income from roommates in a single-family property you occupy does not count. You may have to provide proof of experience as a landlord and proof of three months' worth of mortgage payments."

Mar 6th 2017
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John Burke (jburke)
#1 ranked lender in Texas - 183 contributions

Hi Bmtop100340,While something like this could work under the VA guidelines for "other types of income" the problem is the income cannot be verified outside of the lease agreement so it wouldn't technically meet the VA guidelines because it cannot be verified through either your tax returns or cancelled checks.| Please feel free to contact me for more information or help. | John Burke | Senior Mortgage Banker | Great Plains National Bank http://www.valoansdoneright.com | (877)228-9069 | Lending in ALL 50 states

Mar 8th 2017
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