Employment Requirements

In order to qualify for a El Paso VA Loan, you must be employed. Generally, the lender will want to see a 2 year history of employment. The exception is the El Paso VA IRRRL loan for which you only need to becurrently employed (don’t need a full 2 years).

If you have had a gap in employment over the past 2 years, you may be required to provide a signed “letter of explanation” for the gap. As long as you were employed in the same line of work prior to the gap, you will be fine for qualifying purposes.

For a El Paso VA Loan, the lender typically will want to see that you have also been in the same line of work for 2 years as this will demonstrate stability and consistency of income. This is especially true of any variable income sources such as commissions, bonuses, or self-employed income. For “fixed” income sources such as if you are on salary, or hourly with a guaranteed 40 hour minimum per week, lenders will sometimes allow for only a 1 year history as long as you have an overall 2 year work history.

Recently discharged Vets can also get around the 2 year requirement, especially if they are working in a job which they either did in the military, or were trained for in the military. With less than 1 year history, the Vet will be required to get a signed letter from their employer explaining their employment situation and stability.

One other exception to the 2 year requirement for a El Paso VA Loan is a parent returning to the work force after caring for their children. Exceptions can be made in this case to allow for their income to be used for qualifying, but if they are in a variable income job such as commissions or self-employment, it will be very difficult to qualify, unless they were employed in the same line of work prior to caring for their children.

Employment history and situations are unique to every borrower. We would be honored to help answer your questions about a El Paso VA Loan, and don’t believe in “sales tactics,” just the honest advice and service you deserve.

SMP Mortgage
ReAnn Gonzalez
NMLS #219070
7362 Remcon
El Paso, Texas 79912
P: 915-595-1112
Email: rgonzalez@smprate.com

This website is not endorsed or sponsored by the Dept. of Veterans Affairs or any government agency.


Texas Mortgage Banker Disclosure

Pursuant to the requirements of Section 157.007 of the Mortgage Banker Registration and Residential Mortgage Loan Originator License Act, Chapter 157, Texas Finance Code, you are hereby notified of the following:

CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT http://WWW.SML.TEXAS.GOV A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.

THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CASUED BY ACTS OF LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIUMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT http://WWW.SML.TEXAS.GOV.


Privacy Policy | Terms of Use