@Anonymous wrote:
I'm a registered nurse and worked in COVID units all through the pandemic. I was burnt out and decided to take the summer off, April thru August, five months. I recently went back to work and would like to buy a home using my VA entitlement. How does a five month employment gap affect my approval odds. I'm an RN case manager salaried at $83,200. I'm also receiving VA disability compensation at 70% for $1,566 / mo. Any insight would be helpful. Thanks!
Hi @Anonymous,
You'll be fine.
Here's the VA guidelines:
Generally, employment less than 12 months is not considered stable and reliable. However, the lender may consider the employment stable and reliable if the facts and documentation warrant such a conclusion. Determine whether the borrower’s past employment, training, and/or education equipped him or her with particular skills that relate directly to the duties of their current position. If the probability of continued employment is high based on these factors, then the lender may consider including the income in the total effective income. An explanation of why income of less than 12 months duration was used must be documented on the VA 26-6393, Loan Analysis. If the probability of continued employment is good, but not well supported, the lender may utilize the income if the borrower has been employed at 12 months, to partially offset debts of 6 to 24 months duration. An explanation of why income was used to offset debts must be documented on the VA 26-6393, Loan Analysis.
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