FHA & VA Qualifying Income in Des Moines | Team Chedester
What Income Counts When Qualifying for an FHA or VA loan in Des Moines?
Many buyers assume qualifying for a mortgage is simple: you show your salary and get approved.
But FHA and VA loans evaluate multiple types of income, and understanding which ones count can make a major difference in how much home you can afford.
This question is becoming more common as more buyers have side income, gig work, or multiple jobs.
The Main Income Types That Qualify
Lenders typically accept several income sources when qualifying borrowers for FHA and VA loans.
Common examples include:
Salary or Hourly Income
This is the most straightforward form of income.
Borrowers generally need:
At least two years of employment history
Consistent earnings
Verification through pay stubs and tax documents
Overtime and Bonus Income
Overtime and bonuses may count if they are consistent and likely to continue.
Lenders usually review:
Two years of history
Employer verification
Average income over time
Self‑Employment Income
Self‑employment income can qualify, but documentation requirements are more detailed.
Borrowers usually must provide:
Two years of tax returns
Profit‑and‑loss statements
Business documentation
Lenders analyze net income rather than total revenue.
Retirement or Disability Income
Stable income sources such as:
Pension payments
Social Security
Disability benefits
may be counted if they are expected to continue long‑term.
Rental Income
If you're purchasing a multi‑unit property or already own rental property, lenders may count a portion of rental income to help qualify.
However, specific rules determine how much of that income can be used.
Why This Question Is Increasing in Des Moines
The workforce has changed significantly in recent years.
More buyers now have:
Side businesses
Contract income
Gig economy work
Multiple jobs
Understanding what income counts—and how it’s documented—has become an important part of preparing for homeownership.
What Lenders Look For
Regardless of income type, lenders focus on three things:
Stability
Consistency
Likelihood the income will continue
These factors help determine whether the borrower can reliably make mortgage payments over time.
Bottom Line
FHA and VA loans can count many different types of income, but documentation and consistency are key.
If you’re planning to buy a home in Des Moines, reviewing your income sources ahead of time can help you understand how much you may qualify for—and avoid surprises during underwriting.
