Section 309.6 - Income Verification and ReliabilityThe income of all applicants applying for Cal-Vet loans shall be confirmed by:
1) verifying employment status with current employer; or2) relevant information that specifies the applicant's income (for example, retired annuitant statements, or dividend and interest income statements). The Department shall give equal consideration to both the income of the applicant and the income of the spouse. There shall be no discounting of income because of sex. Income claimed by the applicant which cannot be verified shall not be considered in the income analysis. Employment verifications over six (6) months old shall not be considered valid. The following are particular requirements for other income situations: (a) Recently discharged veterans: Unless the veteran is returning to the same or similar job held at time of service entry, the veteran shall be held to the six (6) months employment requirement as set forth in Section 309.5(b). Similar pre-military experience or training, or work performed while on active duty, in the same or a similar field as the applicant's current job, shall be considered to establish job stability. If the veteran has some related training or experience and the employer rates the job as permanent, then the veteran's full income from the present job shall be used even if there is less than six months job experience.(b) Self employment: The applicant shall submit a 12 month year-to-date (of application) profit-and-loss statement plus copies of federal income tax returns for the two most recent tax years.(c) Seasonal Employment: Applicants with seasonal employment due to weather or economic conditions shall submit a statement of earnings for the year-to-date of submission of the application plus copies of W-2 forms for the two most recent tax years.(d) Commissions: When more than 50% of the applicant's income is derived from commissions, the applicant shall submit written verification of the actual amount of commission payments received over the last 12 months, if possible, and in any case over the period of at least six (6) months prior to submission of the application.(e) Union Employment: Applicants who work out of a union shall submit copies of W-2 forms for the two most recent tax years plus a current verification of employment including the current year's year-to-date earnings.Cal. Code Regs. Tit. 12, § 309.6
1. New section filed 11-12-91; operative 12-12-91 (Register 92, No. 7). Note: Authority cited: Section 700, Military and Veterans Code. Reference: Section 987.56, Military and Veterans Code.
1. New section filed 11-12-91; operative 12-12-91 (Register 92, No. 7).