12 CCR s 309.6

Cal. Admin. Code tit. 12, s 309.6

CALIFORNIA CODE OF REGULATIONS
TITLE 12. MILITARY AND VETERANS AFFAIRS
DIVISION 2. DEPARTMENT OF VETERANS' AFFAIRS
CHAPTER 2. VETERANS' FARM AND HOME PURCHASES
SUBCHAPTER 1. ELIGIBILITY AND QUALIFICATIONS
This database is current through 12/22/06, Register 2006, No. 51.
s 309.6. Income Verification and Reliability.

The income of all applicants applying for Cal-Vet loans shall be confirmed
by: 1) verifying employment status with current employer; or 2) 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.

Note: Authority cited: Section 700, Military and Veterans Code.
Reference: Section 987.56, Military and Veterans Code.

HISTORY

1. New section filed 11-12-91; operative 12-12-91 (Register 92, No. 7).

12 CCR s 309.6, 12 CA ADC s 309.6
1CAC

12 CA ADC s 309.6

END OF DOCUMENT