A VA loan is probably the best type of mortgage available for today’s home buyers because it allows eligible borrowers to purchase a home with no money down and no requirement to pay monthly mortgage insurance. Applying for any type of mortgage requires that certain documents also be submitted in order to verify the information that has been given to the lender. However, documentation required for a VA loan may be somewhat different than what is necessary for a conventional mortgage. Below is a list of documentation and information that is to be submitted for a VA loan:
– Basic information such as name, address, telephone number and address (previous addresses that total 2 years)
– Date of birth and social security number for each borrower
– Copy of valid ID such as current driver’s license or military ID
– Copy of DD214 if separated by the military
– Certificate of Eligibility
– Statement of Service from commanding officer if borrower is still on active duty
– Name, address, phone number and dates of employment for all employers covering the most recent two year period
– Records of any debts that do not appear on credit report
– Letters of explanation for any derogatory credit; letters of appeal for any credit report errors
– Paystubs or LES covering the most recent 30 days
– W2s for the most recent 2 years and/or 1099s
– If borrower is self-employed, the most recent 2 years of income tax returns with all schedules
– Copies of social security, pension and retirements letters, if applicable
– Most recent 2 months of bank statements for all accounts, checking and savings
– Most recent 2 months of retirement and/or investment portfolio account statements
– Documents for any real estate currently owned by the borrower(s)
– Completely signed home purchase contract
– Name and contact of homeowner’s insurance agent
– Name and contact of homeowner’s association, if applicable
– The lender will order and provide the documentation related to the appraisal and property inspection.
Since each VA loan application is unique, additional documentation may be necessary. In some cases, certain documentation on the list may not be applicable. This will be discussed between the lender and the borrower. When applying for a VA streamline refinance, there is a minimum of documentation that will be needed for submission.
My loan process was very easy and quick. Not to mention a great loan rate. I couldn't be happier!
Capt Sam T. - US Army
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