Applying For A VA Loan: The Complete List Of Everything You Need
VA home loans are available to veterans, service members and surviving spouses who meet certain eligibility requirements.
These loans are offered by private lenders, but the VA guarantees part of the loan, allowing them to provide you with better terms.
There are specific eligibility requirements that include your length of service or commitment, the character of service and duty status.
If you're ready to become a homeowner, there are a few things you should do before applying for a VA loan.
The pre-approval process is fairly quick and easy.
However, you'll need to gather quite a bit of paperwork and information when you've found your dream home and begin applying for the loan.
To help out, we've put together a complete list of everything you need when applying for a VA loan.
As with any home loan, you'll need to provide a certain amount of personal information. This includes:
- Your name, address, phone number, and date of birth.
- Addresses for anywhere you've lived in the past two years.
- Years of school you've completed.
- SSN for yourself and any other applicants.
- Information about race and ethnicity. This is required on all mortgages and is for government monitoring.
- A valid ID.
- The state you plan to purchase a home in.
- Number of dependents and their ages.
- If you're separated from the military, you'll need your DD214.
- If you're active duty, you'll need a statement of service from your commanding officer.
- A filled out request for COE form 26-1880 and your Certificate of Eligibility (COE). Contact Intercap Lending Inc. today, where a loan officer will help you obtain and fill out the COE forms.
Income & Employment Info
Of course, you'll need to provide information that shows you can afford a mortgage payment. That information typically includes:
- Names, addresses, phone numbers, and dates of employment for everyone you've worked for in the past two years.
- Your last 30 days of pay stubs or most recent Leave and Earnings Statement (LES).
- W2s from the last two years.
- If you're self-employed, tax returns with all schedules for the last two years.
- If you have rental income or commission, you'll also need to provide tax returns for the last two years.
- Copies of any Social Security or permissions and retirement award letters and 1099s if you receive miscellaneous income.
- Divorce decree and any settlement papers if applicable.
You'll also need to provide information about any assets you may have. This includes:
- Bank statements for both checking and savings accounts for the past two months. Your accounts should have enough funds for your down payment if there is one, and any closing costs that aren't covered by the seller.
- The past two months of statements for any retirement accounts you may have.
- Any information about real estate you already own.
Liabilities & Credit Info
Although your loan officer will obtain a credit report that shows your accounts, it can be out of date or have missing or inaccurate information. Because of this, you should be prepared to offer information about your credit cards, auto and student loans, and any other credit accounts you may have. You'll also need to provide information about the following:
- Any child care payments you make each month.
- An explanation of any derogatory credit you may have.
- Documents disproving any irregularities on your credit report.
Info About The Property
You'll also need to provide information about the property you are hoping to purchase. This typically includes:
- Purchase contract signed by both you and the seller.
- An appraisal showing the value of the home. It should be worth at least the purchase price.
- Contact information for the homeowner's insurance agent you plan to use.
- Contact information for the homeowner's association if there is one.
While a home inspection report is usually not required by the lender, it's a good idea to get one. To qualify for a VA loan, you must plan to live in the home once the purchase is complete. You cannot use this type of loan for investment or rental properties.