Applying for a VA loan requires specific documentation to verify your eligibility and financial standing. Here’s what you’ll need:
1. Proof of Eligibility
You’ll need a Certificate of Eligibility (COE) from the VA to prove your military service record or that of your spouse. You can obtain this online or through your lender.
2. Personal Information
Provide personal details such as your Social Security number, date of birth, and contact information. This helps establish your identity and eligibility.
3. Employment and Income Verification
Submit recent pay stubs covering the past 30 days and W-2 forms for the past two years. Self-employed individuals may need to provide tax returns and profit-and-loss statements.
4. Credit History
Authorize your lender to pull your credit report to assess your creditworthiness. Maintain a good credit score to improve your chances of approval and favorable terms.
5. Bank Statements
Include bank statements from the past two months to verify your assets and ensure you have sufficient funds for closing costs and reserves.
6. Additional Documents
Depending on your circumstances, you may need to provide divorce decrees, child support documentation, or explanations for any derogatory credit issues.
7. Property Information
If you’ve already chosen a property, provide details such as the address, purchase agreement, and information about homeowners association (HOA) fees.
8. DD-214 or Statement of Service
For veterans, include your DD-214 form showing your dates of service and type of discharge. Active-duty service members can provide a statement of service signed by their commanding officer.
Conclusion
Having the necessary documents ready when applying for a VA loan can expedite the process and increase your chances of approval. Be sure to consult with your lender to ensure you provide all required documentation accurately.
For personalized guidance and assistance with your VA loan application, reach out to our team of experienced mortgage professionals today.
Leave a Reply