The Veteran’s Affairs’ Home Loan Programs help thousands of modern American heroes and their families get access to affordable housing. With no down payment and zero monthly mortgage insurance required, it is easily considered to be the best loan program out there.
If you have determined your eligibility and want to take advantage of this home loan program, you will need the following requirements to get prepared for the VA home loan process:
- Copy of a valid identification (ID) card
- Full name, current address, phone number
- Number of dependents and their ages
- Social security number
- The state where the property of interest is located
- Your previous residential address/es from the last two years
- Your birth date and educational attainment
- Your Certificate of Release or Discharge from Active Duty, also known as DD214 if retired, separated, or discharged from active duty. For those still in active duty, secure a statement of service signed by the Commanding Officer
- Your Eligibility Certificate. You can ask the help of your lender in obtaining it.
- Company name, their address, and phone numbers as well as your dates you have been employed in them for the previous two years
- Copies of pension, social security, retirement award letters and corresponding 1099s if this is the type of income you receive
- Divorce documents or your settlement papers if applicable
- W-2 Forms from the last two years
- 30 days worth of paystubs employment or your most recent Leaves and Earnings Statement (LES)
- 60 days’ statements from your bank for both savings and checkings accounts. It should show that you have enough savings to pay for downpayment and closing costs if necessary
- 60 days’ worth of statements of your retirement accounts
- The real estate properties you currently own, if there are any
- A good knowledge of your current credit accounts including student loans, car loans, credit cards, etc.
- Appraisal documents that show the value of the purchase price (at least)
- Name and phone number for the homeowner’s association, if applicable
- Name and phone number/contact information of the homeowner’s insurance agent you will use
- The purchase contract signed by you and the seller
- Bankruptcy and discharge papers
- Documents that disprove any errors on your credit report
- The amount you pay every month for child care, if applicable
Property Type Limitations
Only the following home types or home loan purpose are eligible for a VA Home Loan:
- Mobile homes
- Previously-occupied or new residential properties
- Single-family home
- Rehabilitation or construction of new home
- VA-approved townhouse
- VA-approved condominium
Certain standards are set by the VA for properties to qualify for a VA Home Loan. Speak with your lender about this to make sure your properties meet them.
The availability of necessary documents helps speed up the processing of application. Make sure you have them ready. If you are looking for the right people to work with on your VA loan application, call us and we can match you with the best people in the industry.