When it comes to mortgage applications, lenders will always require their borrowers to prepare the necessary paperwork needed during the application process.
After all, these documents will back you up when lenders prove if you’re worthy of a mortgage approval.
For VA home loans, the same principle still applies. Without the needed paperwork to prove if you’re worthy of a home loan, lenders will definitely think twice about trusting you with one.
In order to ensure a smooth VA mortgage application process, eligible Veterans and Servicemembers have to know what the necessary paperwork is needed during application.
Here are some of the important documents that lenders might want to look into during your application.
First, eligible borrowers have to get their basic documents ready. These documents contain your essential information that lenders generally need to verify your basic background.
A copy of your government IDs, driver’s license, other valid IDs are the most common documents that you need to secure first.
Other than that, they might need your social security numbers especially since lenders may need it during your credit check.Consult a VA loan expert today.
The most common paperwork needed for VA home loans is your Certificate of Eligibility. Your COE will verify your eligibility for VA’s home loan benefit.
Acquiring your COE can be requested in two ways: online or through a loan officer. This will be needed most for VA purchase loans.
If you’re an eligible Veteran or Servicemember that already left the military, you need to secure a DD214. This document has information about your military service history.
The information may include your personal information, where you were last stationed, the last time you were active in the service, whether or not you have served the military overseas.
Some lenders may also look for a statement from the borrower’s commanding officer if the borrower is still on active duty.
Proof of Income or Employment
Your income and employment history is something that lenders may want to look into. To be on the safe side, secure your current pay stubs and your W2 forms for the past 24 months.
For self-employed Veteran borrowers, copies of your tax returns may be needed, too. Other than that, you may want to keep divorce settlement related paperwork if ever it’s applicable.Become a Veteran homeowner today.
In order to see your financial ability to carry out a mortgage, lenders will still look into important financial information.
While the VA does not have specific credit standards, lenders may have their own. Prepare credit reports, credit card statements, paperwork on your existing debts, like student loans or auto loans.
Other than that, lenders may look into your assets. Therefore, bank statements, both savings and checking accounts, any current real estate under your name, or retirement accounts may come in handy, too.
Preparation is key
Keep in mind that the paperwork needed in your VA loan application may vary by lender.
However, it’s still smart to consider securing any essential document that your lender might need. After all, the right amount of preparation will definitely go a long way for you.Talk to our VA loan experts.