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Initial Documents
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What specific documents are needed for a VA loan?
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A few necessary documents will be needed to substantiate your eligibility for a VA loan and present income verification. Have a look at the list of documents that are typically required for the application:
Checklist of VA Loan Documents As per the Department of Veteran’s Affairs
Form Of Identification Or Verification
Government ID: A valid photo identity. Possibilities include a passport or a driver’s license.
Social Security Number: This is vital for identification and credit checks.
Eligibility Certificate
COE: This is a certificate from the Department of Veterans Affairs stating eligibility for a loan from them. It can be obtained online or through the lender’s office as requested.
Proof of income
Pay stub: The last two pay stubs earned within the last month.
W-2 Forms: Two years’ worth of W-2 forms for work taxation purposes.
Form 1040: Complete 3 years’ worth of individual tax returns with all schedules.
Form 1099: Two years of 1099 documents if you are a contractor or receiving income otherwise.
Employment Information
Employment Detail: Work history spanning the last two years, detailing the employing companies’ names, addresses & positions held.
Assets Statement
Monthly Bank Statements: All statements from your bank accounts over the past two to three months.
Investment Statements: Statements on any retirement or other invested accounts if available.
Debt Information
List of Debts: A list of current debts, such as credit card debts, student loans, car loans, and the like, together with the monthly payment and the balance of the account, suffices.
Credit Information
Credit Report: Understand that a lender will go through your credit with any of the agencies, but be prepared to provide explanations on the negatives of your credit, like delayed payments and bankruptcies
Property Information
Purchase Agreement: If you have a property in mind, attach the purchase agreement.
Property Details: Other property particulars, such as the address, purchase price, and type, such as a single-family home or condo.
Additional Documentation
Gift Letters: If a portion of your down payment is present, provide a gift letter from a donor.
Divorce Decree: If such a case applies, provide the documents regarding the payment of alimony or child support.
Disability Documentation: If you are a veteran with a disability, you should provide evidence that backs up your position, which may also be relevant to your funding fee.
Optional Supporting Documents
Rental History: Provide rent payment histories to the most recent landlords, if applicable.
Current Lease Agreements: Provide a copy of your current lease agreement if appropriate.
With these documents available, you would likely easily access them during the VA loan application process. Make sure to check with your lender on specific requirements because the procedures may vary slightly. In general, being organized and prepared may help expedite the approval process.
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