Required Documents for Buying a Home with a VA Loan
Despite what most people assume, buying a home with a VA loan is not too complicated. It just requires a bit of paperwork. So just what kind of documentation is required? Let’s find out.
A Mortgage Is a Mortgage
Much like a conventional mortgage, with a VA loan, you need to provide your personal information such as your income, your assets, and how good your credit is. However, pre-approval is far simpler, and usually only requires spending a few minutes on the phone.
Required Documents for VA Loans
In order to officially apply for VA housing assistance, veterans and military members will need the following documents and information:
- Government ID, displaying basic information including your name, address, and date of birth, etc.
- Documentation for previous addresses in the last two years
- Years of school finished
- Social Security card for each applicant
- General information – race and ethnicity information, information on your dependents, etc.
Military Information
This information will determine your VA home loan eligibility. It is important as not everyone is eligible for buying a home with a VA loan.
If you are a veteran, you’ll need a copy of your DD 214. This is your certificate of release or discharge from active duty. It will contain important information about the nature of your discharge and retirement. You will not have this if you are active duty.
If you are active duty, you’ll need a completed COE Form 26–1880, or request for a certificate of eligibility. This will have information about your active duty status, your branch, important dates, and previous VA loans.
Income/Employment Documentation
When buying a home with a VA loan, you will need proof of your income and employment. The documentation you need to provide may include:
- 30 days worth of pay stubs
- W-2s over the past two years
- Tax returns for the past two years, including all schedules (for self-employed individuals)
- Tax returns are required if you get any rental income or commissions
- Social Security/pension/retirement letters
- Corresponding 1099s with matching information
- If applicable, divorce and settlement decree/paperwork
Documentation on Assets
You will also need to provide information outlining your assets, including:
- Bank Statements for covering your down payment
- Statements for retirement accounts
- Information on real estate owned
Documentation on Property
Information on the property to be purchased is also required. This information includes:
- Purchase contract signed by parties
- An appraisal document
- Name and contact information for the stakeholders
- A home inspection report
- An agreement showing that you will occupy this property after the purchase
Credits and Liabilities
A little bit of information about your credit and liabilities is also required. This includes information on any loan that you may have. You will need:
- A credit report
- Child care payment information
- Derogatory credit information
- Bankruptcy paperwork
- Documentation addressing incorrect items on your credit report (if applicable)
Let Us Help
We deal with VA home loan paperwork regularly and are familiar with the documentation required. Our expert loan officers at Mortgage Solutions Financial can help walk you through the process and make sure you get the best financing possible. Get in touch with us today to see how we can help you with buying a home with a VA loan
