Sometimes it can seem like there’s a lot you have to provide in order to meet the requirements to get a VA loan. However, we’ve put together this list of everything you’ll need so it’s all in one place.
Not only will reviewing this list prepare you to meet with a loan officer, but it will also help you be sure that you’re even eligible for a VA home loan.
There is a variety of personal information you’ll need to fill in when you apply for a VA home loan. Some of it, like your name, phone, number, address, and birthday, you should already know.
Some information, though, you might not remember off the top of your head, so it’s better to make sure you know it before you start filling out an application.
In addition to the information already mentioned, you’ll also need to provide:
- Your social security number
- Any past addresses for the last 2 years
- Your highest grade level completed in school
- Your ethnicity and race*
- Your government-issued ID card
- How many dependents you have, along with their ages
- What state you want to buy a house in
*This information will not affect your ability to get a loan. However, all mortgage lenders are required, by law, to ask it. It will simply be reported to the government to make sure your lender is in compliance with the Equal Credit Opportunity Act (ECOA) and the Home Mortgage Disclosure Act (HMDA).
Certificate of Eligibility (COE)
Your COE is one of the most important documents needed to get a VA loan. The easiest way to get this information is to actually have your lender request it. However, you may also send in a request yourself, though doing so usually takes longer.
Even though a minimum credit score isn’t one of the VA’s requirements for a VA home loan, your score will be pulled by lenders in order to determine your interest rate. In addition, some lenders do create their own internal credit score requirements, but Low VA Rates is not one of them.
Besides checking your credit score, another reason lenders look at your credit history is to make sure you’re not behind on loan payments or collection fees.
When it comes time to have your credit pulled, you’ll want to have the following information ready:
- The social security numbers for everyone getting a credit check
- A list of all your debts, including auto loans, student loans, credit cards, and other lines of credit, to make sure they’re correct on your credit report
- Proof of any errors on your credit report, if applicable
- The amount you spend on childcare each month, if applicable
- Bankruptcy and discharge documents, if applicable
- A way of explaining any late payments, if applicable
Income, Employment, and Assets
In addition to your debts, you’ll also need to be prepared with evidence of your income, assets, current employment, and recent job history. To this end, you’ll need to provide:
- Your job history for the last 2 years, including the name, address, and phone number for all your employers, and the dates you worked for each
- Your pay stubs from the last 30 days or your latest Leave & Earnings Statement (LES)
- Your W2s for the last 2 years
- Pension, retirement, and/or social security award letters and related 1099s, if applicable
- Divorce decree and settlement documents, if applicable
- Bank statements from the last 60 days as evidence of the money necessary for any down payment and/or closing costs, if applicable
- Statements from your retirement account from the last 60 days, if applicable
- A list of any real estate you own
- 2 years of tax returns, if you’re self-employed
- Any tax returns showing income from commissions or rentals, if applicable
Military Service Information
To prove one of the most important home loan qualifications, you’ll want to gather the following documentation:
- A copy of your DD-214, if you’re separated from the service
- A statement of service signed by your commanding officer & your LES if you’re on active duty
- Evidence of future stable income if you plan to leave the service less than a year after closing on your home
Real Estate Documents
Finally, you can try to gather the following real estate documents:
- A contract to purchase the real estate, which should be signed by the seller and you
- A VA appraisal of the property, which your loan officer can order
- The contact information of your homeowner’s insurance agent
- The contact information of your homeowner’s association, if applicable
- An inspection report on the property, which is wise but not required
However, if you’re not able to gather all of these before meeting with your loan officer, don’t worry—they can help you get them.
Contact Low VA Rates to Get Started
Once you’ve gathered all of the information you can, we hope you reach out to us. All of our loan officers are experienced in VA loans, so please contact Low VA Rates today.