There are lots of documents required for the VA home loan application, but luckily, advancements in technology and automation have made the process must smoother. That said, there are still a few documents you may need to have on hand while applying.
If you’re unsure what documents you need, take a look at our VA loan document checklist below.
Every buyer’s income, employment and service history is different. For example, self-employed borrowers might need to provide more documentation than Veterans receiving standard W-2 income.
Documents and information that might be part of your VA loan process include:
Now that you've got a good idea of which documents you need for a VA loan, let's get into the specifics.
You may need to gather your military service-related documents. Lenders will want to see that you’ve met all the necessary service-related requirements.
One of the most important documents you need for a VA loan is your Certificate of Eligibility. Your COE verifies that you meet the military service requirements for a VA loan.
A DD-214 Form or Certificate of Release or Discharge From Active Duty is a document you receive once you leave your military duty. You may need it to obtain the Certificate of Eligibility.
Some lenders may ask surviving spouses to obtain the deceased Veteran's DD-214 form to speed up their application process.
National Guard and Reserve Veterans may not have a DD-214 depending on the nature of their service. In this case, Veterans may need to obtain the NGB Form 22 in addition to their retirement points statement.
VA disability compensation is a tax-free benefit paid to Veterans with injuries or illnesses that occurred during active duty. If you are a recipient of disability compensation, you will need to provide a VA disability compensation letter to prove this, as it will help when it comes to verifying your income or employment status for a VA loan.
No matter your circumstances or the type of loan you’re applying for, you will always need proof of identity. Typically, you will need to send a copy of your driver’s license, state-issued ID or passport.
The next set of required VA loan documents is your proof of employment and income. This is something that lenders and the VA will need to know to determine affordability before they approve your mortgage.
You may need to provide:
VA lenders don’t just like to look at the here and now when it comes to your income, they also like to see a solid employment history. Having a few years at the same company is ideal, but a good history of employment is key no matter where you’ve worked.
A gap in employment could raise a red flag, so be sure to gather your W-2s from the last few years if you can.
The following documents are to prove your current financial health, beyond your income status.
Lenders need to know what your month-to-month spending behavior is like, so you will need to provide bank statements. VA lenders will want to look at your assets and make sure you're in a healthy financial position to afford a mortgage and the expenses that can come with homeownership.
Print out or scan every page from your most recent bank statement. Some lenders will require several months of statements so to be safe, prepare to send a few months’ worth.
If you have ever filed bankruptcy or lost a property to foreclosure, your lenders need to know. Bankruptcy history doesn’t necessarily mean you won’t ever be able to get a VA loan, but VA lenders will need to be made aware of this. Having all of that paperwork handy upfront can help save some time down the road.
All of the above might seem like a whole lot of documents needed for a VA loan application. This is true, but you’ll be grateful you prepared yourself ahead of time.
In some cases, you might not need all of the above documents to start the loan process. But not having them if your lender requests them can lead to huge delays. For help with paperwork requirements and information get in touch with us.
A VA loan is a mortgage option issued by private lenders and partially backed, or guaranteed, by the Department of Veterans Affairs. Here we look at how VA loans work and what most borrowers don’t know about the program.
Your Certificate of Eligibility (COE) verifies you meet the military service requirements for a VA loan. However, not everyone knows there are multiple ways to obtain your COE – some easier than others.