My friend Row has worked in the mortgage industry for 14 years. She even spent some time specializing in VA loans. A couple of weeks ago, I approached her with the idea of writing a blog about documents people should bring when they’re looking to purchase a house with a VA Loan. I am thrilled to present this information to you today. Please note, it is a good idea to check with the Military regarding any information you may find here, documentation rules for everything can change often so please feel free to use this information as a guideline.

Documents to save for a VA Loan Application

• If you are separated from the Military, have your DD-214 available. 
• Whether you are currently serving or have separated, you will need a Certificate of Eligibility VA Form 26-1880.  To apply, please follow this link
• If you are currently serving, you will need a Statement of Service.
• You must have a 2 year employment history.  While the lender will request a Verification of Employment from your current job, you can speed the process by having 90 days of current paycheck stubs (LES’s) available for the lender to use.
• 3 months of all pages of bank statements for your checking, savings and any investments accounts.  I do mean all pages, even the blank ones.  While the lender will request a Verification of Deposit, having these documents available make the processing of your loan much faster.
• Past two years W-2’s.
• A positive 12 month credit history.
• A positive 12-24 month rental history, if you rent your current home.  The lender will request a Verification of Rent/Mortgage which must reflect no late payments over the last 12 months.

Things to keep in mind.

• If you are signing a contract for a home, it needs to have a VA addendum.  Your real estate agent should be aware you will be using a VA home loan for your purchase and will ensure it is a part of your contract.
• You will use a VA approved appraiser.  This is a requirement and not up for negotiation.  The VA used a pool system for appraisers.  Your lender will worry about obtaining the appraiser, so don’t worry too much about it.  Simply be aware if your Uncle offers to take care of your appraisal, it is not possible when obtaining a VA loan.
• Further loan documentation may be asked for by the lender to further the approval process of your loan. 
• Please do not obtain new lines of credit, or change jobs during the process of your loan.
• While you can obtain a VA loan with no money down, you are required to cover your closing costs.  You can roll these into your loan or choose to pay cash for them at the closing table. 
• The current limit of entitlement on most VA loans, unless you are in a high cost state, is $417,000.

Did you just go through this process yourself? Feel free to leave any helpful tips and information in comments!

Last update : 10/29/2009 04:23 AM

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