Getting approved for a loan is a stressful process. It often feels like the bank is digging into your personal life. Which they are, but for good reasons.
But the good reasons don’t assuage the need for more documents than you ever need for any other life situation. And while the VA loan process is less stringent than your typical loan process, it still requires a stack of papers.
If you can have your stack of papers ready before you even apply, the process will go that much faster. That’s why we’ve put together a comprehensive list of the documents needed for a VA loan.
Scroll onward to read the list.
The Always Necessary Documents Needed for a VA Loan
While your record of service is probably stored in a filing system somewhere, your bank won’t have access to it. You need to prove you’re a U.S. Veteran with documentation.
Certificate of Eligibility
This certificate is the formal document declaring your loan entitlement. Most lenders can actually obtain this for you. But some won’t.
You can find the certificate of eligibility at the va.gov website.
Proof of Income
The bank needs to know you’re getting paid. If you’re not getting paid, you can’t pay your mortgage.
Find two-three months worth of paystubs. If you are self-employed, you may need more proof of income than two months as your income might not be the same month to month.
Estimated Monthly Debt
Your debt-to-income ratio is exactly how it sounds. It’s all your credit card and other loan debt you have to pay each month compared to your income each month.
If you have multiple credit cards, be sure to track down each one and find out how much you owe each month. And you will need to provide other debt information such as student loans, car payments, and child support.
Most people just authorize the bank to run a credit report. But if you’ve had multiple credit checks, you might want to take advantage of your free credit checks assigned to each person each year.
This will also show your current debt to the lender.
Recent Bank Statements
With online banking, you no longer need to go to the bank in person to get your bank statements. But be sure you print your statements and not the summary shown on your online banking first page.
It’s good to have the last six months of your bank statements in hand when applying for a loan.
Most lenders want to see your annual income as well. They do this because they want to know your income is steady.
W-2 statement will also clue a lender into whether you retain jobs. If they didn’t ask for W-2 statements, they would have to rely on your word or have to call around for employment references.
Not Always Necessary Documents Needed for a VA Loan
Only one document may not be necessary for a VA loan application. And that’s your bankruptcy history.
If you’ve never filed for bankruptcy, then this document isn’t necessary.
If you need a mortgage today gather your documents needed for a VA loan and apply now for our VA mortgage program.