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When applying for a VA loan or any home loan, having the right documentation is essential for the approval process. These documents help the lender assess your financial situation, creditworthiness, and eligibility for the loan.
Proof of Identity:
Driver’s license, passport, or state ID to make sure you are who you say you are!
Proof of Income:
One month of Recent pay stubs, last two years of W-2 forms, 2 most recent years of tax returns if self-employed, and any other income documentation like Social Security or pension statements.This allows the lender to verify you have the ability to repay the new loan.
Employment Verification:
Employer contact information for verification, employment letter, or contract of employment to make sure that the employment is valid and there will be continuance.
Credit Report:
A trio-merge credit report will be run to assess your credit history, credit score all debt for qualification and debt ratio calculations
Bank Statements:
Last two months of bank statements with all pages to ensure that you have enough money for any down payment and closing costs.
Certificate of Eligibility (COE)
Obtained through the VA to validate your entitlement and if there is any service related disability.
Purchase Agreement:
Signed agreement between you and the seller outlining the terms of the home purchase.
Additional Documentation (if applicable):
Divorce decrees, child support/alimony documentation, bankruptcy discharge papers, or explanations for credit issues.
The lender verifies all information to ensure everything provided is accurate and truthful. Lenders will use all documentation to assess the risk of lending to you. This information can influence the terms of your loan, including interest rates and approval status.
Having these documents organized and ready can streamline the loan approval process and help you secure a loan more efficiently. If you need more guidance in preparing these documents or have specific questions, feel free to ask!
