VA Mortgage Purchase Loan Checklist

The process of obtaining a VA Loan for your upcoming home purchase is very similar to obtaining a standard conventional loan. VA guidelines are less stringent than conventional loan guidelines enabling you to qualify easier for your purchase loan. Lendia has compiled a VA Purchase Loan Checklist below to help you with gathering documents needed for your upcoming VA loan.

As is the case with conventional and FHA loans at Lendia we need to examine income, assets, and credit. Do not worry, you will not need all those items on-hand for the pre-approval. That only takes a few minutes on the phone with a Lendia VA home loan professional.

Documents needed for obtaining a VA mortgage loan

Personal Information

• Your basic information like name, address, and phone number
• Your current address and previous addresses for the past 2 years
• Dates of birth and years of school completed
• Social Security numbers for all applicants for credit check
• Race and Ethnicity information (for government monitoring – requested on all mortgage loans)
• Copy of valid ID such as a driver’s license or government ID
• State where you plan to purchase
• Number and age of dependents

Military Information

• Your Certificate of Eligibility (COE). Your Lendia loan officer can help obtain this for you relatively quick
• Copy of your DD214if separated from the military
• Statement of service from your commanding officer if you are on active duty

Contact us here to get pre-approved or for more information on VA loan documentation requirements.

Employment/Income

• Name, address, phone number, your position and dates of employment for all employers over the last 2 years
• 30 days’ worth of paystubs
• Last 2 years’ W2s and last 2 years federal tax returns (1040’s) with all schedules
• If self employed: Last 2 years federal tax returns (1040’s) with all schedules
• Copies of social security, pension, and/or retirement award letters and corresponding 1099s (if you receive this type of income)
• Divorce decree and settlement paperwork (if applicable)

Assets

• Most recent (2 months) bank statements for checking and savings accounts showing enough money for your down payment (if any) and closing costs (if not covered by the seller)
• Two months statements for any retirement accounts you have (used as reserves)
• Any real estate currently you currently own (if applicable) and if it is will need:
  • Copy of insurance declaration page
  • Copy of property tax bill
  • Copy of most recent mortgage statements (if not paid off)

Property

• Purchase contract accepted and signed by you and the seller
• Appraisal showing a value of at least the purchase price (Lendia will order)
• Name and contact information for the homeowner’s insurance agent you will use
• Name and phone number for the homeowner’s association, if applicable
• A home inspection report is typically not required by your lender, but it’s a good idea to get an inspection
• You must occupy the property after the purchase is complete. No rentals/investment properties allowed
• See the Property Eligibility section below

Credit/Liabilities

• General knowledge of your current credit card, student loan, auto loan, and other credit accounts. Your loan officer will pull a credit report that shows your accounts, but on occasion, the information may be outdated, missing, or erroneous.
• Amount paid each month in child care
• Explanation for derogatory credit (if applicable)
• Bankruptcy and discharge paperwork (if applicable)
• Documentation disproving any erroneous items on your credit report

If you are applying for a VA streamline refinance, your required documentation will be much less. See our VA streamline page.

Types of Properties Eligible for VA Home Loans

• VA home loans are only for eligible properties as defined by VA. These include but may not be limited to:

• New or previously-occupied home purchase
• New home construction or rehab
• Purchase of a single-family home
• Townhouse (VA approved projects only)
• Condominium (VA approved projects only)
• Mobile homes

The property must also meet standards set by VA called Minimum Property Requirements (MPRs). The MPRs provide a basis for determining that the property is:

• Safe, structurally sound and sanitary, and
• Meets the standards considered acceptable in a permanent home in its location

Speaking with an experienced VA loan specialist will give you a good idea if the property you are considering will qualify for VA financing. Get a live VA rate quote here.