August 21, 2014

VA Loan Requirements to Remember

It is an honor to become a Veteran or to have a family member who is a Veteran. As a reward, the US government gives them the chance to obtain VA loans. If you are a veteran, you should take the chance to apply for such loan when you want to have your own home. Before doing so, you have to know the different VA loan requirements so that you can apply without hassle.

VA Loan Requirements

Before you start processing your loan, here are some documents and information that you should have on hand.

  • Social security number
  • Home address for the last couple of years
  • Employers for the last 2 years  – their complete names and home addresses
  • Gross monthly salary at the moment
  • Savings accounts information – account numbers, account balances, names and addresses on them
  • Open loans information – account numbers, account balances, monthly payments and your names and addresses on them
  • Real estates – loan information and their addresses
  • The estimated value of your furniture and personal property
  • DD214 and Certificate of Eligibility
  • Current check stubs and W2’s for the last couple of years
  • Personal tax returns for the last couple of years, business balance sheet and current income statement

Form DD214

Among the different VA loan requirements, one of the most important ones is this form. This is a proof that you have served in the military. This shows the dates of your service, nature of discharge and present classification – if you are separated, re tired, Reserve or in Guard status. It is among the most important documents which you will get when you will leave the service. It is important when claiming military benefits like GI Bill, medical services and VA loans.

Certificate of Eligibility

This is listed as one of the VA loan requirements and it is as important as the others. Without it, it will not be possible for you to apply for a VA loan. This is going to determine if you are really qualified for this type of loan. It will make sure that the necessary guidelines are met before you can take advantage of your benefits.

As a Veteran, you spend most of your time serving the country. You don’t have a lot of time to be with your family. So it is just right that you feel at ease knowing that they are living in a home you can call your own.

When applying for a VA loan, make sure that you consider the VA loan requirements mentioned above. And, do not hesitate to seek help from our professionals. Call now (619) 692-3630 to get started.

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