VA still offers wonderful mortgage benefits to qualified veterans across the U.S. If you are looking to apply for the VA loan, certain paperwork will be required. Below we have outlined all the basic information Vets need to know before applying.
- The Veteran needs to provide their Certificate of Guarantee or DD 214 ( call us for assistance)
- The Veteran has to provide two years of tax returns if they are self-employed
- The Veteran has to provide documentation of all assets, such as trust funds, financial investments, savings accounts, and checking accounts
- The Veteran has to provide at least two pay stubs
- The Veteran needs to provide W2 statements for the previous two years, which will be needed to calculate and confirm the total gross household income
Qualifying for Veteran Home Loans
The Veteran Loan program is made specifically for the veterans who have met the average number of days in their service. Other forms of eligibility for the VA loan program may include the service commitment, character of service, duty status, and the length of the service. It should be noted that this program doesn’t offer any benefits for surviving spouses. The VA also doesn’t account for any minimum credit score, which is often used as a requirement for prequalifying when you apply for any mortgage loan. However, most lenders who will request that you have a minimum credit score of around 580 when applying for 100% financing.
Any Veteran who is using their entitlement to purchase a home, or has done that in the past, will have to leave their previous entitlement in order to acquire another one. If you have bought a home already through the VA benefits, then you may still use some of the ‘entitlement’ that was offered to you in order to purchase a new home. If you want to calculate the maximum entitlement that is available to you, here is how you do it:
- If you have previously purchased a home through the VA loan program, and the loan was paid off by you partly, then you may not have used the entire entitlement that was offered to you.
- If you did sell your home to someone else, and let them take advantage of your VA loan, then you may have restored some of the entitlement that you have. Especially if you have sold the home to Veterans.
- If you are still the owner of the property but are renting it out, then you can purchase a new property by using the partial entitlement clause. However, it has many restrictions.
The VA loan is highly beneficial for people who are veterans and want to purchase a new property in the United States. Call Coast 2 Coast at 904-810-2293 to learn more about this and other government loan programs available.