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Forms Required for A VA Loan .pdf


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Forms Required for A VA Loan

If you have never heard of the VA loan program, you should know that it is a mortgage
loan approved by the U.S. Department of Veteran Affairs (VA). These loans are made by a
qualified lender. The basic purpose of a VA loan is to provide residential facilities to
qualifying veterans or their surviving spouse in areas where private financing was low.
These areas include rural localities, small towns and places that are far from being called
a metropolitan area. It helps vets buy a house without having to pay a down payment. The
maximum amount of the loan without a down payment varies from area-to-area and timeto-time. It is an easy way through which veterans can enjoy residential amenities at a very
low cost without having to pay extra funds like private mortgage insurance or a second
mortgage. Here is a list of VA loan forms needed when applying for San Diego VA Loan.

Application for a VA Loan
To apply for a VA loan, you will need an application, originally a Form 1003 published by
Fannie Mae and sometimes also referred to as Freddie Mac Form 65. Completing this
application honestly and by avoiding any lies or false statements is imperative because to
do otherwise might cause trouble for you in the future. In addition to tarnishing your name
and your military career, a person who knowingly fills out the application with any kind of
false statement may find their eligibility for a VA loan declined the next time they want to
use it. They may also be subject to either a fine or imprisonment or both under the penal
code of U.S. Code Section 1001.
In addition to the application, you also will need to provide additional paperwork. These
include several forms that can help prove your eligibility and can help you qualify for the
loan. Following is a list of paperwork that is required while applying for a VA loan:
1. Copies of W2 statements for the past two years

W2 statements are required because they will let the authorities have a clear idea
about your gross annual household income.
2. Copies of your previous two pay stubs
In addition to the W2s, you also need to have copies of your latest two pay stubs as
these also will give lenders an idea of whether you fall within the eligibility criteria.
3. Documentation of other assets
Furthermore, you also need to submit documentation of all other financial assets
like saving accounts, checking accounts, trust funds and financial investments etc.
These documents also help determine whether you are eligible for the loan or not.
4. In the case of self-employment, you are required to provide your tax returns for the
past two years when applying for this loan.
5. You will also need to submit your DD 214 or certificate of guarantee (COG) to
qualify for this loan.

Conclusion
Thus, the VA loan has been designed to help veterans or their surviving spouse who need
financial aid for housing facilities. As with all loan processes, a lot of paperwork is required
but it’s all worth it on “move-in” day!


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