Forms Required for A VA Loan

1. Forms Required Forms Required for for A VA Loan 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 time-to-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 In order 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

2. 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 a number of 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 or not 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) in order to qualify for this loan. Conclusion Thus, the VA loan has been designed to help veterans or their surviving spouse who actually 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!