VA Loan Guidelines
In order to obtain a VA loan, you must know the VA loan guidelines certain documentation might be required to verify all of the information provides. The following is a list of documents that may be required to process your VA mortgage loan:
- One full month’s worth of pay stubs
- If self-employed: Last 2 years tax returns with all schedules (if you are using commission, dividend or rental income to qualify then you will also need to provide your tax returns)
- Address and phone number of all employers for the last two years.
- Address and phone number for all landlords for the last two years.
- Copies of social security, pension, and/or retirement award letters (if applicable)
- Last two months bank statements for all accounts
- Documentation to support your funds to close
- An explanation for any derogatory credit (if applicable)
- Bankruptcy and discharge paperwork (if applicable)
- Divorce decree and settlement paperwork (if applicable)
Requirements for a VA Loan Approval
For a new VA loan, Borrowers are required to have the following:
- Must be an eligible veteran who has available entitlement.
- The loan must be for an eligible property. These include but may not be limited to New home construction, New home purchase, Purchase of a single-family home, Townhouse (VA approved projects only), Condominium (VA approved projects only), or Mobile homes (must be at least 24 feet wide)
- The veteran must occupy or intend to occupy the property as their primary residence within a reasonable period of time after closing the loan.
- The veteran must have a satisfactory credit score.
- The income of the veteran and their spouse, if applicable, must be shown to be stable and sufficient to meet the monthly mortgage payments, cover the costs of owning a home, and cover all other obligations, loans, and expenses and have enough left for costs of living.
Speaking with an experienced VA loan specialist at Security America Mortgage about VA loan guidelines will give you the opportunity to discover if you qualify and if your income is sufficient to meet the financial burden of having a mortgage.
VA Home Loan Benefits and Quotes
The VA Home Loan Program is an excellent option for active-duty military personnel as well as non-active duty veterans. If you are eligible, be sure to take advantage of your benefits to save. Some of the VA Mortgage Benefits Include:
- Loan amounts up to $417,000 in most states and up to $1,000,000 in some high-cost areas.
- 15, 25, and 30-year loan options.
- Up to 6% seller paid closing costs allowed.
- No closing fees if exempt. .05% – 3% funding fee may be required.
- No private mortgage insurance required.
To learn more about VA home loans and to find out about your benefits, qualifications, and specific needs, call (844) 920-2523 to speak directly with a licensed VA Loan Specialist who can answer questions and help you get approved for a loan.