VA Loan Checklist Summary
A government-issued ID, such as a drivers license. Past two years of W-2 statements. Past two years of tax returns. Most recent bank statements from checking, savings and retirement accounts.
Besides, can I get a VA home loan without a job?
You don’t have to have a job at all to qualify for a VA mortgage. … When applying for a VA loan, you can ask your lender to consider Social Security income, disability income, alimony, child support, annuities and retirement income.
Additionally, can you get a VA loan without DD214?
A DD214 isn’t Required for your VA loan
There is only one type of VA loan that absolutely doesn’t require a DD214 at all. In fact, it doesn’t require a Certificate of Eligibility either. This loan is the Interest Rate Reduction Refinance Loan or “IRRRL”.
Do you have to put a downpayment on a house with a VA loan?
You don’t need a down payment. … With a VA loan, you can buy immediately, rather than years of saving for a down payment. With a VA loan, you also avoid steep mortgage insurance fees. At 5 percent down, private mortgage insurance (PMI) costs $150 per month on a $250,000 home, according to PMI provider MGIC.
Veterans looking for a VA loan will often need to provide lenders with a copy of their DD Form 214 as proof of service. … Lenders can use the DD-214 to obtain your Certificate of Eligibility, which formally documents your eligibility for the home loan benefit.
There are three ways to obtain your COE:
- Apply for your VA COE online via the Department of Veterans Affairs e-Benefits portal.
- Veterans who have found an approved VA lender can ask their loan officer to request their COE electronically.
- Use VA Form 26-1880 to apply via by mail. Mail in VA Form 26-1880 to: PO Box 100023,
On average, you can get approved and close on a VA loan in 30 to 45 days. Again, this will vary by lender and even by borrower, though. Below are the factors that affect your approval time.
Are There Income Limitations for VA Loans? No, the VA does not limit income for qualifying VA loan borrowers. Other government-guaranteed mortgage programs can set a maximum income amount to qualify for specific loan programs but the VA has no such requirement.
If you’re eligible, VA loans are fairly easy to qualify for, since there’s no down payment required, no minimum credit scores, and no maximum limit on how much you can borrow relative to income.
5 Potential Disadvantages of a VA Loan
- You May Have Less Equity in Your Home. …
- VA Loans Cannot be Used to Purchase Vacation Homes or Investment Property. …
- Seller Resistance to VA Financing. …
- The Funding Fee is Higher for Subsequent Use. …
- Not All Lenders Offer – or Understand – VA Loans.
If your VA loan application was denied, it could be because your income levels are too low. The best thing you can do is ask your lender for clarification. They’ll be able to tell you if your income was too low. If so, look for ways to increase your income if at all possible.
VA regulations say that a lender with “automatic approval authority” can make the call on whether or not to approve a VA insured mortgage in a variety of situations, but some VA loan applications require the loan to be submitted to the VA for “prior approval”. For example, joint loans must be submitted to the VA.
Below is one version of a DD-214 as an example and there are different areas numbered in “bold red” which may provide key information to prove whether the veteran is eligible for membership. 1.
Today’s recent retirees and separates often have a problem getting a replacement DD214 because of the transit time it takes to get military records from the final assignment to the National Archives.