Apply for VA Loan

If you are an veteran and working in an armed forces or national guard for long time then you can obviously think of applying for VA Loans. Before applying you need to know the process. Here I can suggest you some ideas about applying for VA loans. I can suggest you first to contact VA loan specialist, so that all your questions get answered and your doubts get cleared.

There are different lending institute, but make sure that you qualify for the certificate for eligibility. You should serve the military for particular time period. Following are the basics requirement needed by an lending institute in order to provide you with VA Loans.

1. Honorable Discharge

2. Six years of service if you are in the reserves of National Guard, etc.

3. 181 days of active duty service if before 1980 and 24 months if you enlisted after 1980.

4. During war time there must be at least 90 days of active duty.

5. Surviving spouses of a Veteran who died from service related injuries and are not remarried may also be eligible.

Certificate of Eligibility:

“Certificate of Eligibility” is the document given by veteran administration on request. This is an essential document needed by lending institute as a proof that you are eligible for the loan. This certificate can be ordered on line.

Requirement for VA Loan:

Although certificate of eligibility is the basic requirement before applying for VA loans, but requirement do vary from lenders to lenders. Some are as follows:

1. A copy of your Social Security Card

2. A copy of your photo ID or Driver's License.

3. W2s for the past 2 years.

4. Current pay stubs for the past 2 pay periods.

5. Names and addresses of employers for the past 2 years.

6. Residence addresses for the past 2 years.

7. A list of any properties owned with Lender, mortgage balance and address of the property.

8. Account information on all open lines of credit, auto loans, or credit cards with account numbers, name of company, balance and monthly payment.

9. Account numbers and balances on all savings and checking accounts.

Thus I can say you that VA Loans is the best option for those who have little or no money down and you have all the listed above documents and you have chosen experienced lender. Then taking VA loan will be stress free for you.