Questions about getting your documentation ready for a new VA Loan?
To apply for a loan, you will have to provide the lender with detailed documentation of your financial history. The more detailed information you have about every possible part of your financial life, the more prepared you’ll be. At Booyah Mortgage, we believe in arming you with the proper knowledge of what you’ll need ahead of time.
What specific paperwork needed to process your VA loan?
As a VA mortgage lender, we will request a credit report from a credit agency and will verify the information provided in your loan application. Be prepared to provide the items from the following checklist::
- Social Security numbers for both you and any co-borrowers
- Copies of checking and savings accounts statements for the past two months
- Evidence of any other assets such as bonds, stocks, or money saved in retirement programs (i.e. 401k or 403b program)
- Recent paycheck stubs
- W-2 withholding forms, or income tax returns for the past two years to verify your income and proof of employment
- The name and address of someone who can verify your employment
- Residence history for the past two years
- Sales contract for the purchase of a new home
- Homeowner’s association information with contact information if property is a condo or part of a homeowner’s association
- Profit and loss statements or 1099 forms if you own a business
- A complete list of debt balances and monthly payments. Debts include items like student loans, car loans, credit cards, and child support
- Canceled checks for your rent or mortgage payments
Debt-to-income ratio is an important factor.
All of these documents help the lender make the final decision on your VA mortgage. Your assets and earnings are calculated, and your debts and liabilities are totaled. With these numbers, your debt-to-income ratio is determined, which tells the lender how much you can afford to borrow.
The formula for this is (Debt payments)/(Income). For example, if a couple earns $5,000 a month, and their total debt payments are $2,000 a month, their debt-to-income ratio would be 40% ($2,000 / $5,000 = 0.4).
Check your own credit ahead of time if possible.
For maximum preparedness, check your own credit report months or weeks before your mortgage application. This will allow you to correct any errors that could affect the lender’s decision and slow down the underwriting process. Errors include things like:
- Accounts saying they’re open when they’ve already been paid off
- Incorrect credit limits, balances, or dates
- Credit lines that don’t belong to you due to mistaken identity or identity theft
Three final tips:
- When providing documentation, do not alter them in any way
- Provide all pages of every document, even pages left intentionally blank
- Be prepared to re-submit updated copies if the home buying process takes awhile, as some documents expire after 60 days
At Booyah Mortgage, we believe our veterans deserve the best service when buying a new home. We’ll make sure the VA Mortgage Loan process is as quick, accurate, and streamlined as possible for you.
Booyah Mortgage servicing Veterans and Borrowers across Lake Mary, Orlando, Jacksonville, Pensacola & and ALL of Florida
Questions about VA home loans and the right mortgage for you and your family?
Give us a call (833) 726-6924
Booyah VA Mortgage Florida service areas include: Brevard, Clear Water, Duval, Jacksonville, Fort Walton Beach, Key West, Lake Mary, Lynn Haven, Mary Esther, Miami, Miami Beach, Milton, Orlando, Panama City, Panama City Beach, Pensacola, Starke, Tallahassee, Tampa, Valparaiso, West Palm Beach, and all of Florida.