Like any home loan program, the VA home loan process can be just as confusing as a regular home loan process. Especially for a first time home buyer. To help keep the VA loan process as simple as possible there are a few documents you should have available and ready before you meet with a qualified VA home loan lender. Taking these few steps can help alleviate the stress of the home loan process and actually speed the process up. Whether you’re searching for a brand new home or you’re refinancing your current mortgage, you will still need to have basic information readily available.
VA Streamline Refinance Program
For those borrowers who already have a VA home loan and are thinking of refinancing their current mortgage with the VA streamline refinance program, you will want to make sure all your contact information is up to date with your lender and make sure your previous mortgage paperwork is hand. Double check that you have all the correct information to your homeowner’s insurance and contacts as well and no matter if you’re buying new or refinancing you’ll want copies of your Government Issued ID and Social Security Card. There is one paper you won’t need for a refinance and that’s your certificate of eligibility or COE. Since you’ve already purchased a home using the VA home loan program your COE is already on file.
New VA Loan
If you’re a first time home buyer or just a first time VA home buyer you’ll want a copy of your purchase contract, as well as your most recent pay stubs for the past month. Some lenders will request the last 2 years of your W2’s or tax returns so if you don’t already have those, contact the IRS to get your tax transcripts mailed to you. Give yourself enough time to receive the transcripts before heading off to your lender’s office. If you’re self-employed and earnest money is due at the time of closing, you will need to provide proof of funding source, and you’ll want the contact to the homeowner’s insurance as well as your Government issued ID and Social Security Card. Also, new borrowers will need to provide their COE to the lender.
VA Cash-Out Refinance
The VA offers a cash out program which is a VA cash-out Refinance Loan and it’s 100% backed by the VA. The purpose of this program is it will refinance any lien against a secured property. The documentation you’ll want readily available for this loan program will be your most recent pay stubs for the last month, two years’ worth of W2’s or tax returns and if you’re self-employed you will most likely need your most recent mortgage statement and mortgage payoff information. You’ll also want to have the contact information for your homeowner’s insurance available as well as your Government issued ID and Social Security Card. Again, since you already have a home purchased through a VA program and the VA cash-out Refinance option is only available for borrowers who currently have a VA mortgage, you won’t need your COE.
