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VA Loan Facts
VA MORTGAGE CHECKLIST
Before you start the loan process, you'll need to have some information at hand for all
loan applicants:
- Social Security numbers
- Residence addresses for the past two years
- Names and addresses of your employers over past two years
- Your current gross monthly salary
- Names, addresses, account numbers and balances on all checking and savings accounts
- Names, addresses, account numbers, balances and monthly payments on all open loans
- Addresses and loan information of other real estate owned
- Estimated value of furniture and personal property
- Certificate of Eligibility and DD214, (for veterans only)
- W2's for the past two years and current check stubs
- For self-employed individuals, you will need to provide
personal tax returns for the past two years, current income statement and balance sheet
for the business
In addition, you will need to pay for a credit report and appraisal of
the property.
FREQUENTLY ASKED QUESTION # 29 [ -more VA Loan questions- ]
- - - - - -
Q: VA Foreclosures - Can I use a VA loan to buy a repo house? Does the VA have any such homes?
A: It's true, the VA does get control of properties with VA loan foreclosures. VA foreclosures are offered to the public in the same manner as repossessed HUD and USDA Development homes. If you are interested in one of these foreclosed single family houses, check the government website http://www.homesales.gov/ to see what might be available in your area. There are many different agencies offering homes on the website. Eligible buyers should contact a broker to have the Offer to Purchase And Contract of Sale VA form completed and submitted. All the routine eligibility and credit terms apply, as with any housing purchase. Check with your lender if you are unsure of the terms and conditions of purchase.
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VA Loan Rates
for 1/06/2009
30 year fixed
-----------------
0.000 points
5.000%
5.106% APR
15 year fixed
-----------------
0.000 points
6.500%
6.694% APR
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