Recent reports have shown that home sellers in California are sometimes reluctant to accept offers…
This article is part of an ongoing series that explains the VA loan process in California. Today, we will cover some of the standard paperwork and documents that are required for VA home loans in California.
Note that this is just a basic overview of required mortgage documents. Depending on your situation, you might need to provide additional items that are not listed below. Please contact us if you have any questions about applying for a VA loan in California. It’s our specialty!
Documents Needed for California VA Loans
Are you a military member or veteran living in the Golden State? If so, you are probably eligible for the VA loan program. This is a popular mortgage product among servicemembers and veterans, and with good reason. It allows you to buy a house with no money down, among other benefits.
As with other mortgage programs, California VA loans require certain documents from the borrower. Some of these items can be provided electronically, which simplifies the application process.
Here’s a list of the most common California VA loan documents and paperwork:
- A Certificate of Eligibility (COE), obtained from the Department of Veterans Affairs. This document shows that you are eligible for the VA loan program.
- A completed “Uniform Residential Loan Application” (Fannie Mae Form 1003, or Freddie Mac Form 65). This document is required for most types of mortgage products, including VA loans.
- IRS W-2 forms (“Wage and Tax Statement”), typically for the last two years. Copies are acceptable in most cases.
- Paycheck stubs showing year-to-date earnings, usually for the past couple of months.
- Copies of bank account statements (checking and savings) for the last two or three months. These documents are used to verify your assets and cash reserves.
- IRS form 4506-T, Request for Transcript of Tax Return. This document allows the lender to obtain your tax returns directly from the IRS, for income verification purposes.
- Copies of quarterly or semiannual statements for CDs, IRA, 401(k), money markets, etc. These are also used for asset verification.
- A copy of the real estate purchase agreement / sales contract (later on, when you actually have one).
- A copy of your Social Security card if applicable, and possibly your driver’s license.
Additional Paperwork for Self-Employed Borrowers
If you are currently self-employed, you might have to provide some additional paperwork during the application process. Additional VA loan documents required for self-employed borrowers can include the following:
- Tax returns for the most recent two years, including any schedules such as the K-1 (“Partner’s Share of Income, Deductions, Credits”).
- A copy of your profit and loss (P&L) statement with any related balance sheets.
- A copy of your corporate/partnership tax returns for the last two years, if applicable.
- Copies of any 1099 forms relating to your business.
We are happy to answer any questions you have about California VA loan documents for self-employed borrowers. Just call or email us if you need further assistance.
Electronic Submission and e-Signing
Many of the documents mentioned above can be submitted electronically. Current mortgage processing technology, including electronic signatures or “e-signing,” has reduced the need for paper submission. This can make the entire process more streamlined and efficient, for borrower and lender alike.
The mortgage industry has been moving toward a more paperless, electronic process for the past few years. The coronavirus pandemic gave that transition a major push. Suddenly it became necessary — and not just convenient — to submit mortgage documents electronically.
If you choose Bridgepoint Funding as your mortgage provider, we will ensure that the VA loan document submission process goes as smoothly as possible.
Other Articles About the VA Loan Process
Our website offers a large collection of articles and resources for VA loan borrowers. In addition to the document checklist above, we have articles that cover all aspects of the mortgage process.
Here is some recommended reading you might want to review next:
- Basic steps in the VA loan process
- Minimum requirements for borrowers
- Closing costs paid by the home buyer
Have questions? At Bridgepoint Funding, we specialize in California VA loans and enjoy promoting this unique program. Please contact our knowledgeable staff if you have mortgage-related questions, or if you’d like to apply for the program.