VA loan documentation
Your VA loan application, issued by your VA lender, is completed on the same form as other conventional and government-backed loans, commonly referred to as the 1003 (Ten-Oh-Three). The application has more than 200 boxes to be checked and fields to be completed and some make sense and some do not. Which ones are important and which can be left blank?
The important information, information you must absolutely include on your application, concerns you, your income and your assets.
The information about you is included on the very first page of the application and wants to know your full name, your social security number, and where you’ve lived for the previous two years. The next important part of page one is reserved for your employment information including where you work, how long you’ve worked there, the name, address and phone of your employer and whether or not you’re self-employed.
Income information is next and includes all income you receive each and every month. The income listed is always “before withholdings” or “gross” monthly income. All income from your job, interest, and rent…any compensation you receive must be filled in.
Asset information is next, and represents the amounts of funds available to you in liquid and non-liquid accounts. Liquid accounts means checking and savings accounts. Non-liquid are retirement accounts or accounts that have a penalty for early withdrawal.
You will also complete a section of Declarations that asks as series of questions such as whether or not you’re going to occupy the property and if you’ve been foreclose upon in the past.
In general, this information is a requirement for all VA loan applications.
Don’t Need or Provide Later
There is a section that asks for the subject property address. If you haven’t picked out a home, you can leave this field blank. The form also asks for the type of loan you’re applying for. If you’re not sure if you want to use your VA home loan benefit, you can leave this section blank, also.
Other fields such as legal description of property or the year built is something that you won’t know at the time of your application.
If you receive support payments from an ex-spouse and don’t’ need the income to qualify, you don’t have to enter the income on the application. There’s also a section that asks for the type of car you drive and how much it’s worth and a field labeled “Other Assets.” If you don’t need other assets to close on your home, there’s no need to list them on your application.