How to Apply for a VA or 1st Time Buyer Home Loan

By Lynn Lauren

The steps to complete an application for a VA or Veteran's Administration loan and a first time home buyer loan are almost identical. The only difference is that to qualify for the VA loan, the borrower must present the lender with a copy of his Certificate of Eligibility. Besides that, the documentation and application are identical. Ask the lender for a comparison on the two types of mortgages prior to making a decision on which mortgage is best for your situation.

Fill out a Mortgage Loan Application with a mortgage lender. You will be asked to provide your full legal name, social security number, date of birth, most recent two year's residential and employment history, as well as your income and assets. A copy of the Universal Residential Loan Application is in the Resources section of this article.

Provide the lender with a copy of two months of pay stubs, two months of bank statements, and two years of tax returns. Additional documentation may include divorce decrees, retirement account statements, and verification of employment.

Request a Certificate of Eligibility if applying for a VA loan and you do not already have a copy. Have the lender fill out a VA Form 26-1880 to request a copy be sent to him. A copy of how to obtain the form is in the Resources section of this article.

Allow the lender to process your application and supporting paperwork to determine if you are pre-qualified for a new mortgage. The lender should be able to give you an answer within 24 hours of receipt of the application.

Fill out the application as completely as possible. Each piece of information can help the lender to make the best decision for your situation. The more information that he has, the better he can serve you.

Whenever a lender checks your credit, your credit score is negatively affected by a few points. Do not allow several lenders to check your credit by applying at several mortgage companies. Only allow one to three, to minimize the effect on your score.

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