not pay and the lender forecloses the loan. Lenders decide if they need and want private mortgage insurance. If they so decide, it becomes a requirement of the loan. PMI companies charge a fee to insure a mortgage loan; the VA insures a loan at no cost to a veteran buyer (other than the VA funding fee); the FHA charges a monthly fee to guarantee the loan. VA Loan application The VA loan application is a standardized loan application form 1003 issued by Fannie Mae also known as Freddie Mac Form 65. It is a Federal crime punishable by fine or imprisonment, or both, to knowingly make any false statements on a VA loan application under the provisions of Title 18, United States Code, Section 1001, et seq. You will need the following paperwork to apply: Copies of your W2 statements for the past two years, so your gross household income can be confirmed, Copies of your previous two pay stubs, Documentation of other assets (checking accounts, savings accounts, financial investments, trust funds, etc.), If self-employed, two years of consecutive tax returns will be required. The Veteran also needs to supply their DD 214 and Certificate of Eligibility (COE) Qualifying for Veteran Home Loans The Veteran Loan program is designed for veterans who meet the minimum number of days of completed service. Some of the other eligibility requirement for the VA loan program and some specific home loan benefits include the length of service or service commitment, duty status and character of service. The program does allow for benefits to Surviving Spouses. The VA does not have a minimum credit score used for pre-qualifying for a mortgage loan, however, most Lenders require a minimum credit score of at least 620. A Veteran who has used their entitlement to previously purchase a home, may have entitlement left to purchase another one. If you previously purchased a home using your VA Benefits then you might still have some of that “Entitlement” available to you for the purchase a new home. To Calculate Maximum Entitlement available, consider the following: If your previous home was purchased using a VA Loan, and that loan was paid off by the new owners, the full entitlement may have been restored. If you sold your home to someone, and allowed them to assume your VA Loan, then you might have the full entitlement restored, if one or more