Are you a veteran or an active-duty service member looking to purchase a home using your VA loan benefits? If so, you'll likely need to fill out VA Form 26-1859, also known as the "Joint VA/Lender Loan Application and/or Assumption" form. This form is a crucial step in the VA loan application process, and understanding its requirements and filing instructions is essential to ensure a smooth and successful transaction.
What is VA Form 26-1859?
VA Form 26-1859 is a joint application used by both the VA and the lender to process a VA-guaranteed home loan. The form is used to gather information about the borrower, the property, and the loan terms, which is then used to determine the borrower's eligibility for a VA loan.
Who Needs to Fill Out VA Form 26-1859?
VA Form 26-1859 is required for all VA loan applications, including:
- Purchase loans
- Refinance loans
- Construction loans
- Interest rate reduction refinance loans (IRRRLs)
- Cash-out refinance loans
The form must be completed by the borrower and the lender, and it's typically submitted as part of the initial loan application package.
What Information is Required on VA Form 26-1859?
VA Form 26-1859 requires a significant amount of information from the borrower and the lender. Some of the key sections include:
- Borrower Information: The borrower's personal and contact information, including name, social security number, date of birth, and address.
- Property Information: The property's address, type, and characteristics, including the number of bedrooms and bathrooms.
- Loan Information: The loan amount, interest rate, loan term, and repayment terms.
- Credit Information: The borrower's credit score and history.
- Employment Information: The borrower's employment history and income.
- Asset Information: The borrower's assets, including bank accounts, investments, and retirement accounts.
How to Fill Out VA Form 26-1859
Filling out VA Form 26-1859 can be a complex and time-consuming process. Here are some tips to help you get started:
- Read the instructions carefully: Before starting the application, read the instructions carefully to ensure you understand what information is required.
- Gather all necessary documents: Make sure you have all the necessary documents, including identification, income verification, and credit reports.
- Fill out the form accurately: Fill out the form accurately and completely, making sure to sign and date each section.
- Submit the form to the lender: Once the form is complete, submit it to the lender for review and processing.
VA Form 26-1859 Filing Instructions
Once the form is complete, it must be filed with the lender, who will then submit it to the VA for processing. Here are the filing instructions:
- Submit the form to the lender: Submit the completed form to the lender, along with all required supporting documentation.
- Lender review and processing: The lender will review and process the application, and may request additional information or documentation.
- VA processing: Once the lender has completed their review, the application will be submitted to the VA for processing.
- VA approval: The VA will review the application and issue a Certificate of Eligibility (COE), which is required for the loan to be guaranteed.
Common Mistakes to Avoid
When filling out VA Form 26-1859, there are several common mistakes to avoid, including:
- Inaccurate or incomplete information: Make sure to fill out the form accurately and completely, as incorrect or incomplete information can delay or even deny the application.
- Missing signatures: Make sure to sign and date each section of the form, as missing signatures can delay or even deny the application.
- Insufficient documentation: Make sure to provide all required supporting documentation, as insufficient documentation can delay or even deny the application.
Conclusion
VA Form 26-1859 is a critical step in the VA loan application process, and understanding its requirements and filing instructions is essential to ensure a smooth and successful transaction. By following the tips and guidelines outlined above, you can ensure that your application is complete, accurate, and processed efficiently.
What is the purpose of VA Form 26-1859?
+VA Form 26-1859 is a joint application used by both the VA and the lender to process a VA-guaranteed home loan.
Who needs to fill out VA Form 26-1859?
+VA Form 26-1859 is required for all VA loan applications, including purchase loans, refinance loans, construction loans, IRRRLs, and cash-out refinance loans.
What information is required on VA Form 26-1859?
+VA Form 26-1859 requires a significant amount of information from the borrower and the lender, including borrower information, property information, loan information, credit information, employment information, and asset information.