Question regarding VA loan application…is this normal?

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I got this email from a representative from iFreedom Direct Mortgage Services:

*********
Hi *** and ***,

It was a pleasure talking with you. I have attached a few documents I need you to review, complete, and return to me by either email or fax. I also need you to send the following as well.

1) Last 30 days LES Statement.
2) W2 for 2007 & 2008
3) Recent full month bank statement (all pages)
4) Copy of DD214
5) Landord Info: Name, address, phone#

Once I get this info I will start putting a file together for you. I will request a copy of your Certificate from VA right now. You also recieve an email from *** *** who will contact you and provide an agent in your area. Best of luck and call me anytime you have a question. If you also need a prequalification letter, let me know and I will provide one for you.

Are the things he’s asking for normal and appropriate? Why would they need all the pages of my bank statement…it shows all the places we shop at, eat at, places we buy things at….I feel kind of uncomfortable letting someone see this, but if it’s necessary, then okay. I just need to know…

Anyway, we are first time home buyers. Do these things sound about right to you in regards to information they need for the VA loan prequalification letter/application? Thanks.

4 Comments
  1. Reply
    Toodeemo
    January 23, 2011 at 11:27 pm

    Perfectly normal, and possibly incomplete. It is not uncommon to look for more than 30 days’ documentation. Nothing out of line here.

  2. Reply
    Fort Sill Army Wife
    January 23, 2011 at 11:40 pm

    Yes they are very appropriate, they need to make sure you aren’t bouncing checks and you have enough money in the bank to cover expenses. They don’t care where you shop eat etc. They will be checking employment and credit also. We just used our VA loan in january 2009. Good Luck

  3. Reply
    Marilyn Bell, Realtor
    January 23, 2011 at 11:56 pm

    This is only the beginning. This is just the initial documentation they’re requesting for your application. You may be asked to provide a year’s worth of bank statements before your loan gets through underwriting and gets funded.

    Lenders vary, but almost all are tightening up which means they are requesting more documentation than in a long time, and not just for VA loans.

  4. Reply
    sassy2
    January 24, 2011 at 12:07 am

    Yes every mortgage lender will need copies of those papers. The bank statement show if you are spending more than you earn, If you are in the habit of bouncing checks and other debts you may have attempted to conceal. Also shows where your down payment is coming from

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