Statement of Service for VA Loan: An Overview
This article provides an overview of the Statement of Service for VA Loans, including information on the document requirements and what it means for potential borrowers. Learn about the VA loan process and how to get started.
Statement of Service for VA Loan: An Overview
A VA loan is a type of loan that is provided to veterans, servicemembers and eligible surviving spouses that allows them to purchase a home. In order to qualify for the loan, applicants must provide proof of their eligibility, such as a Statement of Service. This document is an important part of the loan process and must be provided to lenders by veterans in order to prove their eligibility.
What is a Statement of Service?
A Statement of Service is a document from a military service branch that verifies the applicant's active duty status and provides details about their service. It includes the type of service, the dates of active duty service, the length of active duty service, their rank and the military pay grade. The Statement of Service also includes the name of the applicant's commanding officer and the branch of service. The Statement of Service is issued by the Human Resources Department of a military branch. It cannot be backdated and must be dated within the last 12 months at the time of application.
Requirements for Obtaining the Statement of Service
In general, the applicant requesting the Statement of Service must be currently serving or must have been discharged in the last 12 months. Different branches require different documentation to request the document. Generally, applicants must provide the following documents: a military ID, proof of the date of discharge or release from active duty, a Social Security number, and proof of the applicant's relationship to the requesting party if applicable. The requesting party should be very clear when requesting the document as to its use and purpose. The request should be signed and include a self-addressed, stamped envelope for the return of the document.
Where Can I Get a Statement of Service?
Veterans and current servicemembers can obtain a Statement of Service through their Human Resources Department of their branch of service. For former members of the military, they can also submit requests for a Statement of Service through the National Archives and Records Administration or the Office of the Secretary of Defense. Additionally, applicants may also be able to obtain a Statement of Service from their county veteran service office or their local veterans' service office.
Conclusion
A Statement of Service is an important document for veterans and servicemembers who are applying for a VA loan. It is required to verify the applicant's eligibility for the loan and must be up-to-date to be accepted. The Statement of Service can be obtained from the applicant's branch of service, the National Archives and Records Administration or the Office of the Secretary of Defense. As a general rule of thumb, the document must be dated within the last 12 months to be considered valid.