Qualifying Documentation for an SBA Veteran Loan
Qualifying Documentation for an SBA Veteran Loan
SBA veteran loans are those made available only to reserve, retired, or honorably discharged U.S. military personnel. These loans have unique requirements that make them different from other major SBA loans. There are several requirements and steps involved in qualifying for an SBA veteran loan. The first requirement is that you have to prove that you are a current or former member of the nation’s military. Below are the details of the different documents in SBA loan requirements to be produced while applying for a Veteran SBA loan.
Veteran
You need to produce a Copy of Form DD 214. The form could be used for anyone other than those dishonorable discharged.
Service-Disabled Veteran
You need to produce a Copy of Form DD 214; you can also produce documentation from the DVA with a testament that the veteran was disabled during service.
Transitioning Active Duty Military Member
This requires the forms, DD Form 2 “Armed Forces of the United States Geneva Conventions Identification Card (Active)” or DD Form 2 “U.S. Armed Forces Identification Card (Active).” DD Form 2648-1 (Reserve Component member) or DD Form 2648 (Active Duty Military member) are also useful.
Reservists or National Guard
DD Form 2 “Armed Forces of the United States Identification Card (Reserve)” will be useful to get this loan.
Current spouse of a veteran
You need to provide evidence that you are a spouse of a veteran carrying Form DD 214.
By providing the respective document, you will be eligible for the veteran SBA loans.
