Entries Tagged as VA Benefits
VA Loan Certificate of Eligibility
Posted by Kevin Pearia | Tags: VA Benefits
Acquiring a VA loan is often the best option for military homebuyers. However, like most steps in home buying, you cannot simply get a VA loan overnight. The first step obtaining a VA home loan requires completing a Certificate of Eligibility (COE), available through the Department of Veterans Affairs website or a VA-approved lender.
The technical term for a COE is VA form 26 1880. There are no tricks or tough questions on the form. It simply asks for basic identification information, your military service history and previous VA loans you had, if any.
When working with a VA-approved lender to obtain your COE, you’re likely to get one quicker, sometimes within three days. Rather than have you go through the VA, the lender works to get your COE while getting you pre-qualified for a VA loan, too. Superior lenders use Automated Certificate of Eligibility (ACE), a web-based platform, to pull COEs in no time.
Applicants are more than capable of going through the COE process alone, but the VA may take four to six weeks to process your COE. Make sure you have copies of your most recent discharge or separation papers to submit with your COE. COEs basically ensure that VA loan applicants fulfill the initial requirements of the VA home loan program. For veterans to be eligible, they must have received a discharge that was not dishonorable. Generally, those who meet one of the following may qualify for the VA home loan program.
- Served on active duty for 90 days during wartime, or 181 days during peacetime.
- While a member of the Reserves or National Guard, served at least six years.
- As an active-duty service member now, you meet one of the above criteria.
- Spouses of service members who died while serving, or due to service-related injuries, and who have not remarried.