A house is a primary need. However, not everyone can have it because it is pricey. If your family is military or veteran, you can utilize the VA (U.S. Department of Veterans Affairs) to purchase a property such as a house. Otherwise, you must first obtain a Certificate of Eligibility (COE). So, how do I get a VA loan certificate of eligibility?
Dig deeper into the information by reading the discussion below.
What is a VA Loan?
VA is short for The U.S. Department of Veterans Affairs, which provides mortgage loans specifically to surviving service members, veterans, reservists, or selected military spouses. Simply put, a VA loan is a mortgage loan backed by the United States government to enable returning military members or veterans to buy homes.
The US government introduced the U.S. Department of Veterans Affairs mortgage loan in 1944. Hence, this mortgage loan enables surviving military members or veterans to purchase a home without a down payment or having an excellent credit history. Regardless, you must first obtain a certificate of eligibility (COE).
What is a Loan Eligibility Certificate?
Before answering the question about how do I get a VA loan certificate of eligibility, you need to understand the certificate of eligibility or COE. Since this certificate is an absolute requirement, you must fulfill it to obtain a mortgage loan.
A certificate of eligibility is a document that contains the entitlement code information and service requirements that you need to get a VA mortgage loan. The entitlement code informs you of the prior VA loan service period or status. Additionally, the code digits range from 01 to 11.
Remember that the Department of Veterans Affairs does not provide VA loans but sets basic lending guidelines for private companies that provide VA mortgage loans. Thus, the COE will prove that you have served the required time in the US military to be eligible for a VA loan.
How to Acquire a VA Loan Certificate of Eligibility
There are three ways to procure a VA loan COE you can give them a go. Please take a peek at the three methods below.
1. Talk with Your Lender
Asking directly to the lender you choose is an effective way to procure a loan. These lenders can access your COE online to evaluate and consider your VA loan application. This will be a perfect choice if you have submitted a house offer. Also, the application process will be effortless and time-saving.
2. Request COE Online
Another answer to the question of “How do I get a VA loan certificate of eligibility?” is to request a COE online. Applying for a certificate of eligibility does not require many requirements.
Visit the eBenefits portal to request COE online by creating a new account. Selecting this method does not require you to provide your social security number or other personal information. Therefore, the website will keep your data safe without leaking it to other sources.
3. Get Your COE by Mail
The last alternative to procure a certificate of eligibility is to request it by mail. Even though this method is not as effective as the prior ones, it is worth trying if there are no other options. Obtaining COE by mail is printing form 26-1880 and then sending it to the VA.
Remember, this process can take up to 6 weeks or more, depending on your status. You can only use a certificate of eligibility for one loan. Even though you had a COE that you used on the prior loan, you must procure a new COE. Thus, you can use the new COE to apply for another loan.
What Do I Need to Prepare Before Requesting a COE?
To expedite the process of obtaining a COE, you should know all the following information:
1. Veteran
If you are a veteran and want to procure a COE, you must provide a certificate of release from active duty and a DD-214 form. Besides, you can ask the loan officer to provide a certificate of eligibility. Since they have a database, it enables them to access it online.
2. Active Service Members
How do I get a VA loan certificate of eligibility if I am an active service member? The requirements you must prepare differ from those of veterans because you don’t have discharge documents.
Typically, lenders will ask for documents such as full name, ID number, date of birth, date of military entry, duration of time lost, and the command’s name providing the information.
3. Members of the National Guard or Reserves
For reserve members with a minimum active duty period of 90 days, one of the documents you need to prepare includes a DD-214, DD-220 with an accompanying message, or an annual points statement.
Instead, reserve members who have never been activated must complete slightly more complicated requirements. You need to get a statement of service signed by the commander or adjutant.
Furthermore, you must complete documents such as full name, ID number, date of birth, date of military entry, number of years of credited service, name of the command providing the information, and duration of time lost.
4. Military spouses
Military spouses also have the right to apply for a COE if they meet the requirements. They must be recipients of dependency and indemnity compensation (DIC) benefits and provide personal information. Alternatively, they must receive VA Form 21P-534EZ benefits or a survivor’s pension.
Military spouses who do not receive DIC benefits must complete documents, including a veteran’s death certificate, a completed application for DIC, and a copy of the marriage certificate. So ensure to prepare every detail of requirement in order to get the approval of requesting COE.
Is How Do I Get A VA Loan Certificate of Eligibility Post Useful?
On a final note, a certificate of eligibility is a required document to apply for a VA home loan. There are three solutions to answer the question, “How do I get a VA loan certificate of eligibility?”: discussing with your lender, requesting a COE online, and getting the proof via email.
The article above explains the highlighted terms that might help you understand it more easily. Therefore, please complete the requirements to procure a COE and be prepared to get your dream home immediately!
