![]() Armed with this information you can shop with a budget in mind. Pre-Qualification is a fairly simple process that will allow a mortgage banker to review your income, assets and liabilities and will give you an estimate on how much money you can borrow. Once you’ve determined your eligibility and are ready to hit the streets to find your dream home, it’s smart to begin with a lender to get the application and pre-qualification process started. Step 2: The Application and Pre-qualification Process Please note: If you decide to keep the original home purchased as a rental or investment property, the VA Loan entitlement isn’t available for a new home unless you refinance the original property to a non-VA Loan. And, if you’re refinancing an existing VA Loan with a VA Streamline Refinance, there is no need to request another COE as eligibility was already verified. For most who use the VA Loan to buy a home, once the home is sold, the entitlement is completely restored for use on another home. Veterans can use their home loan eligibility more than once. What if I’ve already used my VA Loan Eligibility? Read More about Sente's Commitment to Veterans. Once the VA has received your request, the COE will be delivered to you. You’ll also need a copy of your DD Form 214 to make sure the information on the DD Form 26-1880 matches the DD-214 exactly. You will need to complete a Request for Certificate of Eligibility by filling out DOD Form 26-1880. You can obtain your COE by making a written request directly to the Department of Veteran’s Affairs, or you can apply for a copy of your COE by visiting the portal set up by the VA where you can make your request online, in person or by writing the VA. Once the lender makes the request, the COE is delivered electronically and is received in a matter of moments. Approved VA lenders (like Sente) have access to an online system that allows the VA lender to request and receive a copy directly from the VA. The easiest way to get your Certificate of Eligibility (COE) is to have your VA lender request it for you. Have your VA lender request a copy for you.It’s a fairly simple document that is obtained in several ways: It’s is a document that proves that a potential buyer has met the VA Loan service requirements and is eligible to qualify for a VA Loan. A Certificate of Eligibility is often considered the first step in the VA Loan process. How to get your Certificate of Eligibilityįirst, let’s define what it is. If you fall into one of these categories, and are ready to make your dream of homeownership a reality, next step is your Certificate of Eligibility. Others: Cadets at the United States Military, Air Force and Coast Guard academies may qualify, as well as midshipmen at the U.S. Surviving spouses who later remarry on or after turning 57 may also be eligible. ![]() Surviving Spouses: Unremarried, surviving spouses of veterans who have died as a result of a service-related injury may also claim the VA home loan benefit, as well as the spouse of a service member missing in action. ![]() ![]() Honorably discharged members of the National Guard of Armed Forces Reserves who have at least six years of service may also qualify. National Guard and Reserve Members: Current National Guard and Armed Forces Reserve members with at least six years of service are also eligible for the VA home loan benefit. A veteran will need to provide evidence of the discharge with form DD-214, and the discharge must be read as an “honorable, under honorable conditions and general” discharge.Īctive Duty Personnel: Those who are currently serving in any branch of the Armed Forces may qualify by showing evidence of at least 90-days of continuous service. Veterans: The largest single class of eligible borrowers is veterans of the Armed Forces. Who exactly is eligible for the VA home loan benefit? To clarify the eligibility rules, below is a list of the basic qualifications one must meet to apply for a VA Loan. Many of the US Veterans we work with don't immediately realize that their service to our country makes them eligible for a VA Home Loan. Contact us today if you have any questions. Below you’ll find a step-by-step guide to understanding the qualifications, application and paperwork you’ll need to get the ball rolling.Ī Sente Mortgage Banker can help make this process easy. If you’re a qualified US Veteran ready to explore the VA home loan process, you’ve come to the right place. Today, there are more than 22 million veterans and active duty personnel who may qualify for a VA Loan to purchase a home. One of the most popular and enduring programs is the VA Home Loan, a one-of-a-kind mortgage program that allows qualified US Veterans to finance a home at a competitive rate, with no monthly mortgage insurance and no down payment. When Congress passed the GI Bill of 1944, Congress created a variety of programs designed to help those returning from World War II. Everything you need to know about VA Home Loans
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