What Is a VA Certificate of Eligibility?
A VA Certificate of Eligibility (COE) is a document issued by the U.S. Department of Veterans Affairs (VA) that proves an individual is eligible for benefits under the VA Home Loan program. The COE shows the VA has verified that the individual meets the VA’s requirements for a home loan.
Who Is Eligible for a VA Certificate of Eligibility?
The VA Certificate of Eligibility is available to individuals who have served or are currently serving in the armed forces or National Guard. This includes active duty, reserves, and veterans of the U.S. Air Force, Army, Navy, Marines, and Coast Guard. It also includes individuals who have been discharged from the National Guard or Reserve due to service-connected disability.
What Benefits Does a VA Certificate of Eligibility Provide?
A VA Certificate of Eligibility can provide a number of benefits for veterans, including:
- A competitive interest rate.
- No down payment.
- No private mortgage insurance.
- The ability to refinance up to 100% of the value of their home.
- No prepayment penalties.
How Do I Obtain a VA Certificate of Eligibility?
The process of obtaining a VA Certificate of Eligibility is relatively simple. The first step is to complete the VA Form 26-1880, also known as the Request for a Certificate of Eligibility. This form can be obtained from the VA’s website or from any VA regional office. The form must be completed and submitted, along with any required documentation, to the VA regional office.
What Documentation Do I Need to Obtain a VA Certificate of Eligibility?
The documentation required to obtain a VA Certificate of Eligibility varies depending on the applicant’s specific situation. Generally, individuals must provide a copy of their DD-214, which is a form issued by the U.S. Department of Defense that summarizes an individual’s military service. In some cases, individuals may also need to provide a copy of their birth certificate, marriage certificate, or other documents.
When Will I Receive My VA Certificate of Eligibility?
Once the VA has received and processed your application, they will issue a Certificate of Eligibility. The amount of time it takes to process the application varies, but it typically takes at least 30 days. Once you have received the COE, you can then proceed with the loan application process.
