VA Loan PlusWhat is a Certificate of Eligibility for a VA Loan?
Three easy ways to get your certificate of eligiblity for a VA loan.
The
Certificate of Eligibility, also known as the Certificate of VA
eligibility, or simply COE, is an application document that confirms
your eligibility to apply for a VA loan to purchase or refinance
your home. If you’re not sure what this certificate is, you’re not
alone; many homebuyers are confused about what exactly the COE is
and how it impacts their loan application process. Luckily, we’ve
put together this article to explain all about what is a certificate
of eligibility for a VA loan and how you can get one!
How Do You Get a Certificate of Eligibility for a VA Loan?
There are three methods in which you may get your Certificate of Eligibility:
1. VA-approved lenders have access to a VA database and are typically able to get your Certificate of Eligibility in seconds.
2. Fill out an online application for your certificate of
eligibility.
Visit the
eBenefits portal site and sign in with your existing account or
create a new one.
3. Apply via mail.
You may print
this form, complete it, and mail it back to the address shown on
the form.
The Lender Can Get the Certificate of Eligibility
Veterans can usually have their Certificate of Eligibility pulled from the government's computerized database by a lender in most circumstances. If a certificate is necessary, lenders may need the Veteran's Social Security number and date of birth.
Member copy 4 of the DD-214 is often considered the most accurate copy, since it provides the most detailed information on the Veteran's military service. You can tell which copy of the paper to submit in for review by taking a quick look in the bottom right corner of the document.
How to Obtain a Certificate of Eligibility (Coe) as an Active Duty Member?
Those who are still on active duty may be required to provide a recent statement of service that includes the following information:
Veteran's full name
Active duty entry date
Branch of service
Separation date as of today
Date of birth
Duration of lost time, if any
Last Discharge
Name of the command providing the information
Rank
Social Security Number
Type of Discharge, and
The assignment unit and the current duty location
How to Obtain a Certificate of Eligibility (COE) as a Reserve or National Guard member?
Reservists and National Guard troops, unlike active-duty military
personnel, do not have a single discharge certificate, such as a
DD-214, to reflect their service. It is ideal if they can submit
their most current annual retirement points summary, as well as
proof of their honorable service. Members of the Army or Air
National Guard may submit their separation and record of service
using NGB Form 22, a Report of Separation and Record of Service, or
NGB Form 23, a points' statement.
Active Reserves and National Guard members, like their colleagues in
the Armed Forces, must provide a signed declaration of service that
contains the relevant personal information. Furthermore, the
statement must say expressly that the applicant is a current member
of the Reserves or National Guard.
What steps must be taken to get an NGB Form 22 from the NGB?
To get a copy of your NGB Form 22/22A, which is issued by the
National Guard Adjutant General, you must first contact the Adjutant
General's Office for the state in which you served in the National
Guard. Please visit the National Guard's website for further
information on how to contact the National Guard.
How to Get Your COE as a Military Spouse
See Surviving Spouse Requirements
Frequently Asked Questions (FAQs)
Q.
Does a Certificate of Eligibility have an expiration date?
A. Your Certificate of Eligibility remains valid indefinitely. If
you're just getting started with the loan procedure, don't expect to
be able to utilize an old Certificate of Eligibility. Your
entitlement code will need to be verified by your lender.
Additionally, if you obtained your first COE while on active
service, you may need a new one.
Q. Is receiving a Certificate of Eligibility a
guarantee that I will be approved for a VA loan?
A. What the Certificate of Eligibility is not, and cannot be, is a
guarantee of future success. The term “guarantee” is commonly used
in connection with VA loan negotiations, however it should be noted
that no one is guaranteed to obtain a VA loan just by satisfying the
minimum service criteria of the VA program.
The Certificate of Eligibility (COE) merely indicates that you have completed one of the requirements for admission to the program—notably, that you have completed the military service requirement. Your property must still satisfy VA standards, and your borrower credentials (credit score, income, and debts) must still match VA and lender requirements in order to be approved.
Q. What Happens If I Misplace a Certificate of
Eligibility That Was Previously Issued?
A. It isn't a big deal if you lose your certificate of eligibility.
Through one of the three options indicated above, you may submit an
application for a new one.
Q. To get a Certificate of Eligibility, how
long does it typically take?
A. The time it takes to get a Certificate of Eligibility is
dependent on how you submit your application.
Requesting a Certificate of Eligibility by mail might take 4 to 6
weeks, but applying online or via a lender normally takes just a few
minutes.
VA Form 26-1880
Having access to your eBenefits site will reduce the time it takes to obtain your COE confirmation to less than 5 minutes, on average.
Q. What is the best way to get my DD-214?
A. This gateway, provided by the National Archives and Records
Administration of the United States, allows you to apply for your
form online.
Q. Why is it stated on my VA Certificate of Eligibility that I am
qualified for $36 000?
A. This section of your Certificate of Eligibility provides
lender-specific information.
This proves your total entitlement.
The $36,000 is not the maximum loan amount.
Rather than that, it means that if you default on a loan with a
balance of less than $144,000, we will guarantee your lender up to
$36,000 in damages.
Conclusion
In conclusion, a Certificate of Eligibility for a VA Loan is an important document that proves you are eligible for a VA Loan. If you are planning to purchase a home with a VA Loan, you will need to provide this document to your lender.