Getting a mortgage is difficult as there are a lot of loopholes you have to jump through. It, therefore, helps if there is a way you can get the loan and get your home without having to pay so many fees or wait for so long. If you have the opportunity to get your interest rates reduced, then that would work in your favor. If you have been in service or are still in service, there is a way for you to get such a loan. These loans are called VA loans and are available to people in the service and their spouses. To qualify for this loan, you need to get the VA Certificate of Eligibility (COE). Here is everything you need to know about it.
Before you get into the details of the VA COE, you first need to define it. It will help you as you get the VA funding fee calculator. Simply put, a VA certificate of eligibility is a document from the Department of Veteran Affairs that shows you are eligible for the VA funding program. Without his document, you cannot access any VA loans. You need to have the VA COE before you can apply for a VA loan.
If you want to file for your certificate of eligibility, there are different places you can go to for that. Knowing these options helps you get your COE in good time, and you can apply for the VA loan. You need to note that depending on the method you use to apply for the Coe, it will determine how long it will take for it to be approved. Here are the main ways you can go about it.
- Use the online portal to apply. With automation, applying for these certificates is easy. Log on to the Department of Veteran Affairs portal and apply for the certificate there.
- Use the mail. You can fill out the form you get from the military base then send it by mail. You need to remember with this method that it will take you longer to get your COE.
- Talk to your lender. If you have no idea how to go about it, talking to your lender helps. The only thing with this is, not all of them are authorized to help someone apply for the certificate of eligibility. It will take you way longer since they have to figure out how to go about it in such a scenario.
Requirements for One to File for a VA Certificate of Eligibility
Before you apply for the certificate of eligibility, you first need to confirm if you qualify for it. If you have any of these, then you are qualified to apply for the certificate.
- You have 181 days of service during peacetime.
- You have done 90 days of service during wartime.
- You have 6 years of credible service in the Reserves or National Guard.
- You are the spouse of a service member who died in the duty line or due to complications related to a service injury.
If you also have your VA COE, it proves that you are eligible to receive this loan.
A COE cannot expire, so as long as you have it, you can keep using it. There are instances, however, where you might have to get another COE. For instance, if you took the certificate when you were in service, you will have to take another when you are not on active duty.
It is important to note that the certificate is not a guarantee of that. You will still have to go through the VA loan applications and have the right qualifications. The COE only shows that you deserve a loan, not that you should be given one.
Whether you are a veteran or a spouse to one, you need to get your Certificate of Eligibility. It will ensure that your loan application process is smoother. Talk to your lender today and see if you need the certificate before applying for your loan.