How to Get a Certificate of Eligibility for a VA Loan

If you’re a veteran or active-duty service member, you may be eligible for a VA loan. Use this step-by-step guide to get your Certificate of Eligibility from the VA.

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Introduction

If you’re a veteran — or married to one — you may be eligible for a Veterans Affairs (VA) loan. These loans, guaranteed by the government, are available through participating lenders. Although a VA loan doesn’t require a down payment, you’ll still need to prove that you have the means to make monthly payments. That’s where a Certificate of Eligibility (COE) comes in.

What is a Certificate of Eligibility?

A Certificate of Eligibility, or COE, is required to get a VA-backed loan and proves that you are entitled to receive loan benefits. To get a COE, you must first gather the required evidence and then submit an application to the Department of Veterans Affairs. The entire process can be completed online, but it may take several weeks to receive your COE.

There are two main types of VA-backed home loans:
-Purchase Loans – used to buy an existing home
-Refinance Loans – used to refinance an existing home loan

How to Get a Certificate of Eligibility

Applying for a Certificate of Eligibility is the first step in getting a VA loan. You can apply for a Certificate of Eligibility online, in person, or through the mail. You will need to provide some basic information about yourself and your military service. The Certificate of Eligibility is used to prove to the lender that you are eligible for a VA loan.

The Eligibility Requirements

There are many factors that go into determining your eligibility for a VA loan. The first, and most important, is your credit score. A good credit score will make it easier to get approved for a loan and get a lower interest rate. You should also have a steady income and aDown payment saved up.

The next factor is your debt-to-income ratio. This is the amount of debt you have compared to your income. Lenders use this number to decide how much you can afford to pay each month. If your debt-to-income ratio is too high, you may not be able to get approved for a loan.

The next factor is your employment history. Lenders want to see that you have been employed steadily for at least the past two years. They also want to see that you have a steady income. If you have been unemployed or underemployed for a long period of time, you may not be able to get approved for a loan.

The last factor is your assets. Lenders will want to see that you have some money saved up for a down payment and closing costs. They may also consider any other assets you have, such as investments or property equity.

The Application Process

The first step in getting a Certificate of Eligibility is to gather the required documentation. You will need your DD214, Certificate of Release or Discharge from Active Duty, or your NGB22 if you are still in the National Guard or Reserves. If you have any questions about which form you should use, you can contact the VA at 1-800-827-1000.

You will also need a completed VA Form 26-1880, which you can get from your lender or the VA. Once you have gathered all of the required documentation, you will need to submit it to the VA for processing.

The easiest way to do this is to submit it online through the eBenefits portal. If you prefer, you can also mail it to the VA Regional Loan Center that serves your area. You can find contact information for your local VA Regional Loan Center on their website.

It will take the VA some time to process your application and issue your Certificate of Eligibility. The amount of time it takes will depend on how many applications they are currently processing. However, once they have issued your Certificate of Eligibility, they will mail it directly to your lender.

The Documents You’ll Need

In order to get a Certificate of Eligibility (COE) for a VA loan, you’ll need to provide the lender with certain documentation. This includes:
-Your DD-214, Certificate of Release or Discharge from Active Duty
-If you’re still in the military, a statement of service signed by your Commanding Officer
-If you’re a reservist or National Guard member, copies of your annual statements from drills
-A certificate of eligibility may also be obtained through an automated process through the VA’s eBenefits Web portal

Conclusion

You should now understand the basics of how to get a Certificate of Eligibility for a VA Loan. Keep in mind that the entire process can be completed online, and you should have no trouble getting the document you need as long as you have all the required information.