VA loans are a great way for active military members and veterans to secure a reasonable loan rate on their next home purchase. However, VA loans have a few additional requirements compared to traditional loans, one of which is the Certificate of Eligibility. Below, we’ll explain what this document is along with how you can get yours before applying for a VA home loan.
What Is a Certificate of Eligibility for VA Loans?
A Certificate of Eligibility verifies that someone meets the requirements for a VA loan. When applying for a loan through the VA, the VA requires proof of military service as a part of the loan application process. The COE is a single-page document that contains basic information about the applicant’s military service, including the branch of service, their entitlement code, the last four digits of their Social Security number, and a VA reference number.
The COE isn’t necessary at the start of the application process, and some applicants may even be preapproved for a loan without it. However, the applicant will need to present the COE before closing on the loan and receiving the funds. In addition, a COE doesn’t guarantee the applicant will receive a loan. It is simply one of the VA home loan requirements that applicants must pass for approval, along with several others.
How To Get a COE for VA Loans
There are three methods an applicant can obtain a copy of their COE. The easiest is by working with a VA loan lender. A VA-approved lender can quickly gain access to the Automated Certificate of Eligibility (ACE) database, which allows them to find an applicant’s COE in just a few minutes. Working with a lender provides many benefits throughout the loan application process, with obtaining the COE being one of them. Those that wish to obtain the COE on their own can do so online. Through the eBenefits portal, users can create an account and request their COE.
The third way to obtain a COE is by mail, which applicants can do by mailing in this form to the address listed. This method may take the most time because mail requests often can take several weeks to process. In some cases, the applicant may need additional documentation to secure their COE. For example, they may need a Certificate of Release or their Discharge from Active Duty documentation. This is another benefit of working with a lender because the lender can help ensure the applicant has the right documentation.
Getting a VA Loan in Texas
Active military members and veterans looking to secure VA loan benefits in Texas can turn to The Tuttle Group for assistance. Our team can help people complete all the documentation required for a VA loan and secure the home loan they need in a short amount of time. We’re also prepared to answer any questions people may have about VA loan requirements, VA loan eligibility, and the benefits of choosing a VA loan. We’ve helped many residents of Texas secure a VA loan, and we’d like to help you too. Please contact us today for more information.
