What is a VA certificate of eligibility?
A VA loanword certificate of eligibility ( COE ) is the first step toward getting a VA lend. The COE is provided by the U.S. Department of Veterans Affairs, and serves as attest that you meet the requirements to be eligible for a VA lend. Without it, you won ’ metric ton be able to take advantage of low VA loan rates and early benefits.
How to get a VA loan certificate of eligibility
To get a VA loan security of eligibility, you ’ ll need to meet some key requirements. These vary based on your condition ( active duty or seasoned ), the period of time you served and your free condition :
Qualifications for a VA certificate of eligibility
- If you are on active duty now, you need to have served at least 90 continuous days.
- For veterans, the service requirements are a bit more complex, varying from 90 days of active duty to 24 continuous months. Your discharge status is also a factor. To determine if you meet the requirements, review the VA’s standards.
Where to get a VA certificate of eligibility
There are three independent options for getting your certificate of eligibility :
- Apply online: The VA eBenefits online portal is the easiest and fastest route to get your certificate of eligibility.
- Ask your mortgage lender: If you know which VA lender you’d like to work with, you can ask the lender for help obtaining your COE.
- Apply via mail: You can print out the VA’s COE request form, complete it and mail it to the appropriate regional loan center (the addresses are on the form). Keep in mind that this option will take additional time.
What you need to get a VA COE
If you are presently active, you ’ ll need a instruction of service signed by your air force officer, adjutant or personnel office that includes your name, your Social Security number and date of birth. It ’ ll besides need to document the day you started your service, any lost time and the name of the command providing the information. If you are a veteran, you ’ ll need your fire or separation papers ( DD214 ).
If you are a empty penis of the National Guard or Reserves and were never activated, you ’ ll need to meet a few other requirements in order to document your eligibility. Check the VA ’ s arrant list of what you need for your application. Surviving spouses besides have some extra paperwork. You ’ ll need to complete the VA ’ s Request for Determination of Loan Guaranty Eligibility–Unmarried Surviving Spouses mannequin. then, you ’ ll want to track down your spouse ’ s military records, which you can do via the National Archives ; a copy of your marriage license ; and a copy of your spouse ’ s end security.
How long does it take to receive a COE?
If you apply on-line and your eligibility is easy to verify, getting your COE can be a relatively quick process : roughly 30 days. If you can, though, give early, and leave six weeks for processing. In rare cases, verifying service and eligibility can take meter. For model, if your free was classified as “ less than honest, ” you can go through the VA ’ s Character of Discharge review process, which can take up to a broad year.
What do I do when I get my COE?
When you have your COE, it ’ randomness time to move forward with the VA loan process. Receiving a COE doesn ’ deoxythymidine monophosphate automatically mean you are approved for a VA lend ; it only means you ’ re eligible to apply for one. You ’ ll inactive need to go through the application process and meet the lender ’ sulfur criteria, which can vary from lender to lender. The work looks fairly exchangeable to other loans at this point, and involves reviewing your accredit history, your debt-to-income proportion and your overall fiscal picture.
When does a COE expire?
Your VA home loanword certificate of eligibility never expires ; once you ’ rhenium eligible, you ’ re all set. however, there is one caution to that rule : If you receive your COE while you are on active duty, you will finally need to obtain a newly COE once your condition changes to a seasoned .