Yes, there is an easy way to retrieve your VA Certificate of Eligibility. Obtaining a Certificate of Eligibility (COE) is an important step in the VA mortgage process. The COE states your eligibility and is validation for your military service for the VA mortgage program. When it comes to getting your COE for your VA loan, you can either request it yourself or allow the lender you will be using for financing to request it.
VA Approved Lender Can Retrieve Certificate of Eligibility in Seconds
If you wish to request it yourself, you can either use the VA Online eBenefits portal, visit a nearby regional loan center or mail in necessary documents. But having an Orange County VA lender obtain your COE for the loan is a faster and simpler process. All you need to do is provide your lender with proof of service (DD214), and they are able to use the Automated Certificate of Eligibility (ACE) portal provided by the VA. Using this automated portal, lenders are able to obtain your Certificate of Eligibility in a matter of seconds. There will be some cases where the automated portal will be unable to make a decision on eligibility but it will still be a faster process for your lender to get the COE.
Providing Proof of Service
Whether you go about getting your Certificate of Eligibility yourself or have your lender do it, you may need to provide proof of service. Form 26-1880 may need to be completed if your lender is not able to get the COE on the first try. Also, the DD214 will need to be turned in to the lender if the COE is not retrieved on the first try. For the VA loan program, copy 4 of the DD-214 is preferred because it is the most detailed regarding your service. Reserve and National Guard members need to send in their most recent annual retirement summary with proof of honorable service attached. If you have been discharged from active duty and don’t have a proof of service form, you can still submit a request for a COE because in some cases the VA can determine your eligibility based on their own records.
What if your Certificate of Eligibility shows “Zero Entitlement”
There are situations where the COE will show no entitlement remaining. And this is where working with an experienced VA loan officer can save you a lot of money. Having Zero Entitlement does not necessarily mean you can’t buy a home with $0 down payment. Even if your $0 down loan limit is severely limited, it still doesn’t mean VA is not a viable option when compared to other loan programs. Bonus Entitlement can cover a Veteran with no entitlement.
Okay, so now that you have your Certificate of Eligibility, now what? Now it’s time to have your VA lender work on your VA Loan PreApproval. Before you even begin looking at homes you need to find out what loan amount you qualify for and are comfortable with. A good VA lender should be able to put together a detailed breakdown of the numbers for you, making sure you are well prepared for going through with a home purchase.
Authored by Tim Storm, an Orange County VA Loan Officer specializing in VA Loan. MLO 223456. – Please contact my office at the Home Point Financial. My direct line is 949-640-3102. www.OrangeCountyVALoans.com. I will prepare custom VA loan scenarios which will be matched up to your financial goals, both long and short term. I also prepare a Video Explanation of the your scenarios so that you are able to fully understand the numbers BEFORE you have started the loan process.