Understanding VA Loans: A Guide for Veterans and Their Families
As we commemorate Veterans Day, we extend our deepest gratitude and respect to all who have served in the United States Armed Forces. Your sacrifices and dedication to our nation are not just remembered on this special day, but they are honored every day in our hearts and through our actions.
How to Qualify for a VA Loan
Are you a veteran, active service member, or a surviving spouse looking to buy a home? A VA loan could be an excellent option for you. To qualify for a VA loan, you need to meet specific service criteria set by the U.S. Department of Veterans Affairs (VA). Along with your service eligibility, you'll also need to satisfy certain credit and income requirements.
The first step in this journey is obtaining a Certificate of Eligibility (COE) from the VA. This certificate is crucial as it confirms to lenders that you're eligible for the VA-backed loan. Remember, while the VA sets the overall guidelines, individual lenders might have additional requirements, so it's always a good idea to check with them directly.
What is a Certificate of Eligibility (COE)?
A COE is more than just a form; it's your gateway to the VA loan program. This document verifies your eligibility based on your service history and duty status. It also outlines your entitlement amount, which is the portion of the loan the VA guarantees.
You can apply for your COE in several ways: online, by mail, or through a VA-approved lender. The online method is often the quickest and can be done through the VA's eBenefits portal. If you prefer to apply by mail, complete VA Form 26-1880 and send it to the VA Regional Loan Center that serves your area. Many find it convenient to work directly with a VA-approved lender, as they can handle the COE application process on your behalf.
How to Contact the VA for Your COE
Getting your COE is a critical step in the VA loan process. Here's how you can start:
Online: Visit the VA's eBenefits portal at VA Website. You'll need to create an account and follow the instructions to apply for a COE.
By Mail: Fill out VA Form 26-1880, available at VA Form 26-1880, and mail it to the appropriate VA Regional Loan Center.
Through a VA-Approved Lender: Many lenders can apply for your COE on your behalf and also track its status.
Remember, applying for a COE can take some time, so it's wise to start early to avoid any delays in your home-buying process. The best part is Adam Snively can help you get your COE. Once you have your COE, you're well on your way to securing a VA loan and moving closer to owning your dream home.
Let’s Get Started!
Adam Snively’s team is here to serve you well and ensure you are taken care of at every turn.
All these questions and more are a great place to start when dipping your toes into homeownership. Feel free to set up a call with us or send an email to get these answered for you, and to apply for free to begin your journey!
