VA Loan Certificate of Eligibility

Members who have served in the military or armed forces can be eligible for a VA loan to help them purchase a home. These candidates can use these loans to help finance the purchase of land or a home. VA loans are useful to those buying for the first time or have already purchased a home. We can discuss your options with you to make sure you are getting the ideal loan for your particular situation. 

How Do I Get Started?

The first thing you need to do in order to qualify is have your finances reviewed by a loan officer just as you would with a conventional loan. In order to find out the amount of the loan you are eligible for, your length of service and the role in which you served will be considered.

Although you do have to be a current or former service member in order to qualify for a VA loan, the VA is not directly involved in the approval process. You will need to apply through a VA approved private lender before you can move forward to purchasing a home. In order to be eligible for a VA loan, you must have sufficient credit and income, and a valid Certificate of Eligibility. You also must buy the home in order for you to live in versus as an investment property.

What Is a Certificate of Eligibility?

The Certificate of Eligibility verifies that you qualify for a VA backed loan to the lender of your choosing. There is a decent amount of paperwork needed to first confirm you qualify for this type of loan as well as the COE, so make sure you keep your documents organized and in a secure place.

The paperwork will vary depending on whether you are a veteran or active member of the services. You can also qualify for a VA loan if you are a discharged member of the service. Once you have all the necessary paperwork in order, you can apply for the Certificate of Eligibility online, through the lender of your choosing or through the mail.

Why Choose a VA Loan?

Purchase loans are a type of VA loan used to purchase a home and usually does not require a downpayment. This is a good option for those who may have had difficulty finding a private to finance purchasing of a home.

There are also other benefits to going with a VA Loan which are listed below:

  • No down payment as long as the sale price isn’t higher than the value of the home you plan to purchase
  • No insurance premium requirement
  • Closing costs are limited and may be paid by the seller
  • You can’t be charged a penalty if you pay the loan off early
  • VA may be able to assist you if you find yourself in a position where you are having trouble making payments

Get Started on Your VA Loan Today!

If you are a member of the service or have already retired, we would love to assist you in the purchase of your property, getting started with your certificate of eligibility, or just answering any questions you might have. Don’t hesitate to reach out today!

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>