Understanding the VA Certificate of Eligibility

Lucey Mortgage Corporation in Mount Pleasant, SC is here to help you with home financing needs. One of the best ways for eligible service-members to gain the dream of home ownership is through the VA Loan program. This program helps borrowers benefit from zero to low down payment mortgages with great rates.  There are also wonderful VA refinancing options available. You cannot get a VA Loan without a Certificate of Eligibility, so today we are here to help you understand the process

Qualifying for a VA Loan

First, it is important to understand how you qualify for a VA Loan. The Department of Veterans Affairs (VA) must approve you. Here are the basic requirements for proving your eligibility for a VA Loan:

  • You served at least 90 days of active duty (during wartime);
  • You served at least 181 days of active duty (during peacetime);
  • You were discharged due to a service-related injury;
  • You are an active-duty service member with more than 90 continuous days of service;
  • You are a reservist or member of the National Guard and you served at least six years; or,
  • You are a living spouse of a veteran who was killed during service or because of a service-related injury or who was declared MIA or POW.

The VA Certificate of Eligibility

To obtain the VA Certificate of Eligibility (COE) you should provide documentation of the above. This means you should assemble evidence. Here are some of the forms that can be used to show proof:

  • The DD Form 214 (Veterans, or former National Guard or Reserve);
  • A statement of service for active members signed by the adjutant, personnel office, or commander of the unit/higher quarters (make sure it includes all the correct identifying information);
  • NBG Form 22 (discharged member of the National Guard who has never been activated for service) and NGB Form 32;
  • VA Form 26-1817 and Veteran’s DD214 for surviving spouses in receipt of Dependency and Indemnity Compensation (DIC) benefits;
  • (If you are a spouse not receiving benefits) submit VA Form 21P 534 ARP, marriage licenses, Death Certificate or DD Form 1300, and DD 214 (if applicable).

After you have gathered the forms you need, and obtained the relevant evidence to qualify, you can then submit your Certificate of Eligibility (COE). Submitting can easily be done online, through the VA eBenefits portal. You can also submit via your lender, or apply by mail. Your lender will then be informed that you qualify for a VA-backed loan.  The process to obtain proof of eligibility can be daunting, do not worry, we are here to help. Contact Lucey Mortgage Corporation in Mount Pleasant, SC and get started on the process to qualify for your VA Loan today!