Whether you are looking to purchase a home or do a cash-out refinance, a VA loan is an excellent choice for those who qualify. VA purchase loans allow you to finance a home with extremely competitive interest rates and no mortgage insurance. All of this without requiring a down payment.
For those interested in refinancing, VA’s cash-out refinancing loans allow the borrower to take cash out of their home. This cash can be used to take care of everything from paying off debt, to remodeling the borrower’s home. VA will actually guarantee these loans up to 100% of your home’s value.
So what is necessary to obtain a VA loan?
To be eligible for a VA loan, you must meet certain service requirements, have decent credit, and sufficient income. The borrower must also have a valid Certificate of Eligibility. A Certificate of Eligibility, or COE, verifies to a lender that the borrower is eligible for a VA-backed loan. There are several ways of obtaining a VA Home Loan Certificate of Eligibility (see below).
Apply Through a Lender (Fast)
Most lenders have access to the Web LGY system. By applying through a lender, eligibility can be established in a matter of seconds. This system does require that VA has a sufficient amount of data in their records about
the borrower. Even if the Web system is not available, a lender can still assist the borrower in obtaining the COE through other means. Veterans are encourage to talk to their lender about this method and others.
If you need to speak to a lender about obtaining your COE, feel free to contact Judith Sumbry of GEM Mortgage at (661) 450-8080. You may also apply online at www.AVHomeLoans.com/Apply .
Apply By Mail
VA Form 26-1880, A Request for Certificate of Eligibility, can be used to apply by mail. The form can be found on the VA website by clicking here. Surviving spouses must apply using VA Form 26-1817. This form can also be found on the VA’s website by clicking here. If you run into any problems printing the form, you may also call (888) 768-2132.
Once the form has been completed, it must be mailed to the following address:
VA Loan Eligibility Center
Attn: COE (262)
PO Box 100034
Decatur, GA 30031
The eBenefits portal (available here ) is another option for Veterans looking to obtain their COE. If you already have your login credentials, simply click the login box to get started. If you do not have your credentials, you can register on the site by clicking the register box.