Apply For Certificate Of Eligibility – VA Loan Certificate of Eligibility (COE): Why It Matters and How to Get One Your Certificate of Eligibility (COE) verifies that you meet the military service requirements for a VA loan. However, not everyone knows that there are several ways to get your COE – some easier than others.
The VA requires lenders to obtain proof of a veteran’s military service during the VA loan process. The Certificate of Eligibility (COE) serves as proof and shows a lender that an applicant has officially met the VA military service requirement.
Apply For Certificate Of Eligibility
That said, one of the most important things to know about COEs is that you do not need a COE in hand to begin the VA loan process.
Va Certificate Of Eligibility
It is entirely possible to start the VA loan process and even receive a pre-approval letter without a COE. However, you or your lender must receive the document before closing. Any delays or questions about the veteran’s military status can disrupt the closing or even derail the entire process.
A Certificate of Eligibility (COE) is a document from the Department of Veterans Affairs that confirms your eligibility for the VA loan program. The COE also details your eligibility for the available VA loan and whether you are required to pay the VA financing fee.
There are several ways to obtain a COE, and although it is a short and simple document, it can be confusing. Let’s clarify some of the most common questions about the Certificate of Eligibility.
In most cases, the easiest way for veterans to obtain their Certificate of Eligibility is to have a lender pull it directly from the government’s automated database. Lenders can often do this with just the veteran’s social security number and date of birth. Depending on the nature of your service and other factors, additional documentation may be required, including Form DD-214, also known as a Certificate of Discharge or Release from Active Duty.
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In general, the member’s copy 4 is the preferred copy of the DD-214 because it contains the most detailed information about the veteran’s service. You can determine which copy to submit by looking in the lower right corner of the document.
How can you get your DD-214? The US National Archives and Records Administration provides this portal to request your form online.
There is no standard form or format for the service statement, but this summary of information is common. The letter must be on official military letterhead.
Reservists and National Guard members do not have a single clearance certificate like the DD-214. Instead, they must submit a summary of their most recent annual retirement points along with proof of honorable service.
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Members of the Army or Air National Guard may submit Form NGB 22, a Separation Report and Service Record or Form NGB 23 Point Record.
Like their armed forces counterparts, serving members of the reserves or national guard must provide a signed statement of service showing the required personal information. The statement must also clearly state that the applicant is an active member of the reserve or guard.
To receive a certificate of eligibility as a surviving spouse, you must first receive dependency and compensation benefits. If you are not currently receiving long-term care and compensation benefits, you will need to complete VA Form 21P-534EZ, Survivor’s Pension and/or Accrued Benefits. Once approved, follow the steps below.
If you are receiving care and compensation benefits, you will need to complete an Application for Determination of Loan Guarantee Eligibility – Unmarried Surviving Spouses (VA Form 26-1817). You will also need a copy of the veteran’s DD-214 or other acceptable separation papers.
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Once you receive your Certificate of Eligibility, you’ll notice a variety of information, including your name, Social Security number, branch of service, and even the name of the VA employee who issued your COE.
Most are clear and simple, but some elements may not be familiar. The one part that often leads to questions from potential VA borrowers is something called the title code.
This two-digit number gives VA lenders more information about your military service history and whether you may be exempt from paying the VA financing fee, an upfront cost that goes directly to the Department of Veterans Affairs.
Borrowers receiving service-connected disability compensation, active Purple Heart recipients and eligible surviving spouses do not have to pay this fee.
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There are 11 possible VA entitlement codes, which you can find here. Most assistance codes are linked to a period of military service. But an important code for veterans who have used their VA credit benefit in the past is entitlement code 05.
This title code indicates that a borrower has already taken out a VA loan, paid off the loan in full, and returned the title to the property. Borrowers who have previously used a VA loan are subject to higher finance charges on future VA purchases, unless their Certificate of Eligibility indicates they are exempt from these charges.
Talk to your loan officer if you have questions about your eligibility code or if you think yours is incorrect.
The time it takes to receive a Certificate of Eligibility varies depending on how you apply. Applying for a COE by mail can take 4-6 weeks, while applying online or with a lender usually takes just a few seconds.
What Is A Va Certificate Of Eligibility?
See the image below. A Certificate of Acceptance is a relatively simple document that displays basic information such as:
It’s not a big deal if you lose your COE. You can request a new one through the three methods listed above.
If there’s one thing a Certificate of Eligibility isn’t, it’s a guarantee. The word “guarantee” is often thrown around in discussions of VA loans, but to be clear, no one is guaranteed to receive a VA loan simply by meeting basic service requirements.
COE simply means that you’ve cleared a track record—that is, that you’ve met military service requirements. Your property must still meet the VA’s criteria and your borrower’s qualifications (credit score, income, debts) must meet the VA’s and the lender’s standards.
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If your lender can’t automatically receive your Certificate of Eligibility, it could be for a number of reasons, including:
Don’t panic if you fall into this group. This happens sometimes, and savvy VA lenders usually know how to handle it. In these cases, your lender will usually request your DD-214 statement or scores and send it directly to the VA for evaluation.
Your Certificate of Eligibility does not expire. However, don’t expect to reuse an old COE if you’ve just started the loan process. Your lender will need to verify your eligibility code. Additionally, you may need a new COE if you received your first on active duty.
Do you have other questions about COE? Please leave them in our comments section below, or contact a Veterans United loan specialist at 855-870-8845.
Provisional Eligibility Certificate Form
A licensed realtor and former loan originator and attorney, Samantha has insider experience handling VA loans, from initial application and contracts to loan funding.
The availability of all charges will depend on an individual’s credit rating and the details of the loan transaction. First-time home buyers may not qualify for a jumbo product. The interest rates shown here are subject to change at any time and cannot be guaranteed until closed by your loan officer.
All fees assume a single family primary residence, excluding manufactured homes, a credit score of 720, with applicable fees and charges (including VA finance charges) included, 181 days of regular active duty military service (except of reserve) without service related disability or prior use of a VA credit.
Current advertised rates: 5.875% (6.480% APR) with 0.625 points down over a 30-day closing period for a 15-year VA fixed loan and 5.750% (6.141% APR) with 1,000 points down over a 30-day closing period for a 30-year fixed VA loan. These loan rates assume no down payment and a loan amount of $250,000.
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Current advertised rates: 6.750% (7.028% APR) with 0.250 discount points during a 60-day lock-in period for a 15-year Streamline (IRRRL) and 7.125% (7.287% APR) with 0.125 discount points for a 15-year Term 60 days for a 30 year rationalization (IRRRL). These loan refinance rates assume that the property will be owner-occupied.
Current Advertised Rates: 6.750% (7.311% APR) with 0.250 points down over a 60-day closing period on a 15-year VA refinance, and 7.125% (7.465% APR) with 0.126 points down over a -Period closing day for a 30-year VA Cash Out refinance. These refinance loan rates assume a loan-to-value ratio of less than 90%.
Current advertised rates: 6.625% (6.978% APR) with 0.375 points down over a 45-day lock-in period for a 30-year fixed Jumbo VA, 7.125% (7.324% APR) with 0.500 points down over a 60-day lock-in period a 30-year Jumbo Streamline (IRRRL) and 7.125% (7.502% APR) and 0.500 cashback points over a 60-day lock-in period for a 30-year VA Drawdown Jumbo. These loan rates also assume a loan amount above current conforming loan limits. Although the conforming credit limit varies depending on where you live, for most of the United States in 2021 this means your credit must be greater than $548,250 to qualify as jumbo. Loans from Alaska, California and Hawaii have
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