A required first step in the VA loan process is obtaining a Certificate of Eligibility (COE). COE can be obtained through a VA-approved lender or online. The COE provides information to the VA-approved lender about the eligibility and entitlement of each borrower.
An experienced VA loan professional can obtain a potential borrower’s COE instantly with the VA’s online system. If the borrower is a surviving spouse, Reservist, National Guard member or someone new to the military, then chances are the system will not be able to provide a COE instantly. In this case VA Form 26-1880 must be filled out and sent to the Winston-Salem VA Office of Eligibility, and the COE will be sent in about two weeks.
A blank VA form 26-1880 can be obtained through a VA loan professional, or downloaded online in PDF format directly from the VA website: www.vba.va.gov/pubs/forms/vba-26-1880-ARE.pdf.
My husband and I are unable to acquire a VA loan because our credit scores are 588. We filed a bankrupcy in 2003 and since then have chose not to buy with credit but to pay with cash. This is why our score is what it is. We have an income of $5,000/mo coming in with no debt. We can more than afford a house payment. We are more than able to repay the loan. I hate that in these economic times, a credit score has everything to do with getting or not getting a loan but your ability to pay is not even a factor. The President should do something about this. I bet the housing crisis would not be near as bad if mortgage companies took into consideration everything not just credit scores! I'm just saying………
My wife and I bought our home using my VA guaranteed loan. I am now divorced and my ex lives in the home and makes the mortgage pmts on her own. Does anyone know if I am still eligible for another VA guaranteed loan if need be, or is it a one-time-only benefit?
You will have to get a release of liability from the person who has assumed the loan (your ex-wife) I went through the exact same situation with my ex while stationed in Oklahoma. She had to go to a lender, refinance it in to her name and request her bank to issue a rlease of liability to me. I presented that to VA and had my VA loan priveledges reinstated. I subsequently used a VA loan to buy a house in Fort Worth TX.
Mike, you have what ever is left of your $417,000 entitlement.
And what Tim say is correct, you have the remainder of your $417,000 entitlement.
I had a home with my ex about 20 years ago that got repossed, however I did pay off the balance that was due to the VA, am I eligible for a VA loan now?
Mike, here's a link to an article that helped me understand entitlement. Might be helpful. http://www.directvaloans.com/VA_Home_Loan_Guide/A…
I was honorable discharged from the Navy in 1970. I've never utilized a VA loan but have purchased a home through conventional means. Am I still entitled to apply for a VA loan to refinance my current home? I have fairly good credit ratings.
Tom C
Tom, if you are eligible for a VA loan and haven't used your entitlement, you can apply for a VA to refinance your conventional loan. You'll want to work with a reputable lender that specializes in VA loans to ensure the process is handled right. The professionals at iFreedom Direct have been helping military families for over 25 years. http://www.directvaloans.com is their site
Good Morning Tom
I was honorably discharged under medical conditions in 1975. I spent less than one year on active duty. I dont dare dishonor those who truly served by calling myself a veteran, but I have lost my home and my business due to the current economic conditions. Is there any way for me to get any assistance for starting up a new small business? I was working as an educator/sales trainer in northern Virginia, but recently had to move to Tarpon Springs Fl. to take care of my dad, who has Alheimers. I have no clients here and need money to get restarted. could you point me in the right direction, if there is one. Thank you
Michael Kucher
You can go to http://www.va.gov and search for small business benefits. There's also an article on http://www.veteranjournal.com/starting-your-own-b… that I've read.
I have had a coe for 10 years and have never used it. Does your coe ever expire?
Doug,
Your COE (certificate of eligibility) never expires –unless you received it while you were on active duty and then you would need a new one issued after discharge. That being said, most lenders want a COE that's been issued in the last 180 days. While the VA has an online option for COE requests, the WebLGY system has been down for about a month according to the Atlanta Regional Office. Quickest option is to get your COE from an experienced VA lender. It will take just a few minutes and a VA loan officer can answer any questions you may have about the VA home loan process at no obligation. Let me know if you need any more clarification.