VA Certificate Of Eligibility: What You Need To Know

November 12, 2020

When we say we are experts in lending and the products we offer….we mean it. We are proud to help veterans achieve the dream of homeownership with our VA Loans. In addition to just offering the loan we help with the required Certificate of Eligibility (COE).

Forbes recently featured our own SVP Regional Manager Mac Cregger talking about VA loans and obtaining a COE.

Read what Mac shared about VA loans here:

One of the lucrative benefits of serving in the armed forces is the opportunity to buy a home with a Department of Veterans Affairs (VA) home loan. With a VA loan, the government guarantees a portion of the loan so that the lender can offer more favorable terms—allowing you, for example, the option to not make a down payment or be forced to take out private mortgage insurance.

To take advantage of the benefits of a VA loan, borrowers must qualify as veterans, service members or surviving spouses. You must have a Certificate of Eligibility (COE) from the VA that shows you are eligible for VA loan benefits before you can get the loan.

What Is a Certificate of Eligibility?

A COE is a document that verifies a borrower’s eligibility to get a VA loan. Every lender is required to verify that a veteran or service member has met the military service requirement before granting the borrower a VA loan; the COE is used for that verification.

Your COE serves as proof of your (or your spouse’s) military service, and your lender must have it in hand before they can close your VA mortgage loan.

Who Needs a Certificate of Eligibility?

“Anybody who is applying for a VA mortgage loan will need a certificate of eligibility,” says Mac Cregger, senior vice president and regional manager at Angel Oak Home Loans in Atlanta. “There are no exceptions.”

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