In comparison to conventional mortgage loans, a VA mortgage loan offers several advantages to a borrower. Along with availing reduced interest rate and zero down payments, a borrower is also not required to pay any private mortgage insurance premium and penalty fee for loan foreclosure. Also, you can refinance a conventional home loan into a VA loan through the Cash-Out Refinance Loan program. However, the VA loans are designed only for veterans and service members. So the borrower has to meet certain eligibility criterions to possess a residential property by paying special VA mortgage rates.
Along with having adequate income and suitable credit, the borrower also have to obtain the Certificate of Eligibility (COE) to become eligible for the loan. However, it is also important that the borrower has to use the property for his personal occupancy. You can always visit the official VA website
to understand the requirements to obtain a COE. If you meet the requirements specified by VA to get a VA-guaranteed home loan, you have to apply for the COE by following specific procedures
According to VA website, the veterans, service members, and National Guard and Reserve members can apply for COE online, through the lender, or by applying online. But the surviving spouses have to follow a different procedure to obtain the COE.
If you decide to apply online, you have to use the eBenefits portal. The portal will require you to access the account using your login credentials. If you do not have login credentials, you have to complete the registration process by clicking on the Register box, and following the instructions displayed on the pages.
You also have options to apply for the COE through the lender. Most lenders have access to an Internet-based application or the Web LGY system. The application can establish eligibility of a borrower for VA mortgage loan, and get an online COE issued within a few moments. However, there must be sufficient data in VA records to process your application through the Web LGY. You can always check with your lender about the most convenient way to obtain a COE
If you want to apply for a COE through mail, it becomes essential to download the VA Form 26-1880
from the official website. The application form is available in PDF form. After downloading the form, you have to take a print out, and complete it by submitting the required information. After completing the form, you have to mail it along with the relevant documentation to the address: “Atlanta Regional Loan Center, Attn: COE (262), P. O. Box 100034, Decatur, GA 30031”.
The surviving spouses of the deceased service members have to apply for COE through mail. They have to download and complete the VA Form 26-1817
, and send the completed application form through mail for determination of loan guaranty eligibility of unmarried surviving spouses. However, the spouse must allow adequate time to the VA for establishing that the death was due to a service-connected disability.
Based on your convenience, you have several options to obtain the COE. But you must decide the options that help you in getting the COE as soon as possible so that your VA mortgage refinance
can be done immediately.