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Qualifying for a VA Loan with a VA Certificate of Eligibility in Florida, Texas, Tennessee, or Alabama.

  • April 22, 2022
  • Sean Stephens
  • USDA

Qualifying for a VA Loan with a VA Certificate of Eligibility in Florida, Texas, Tennessee, or Alabama.

When seeking to qualify for a VA loan, a VA Certificate of Eligibility (COE) is a crucial document that is needed. In today’s video, I will go over the details of the COE, when you should order it, and how it can help a Veteran with the home loan process.Texas, Tennessee, Alabama, Tampa Florida VA Approved Lender

If you have not already done so, we have created a FREE Loan Comparison Chart for you to download. This chart is a side-by-side comparison of USDA Rural Home Loans, VA home loans, FHA, and Conventional loan programs. Be sure to download it now.

What is a VA Certificate of Eligibility?

The U.S. Department of Veterans Affairs (VA) states refers to the Certificate of Eligibility as a COE. This proves to the lender that you are eligible for a VA-backed loan. VA states in their handbooks that, “[l]enders should never close loan before they establish eligibility. VA cannot guarantee a loan for an ineligible Veteran.”

Based on whether you are a Veteran, Active Duty, National Guard, Surviving Spouse, or a Reserve member, the details needed to qualify and obtain your COE can vary. Here is a link to reference for more information on exact details.

How does a Veteran apply for a COE?

A veteran can apply online through their eBenefits portal, or they can apply through a VA approved lender who has access to the Web LGY system.Texas, Tennessee, Alabama, Florida VA Approved Lender

At Metroplex, we handle this process on a very regular basis for our Veteran’s. In some instances, we can obtain the VA COE directly and in a matter of minutes if there is enough data in the VA’s records. If there is insufficient data in the VA records, we will still be able to submit for the COE manually but would normally need additional documentation to do so.

In our years of experience handling VA loans, we have seen many cases where the lender does not order the COE until much later in the process which can carry sever consequences.

Why is a COE important for a VA loan?

A COE determines if the borrower is eligible for a VA home loan and if they are exempt from the VA funding fee. The COE will also provide the amount of any VA disability income to be received and if this is a first time or subsequent use, which can impact the funding fee amount.

Remember, as a VA approved lender in Florida, Tennessee, Alabama, and Texas, we are here to help if you have any qualifying scenarios or need help with a new pre-qualification. We can walk our Veterans through the entire home buying process step-by-step. Let our VA experience and expertise go to work for you!

Just call, email, or text to discuss your scenario and let us show you the “Metroplex” difference!

 Toll Free: (800) 806-9836 X 280
Call/Text: (863) 451-3032
SeanS@MPLX.org

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