How to Obtain your Certificate of Eligibility
Before you can apply for a VA loan, you'll need to get a Certificate of Eligibility (COE). This essential document gives your loan officer the information he or she needs to proceed with your application. The VA makes it easy with three ways to obtain a COE:
Apply through your lender
Apply by mail
To get your COE online, you can visit the eBenefits Portal. This user-friendly eBenefits website has been created by the VA. Here, military members can get information about all the benefits they've earned through service including home loans.
For most individuals who have served, a COE can be printed in a matter of seconds by your lender. Most approved lenders have access to the webLGY where immediate proof of eligibility can be obtained as long as the servicemember is in the system.
For some potential borrowers, a COE can only be obtained by mail. Surviving spouses must fill out VA Form 26-1817 and send it to the Eligibility Center in Decatur, Georgia.
Your licensed loan officer can help you with any of these methods for obtaining a COE. For help right now, call 1 (888) 589-1665.
How Much Can I Borrow with a VA Home Loan?
A VA home loan is limited to how much a borrower can afford regardless of how much the VA will guarantee. But if you want to buy a house with a VA loan and don't want come up with a down payment, then you may be limited to a maximum of $417,000 in most areas. This is generally the maximum loan amount that the VA will guarantee without a down payment. There are exceptions, though. In some areas, the loan limit is higher to account for high-cost housing markets.
In fact, in locations like Nantucket, Massachusetts, and Aspen, Colorado, it's possible for qualified VA borrowers to buy homes that exceed $1 million without a down payment if the lender provides that option. If you want a loan that exceeds the limit in your area, and are able to make the payments, it's okay. You'll just need to make a down payment to cover the amount not guaranteed by the Feds.
To find out how much you can afford, get pre-qualified now. Just fill out our simple form and we'll do the rest.