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The first step towards getting a VA home loan is usually to apply for a certificate of eligibility. The certificate confirms to your creditor that you qualify for a VA loan. The following article is a detailed guide for the process which you can follow to get your certificate of eligibility for a VA home loan.

How to Apply

There are various areas where you can apply for your COE. Here are some of the few ways that can see your application go through. You can apply online via ebenefits.com. You can also apply via the LGY system. Before applying using the LGY system, you must consult with your lender first, as they are in a better position to inform you if you stand a chance going with them or if another process would be better. The other method is to apply by mail. To apply by mail, you’d need to fill out the VA Form 26-1880 which is a form that allows you to request a Certificate of Eligibility. If you choose to apply by mail, you need to keep in mind that the process would take considerably longer than if you apply online.

What Next?

After you fill out the application for your Certificate of Eligibility, the next step primarily depends on your lender and on the type of VA loan you’re aiming to get. Most credits are given out by either mortgage companies or private banks.

The creditor then requests for a VA assessment of the house in question. A house assessment estimates the market value of the house at the time of the appraisal. You should note that an assessment doesn’t necessarily guarantee how much your house is worth neither is it a home inspection.

The lender then evaluates the appraisal and your income information and credit score. They then determine whether they should accept your loan application or not. In case the application goes through, the lender will help you choose the title company to close on the house or transfer its ownership.

If you have any questions regarding the whole loan process or application, it is best to consult with your lender to have a clear mind when applying for the loan.