There are many reasons why a Connecticut resident might need a loan; buying a car or home are among the top reasons to need this type of assistance. If you are a veteran, you may be able to qualify for a VA loan. To do that, you need the VA Certificate of Eligibility.
Understanding the Certificate of Eligibility for veterans
A Certificate of Eligibility (COE) is a document for non-disabled and disabled veterans that come from the United States Department of Veterans Affairs (VA). The purpose of the COE is to certify that you meet the eligibility requirements to obtain a VA loan. The document also gives VA lenders additional information pertaining to your entitlement and any fees. The entitlement is the amount that the VA can provide for a loan.
Eligibility for a VA loan COE
To qualify for a VA loan COE, you must meet specific criteria. You must not have been dishonorably discharged from service and must have served for at least 90 consecutive days. However, any veteran who served after August 2, 1990, is also eligible as long as they served for 24 consecutive months.
To apply for the COE, you must present copies of your discharge papers and include them with your completed DD Form 214. You may also need to file NGB Form 22 or 23. You can send your information either online or via regular mail.
Getting your VA loan COE
On average, it can take around 30 days to receive a decision on your COE. If you are hoping to get a VA loan to buy a home, it’s wise to budget for several weeks before getting your COE. However, you might get approved for your loan once you receive your COE.
Once you have your COE, you can apply for your VA loan. This can give you peace of mind in knowing you’re one step closer to getting your new home.