Do you qualify for VA loans, Scottsdale, AZ? If so, you can obtain a mortgage without the need to pay for a down payment or having to pay for mortgage insurance. However, you are required to obtain a VA loan certificate of eligibility before you can apply for this type of loan.
The certificate of eligibility, more commonly known as COE, is the first step toward getting a VA loan. The U.S. Department of Veterans Affairs issues the said certificate, which serves as evidence that you, indeed, meet the requirements to be eligible for VA loans, Scottsdale, AZ.
There are three main options for getting your certificate of eligibility. You can choose from the following:
What do you need to get a VA COE?
If you are currently active in service, you need to obtain a statement of service signed by your commander, adjutant, or personnel office. The document should bear your name, Social Security number, and date of birth.
For veterans, you will need your discharge or separation papers.
For surviving spouses, provide VA’s Request for Determination of Loan Guaranty Eligibility – Unmarried Surviving Spouses form. You will also need to provide your marriage license; a copy of your spouse’s death certificate.
How long does it take to receive a COE?
If all documents are complete, you should receive your COE in about 30 days from the submission.
When does a COE expire?
It does not expire. Once you are eligible, you are all set. However, if your status changes, you will need to obtain a new one. For example, if you are on active duty when you request a COE, you will need to request a new COE once your status changes to a veteran.
Note: Do not hesitate to ask for help from a reputable mortgage broker if you have more questions about obtaining a certificate of eligibility or on VA loans, Scottsdale, AZ, as a whole.
Online looking for a reputable mortgage broker? Contact HomePlus today at 800-810-PLUS (7587).