Am I Eligible for a VA Loan?
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Some lenders have been hesitant over the years to participate in the Veteran Home Loan Guarantee program because they didn't want to fool with the paperwork required for eligibility determination. Fortunately, there are some mortgage companies who have researched the process and found that it is not as daunting as one might think. It all starts with one piece of paper – the Certificate of Eligibility for Home Loan benefits. Without this certificate, the lender cannot process a VA Loan application.
The general rules for eligibility are straight forward. If you served on active duty in WWII, Korea, or Viet Nam for at least 90 days and were discharged under other than dishonorable conditions – you are eligible. If you served less than 90 days and were discharged for a service connected disability, you may be eligible. If you remained on active duty for at least 181 days in the peacetime periods immediately following these events you are eligible under the same terms (not a dishonorable discharge). Those who served in the Gulf War are covered under separate, but similar eligibility rules. Active duty personnel and Selected Reserves or National Guard may also be eligible for these Veteran Home loans, along with the unremarried spouses of qualifying veterans. You can request the VA Loan eligibility certificate by completing VA form 26-1880, Request for a Certificate of Eligibility for VA home loan Benefits. The form will need to be sent in to the proper VA office for processing which normally takes around 10 days. Once the certificate is returned, you will be ready to apply for your loan. In most cases we will be able to obtain a Certificate of Eligibility for you by using ACE (Automated Certificate of Eligibility). ACE is a web-based application that is able to determine eligibility for your VA home loan and issue an online Certificate of Eligibility in a matter of seconds. Not all cases can be processed through ACE. If there is insufficient data in our records, the certificate will have to be requested from VA.
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