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First Steps for Veteran Home Buyers - Loan Pre-approval, COE's and Grant Money
The first step for any home buyer is to get pre-approved for a loan, and Veterans are no exception. But, while veterans and active duty military personnel receive much deserved home loan assistance, in the form of VA guaranteed loans, vets have an added burden of obtaining a Certificate of Eligibility (COE). In order to qualify you must have:
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- Served a minimum of 181 days during peacetime (Active Duty)
- Served at least 90 days during war time (Active Duty)
- Served 6 years in the National Guard or Reserves.
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Surviving spouses of service members killed in the line of duty also qualify for VA backed home loans.
You can request your COE in one of two ways. The fastest and easiest way to obtain your COE is through a VA authorized lender. In most cases, a VA lender is able to assist you with obtaining your VA Certificate of Elibigility. Most lenders have access to a VA database called ACE (Automated Certificate of Eligibility). If the VA has enough information in ACE about a veteran, the lender can retrieve a copy of your COE in seconds.
But ACE does not have information about every veteran; in some cases the lender will need additional information or documentation, such as a copy of your DD214, to access your COE. You can also request your certificate by mailing VA Form 26-1880 to the VA's eligibility center in North Carolina, but requests by mail take longer to process.
Click here to download a copy of the VA's Form 26-1880 if you'd like to request your COE by mail.
If you'd like to get pre-qualified and have a lender pull your COE, all in one easy step, a local lender we frequently work with is Jennifer Wilson of Sierra Pacific Mortgage (NMLS# 798613). Her number is 304-906-5419; her email is jennifer.wilson@sierrapacificmortgage.com
But wait, there's more! How about some free money!?
Although VA loans are 100% loans, there are still costs to the buyer, including:
- The bank's closing costs
- VA funding fee, 2.15% of the loan amount (for disabled vets that fee is waived)
- Appraisal fee, $450
- Home inspection fees
PenFed Foundation's Dream Makers Grant for Vets helps defray those costs. Information about this free matching funds grant can be found on our web site on the Down Payment Assitance page. Unlike some grants, PenFed will work with any lender, and does not require any special training or applications from a lender. The money is a gift to you, does not ever have to be repaid, and does not constitute a lien on your home.
If you have more questions, give us call - we love helping veterans find their dream homes!
Bill Porter, Broker
(304) 612-3746207 Aurora Dr
Morgantown, WV 26508
WEST VIRGINIA LICENSES BROKER WVB240300963
AGENCY 010271-00
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Office License No. 010271-00