Using Your VA Loan Eligibility
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Using Your VA Loan Eligibility

VA loan eligibility grants veterans and active duty military the right to purchase a new home with no money down at excellent interest rates.

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Many veterans I speak with are unaware of the extraordinary benefits available to them through the use of their VA loan eligibility; no money down, no monthly PMI, and interest rates as low or lower than most conventional loans.

I won't go as far as to say a VA loan is always better than a conventional loan, but unless you are putting 20% down (and even then VA can be the right choice) a VA loan will save you money. VA vs FHA is no contest.

Determining Eligibility

To obtain a VA loan you'll need a VA Certificate of Eligibility (COE). The COE tells your lender (VA loans are made through VA approved lenders. The VA does NOT make loans.) your eligibility status; including if this is your first VA loan, if you currently have a VA loan, if you are eligible as a veteran or reservist, and whether you are exempt from the VA funding fee (Veterans receiving 10% service related disability are typically exempt from paying the VA funding fee).

Your COE is especially important if you currently have a VA loan or if you've had a VA loan foreclosed upon. A common misconception is that once a veteran has used his/her eligibility they cannot have another VA loan. Truth is entitlement is restored when a VA loan is paid off, making it available to use again. Additionally, a veteran's full entitlement is rarely used entirely on one loan, making unused entitlement available for a 2nd VA loan. Yes, it is possible to have more than one VA loan at the same time.

I assist veterans every day with determining their VA eligibility, including calculating remaining eligibility with an existing VA loan.

Please get matched with a lender for answers to your COE & other VA eligibility questions.

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*Every effort is made to post valid, up to date information. Mortgage guidelines and programs constantly change. Therefore, the content of each post should be viewed and used as a starting point. Please contact us for current guidelines pertaining to this post or for more information.