A VA Certificate of Eligibility (COE) is a vital document that establishes a veteran’s eligibility for VA home loan benefits. Lenders rely on the COE to verify a borrower’s eligibility. However, what happens when your lender can’t obtain your COE?
Not too long ago a young fireman who worked at Fairchild Air Force Base, as a civilian firefighter, reached out to me because he wanted to get prequalified for a VA home loan in Spokane, WA. He had been working with another lender for the last 3 months but they were unable to prequalify him because they couldn’t get his Certificate of Eligibility (COE) from the VA. After a quick chat on the phone and a little information from the borrower I was able to login to the VA portal, establish the problem, and about 5 minutes later had his COE in hand. This young man had been waiting 3 months for something that took us 5 minutes to obtain. Now as a firefighter in Spokane Valley, WA he is able to relax in his new home on his days off because he made the decision to reach out when things didn’t feel right.
Not all lenders understand the process of the VA home loan. The small details that are pertinent to a VA home loan can either make your application process go smoothly or delay you for long periods of time. Our client could have been in his dream home 3 months earlier with a lot less stress if he knew that his lender didn’t fully understand the VA process. Make sure that you use VA professionals when obtaining a VA home loan. It will make all the difference in the world.