There are some very important documents needed to be included in your VA loan application. Some of these very important documents are VA required and some may be lender required but with either if the VA or the VA lender says it’s a requirement then there’s no getting around the hurdle. Standard required documentation includes a copy of your credit report and your W2 forms and pay check stubs for instance. These are standard requirements when using a VA loan to buy and finance a home. You can also expect to provide a copy of your certificate of eligibility, or COE.
Yet if you’re refinancing an existing VA loan or are in the process of buying another home and you intend to use your VA eligibility once again, how do you juggle the COE? If the COE is needed on every VA loan and it’s already attached to another property, what must be done to satisfy this VA requirement?
In the past, veterans would contact the VA directly and request a copy of their COE to be provided to the lender. The COE would have the entitlement amount listed then be forwarded to the VA lender. However, in today’s environment, you should leave the COE request up to your VA lender who can retrieve your COE electronically within a matter of seconds.
If you’re buying a home and need a COE, the VA lender can help obtain a new one. You will need to provide a copy of the settlement statement showing the existing home with the VA loan having been paid off at the closing table. If you’re refinancing an existing VA loan, the VA lender can request an email notification from the VA that eligibility exists and the refinance will proceed. With COE matters, it’s usually best to let the lender lead the way. They do it every day and will make sure the process goes smoothly with no “juggling” on your part.