Begin with the Certificate of Eligibility
A Certificate of Eligibility, or COE, documents eligibility for the VA home-loan benefit. Service history and duty status affect eligibility. A COE establishes benefit eligibility; the lender still reviews the application and property.
Plan to occupy the home
VA-backed purchase financing is generally intended for a home you will occupy. If you are considering a property with additional rental units, discuss occupancy and property requirements before making an offer.
A vacation home or property purchased solely for rental income calls for a different financing review.
Compare the complete payment and cash needed
VA benefits can change the down-payment and mortgage-insurance picture, but closing costs, entitlement, a possible funding fee and any exemption must be evaluated for the individual borrower. Request an itemized estimate.
Income, credit and sufficient capacity to repay remain part of the lender’s review. Keep a separate budget for property taxes, insurance, maintenance and household expenses.
What to bring to your lending conversation
The team can help identify the documents required to review your benefit and your purchase or refinance.
- COE or the service documents needed to request one.
- Income, employment and asset documents.
- Current housing obligations and mortgage information if refinancing.
- Property address, price and intended occupancy.
Questions about va home loans
Does a COE guarantee approval?
No. The lender must also review credit, income and the property under applicable requirements.
Can a surviving spouse be eligible?
Some surviving spouses may qualify. Confirm eligibility with VA and obtain the appropriate COE.
Related financing and resources
Further reading
Financing depends on the property, occupancy, documentation, credit and applicable program guidelines. Final terms and availability require underwriting review. This information is educational and is not a commitment to lend.
