Certificate of Eligibility online on the VA website or request an application by mail. Veterans can sometimes get their COE through their lender by using the VA’s Web LGY system. Once you have your COE, you must review your finances and monthly budget to determine how much you can afford. Then, you will want to shop for a lender. Could you be sure to look for one familiar with and who has made VA-backed loans? You may want to get pre-qualified with the lender before shopping for your new home. Then, choose your real estate agent and shop for your new home. Once you find the home you want to buy, you will need to have a VA-approved appraiser appraise the house to make sure it meets property condition requirements and determine its appraised value. This will help determine how much you can borrow to purchase the home. An appraisal is not the same as an inspection; although an inspection may not be required, it is always a good idea to ensure no significant defects or safety hazards are in hiding. The lender will still need to approve you for a loan and will look at your income, credit history, and other assets such as savings, retirement accounts, and investments to determine if you qualify and how much they will lend you. While the VA does not require veterans to meet a minimum credit score, the lender may have requirements, so be sure to shop around and find a lender that meets you where you are.
Loan Limits and Entitlement
As of Jan. 1, 2020, there are no maximum limits for a VA home loan over $144,000 for eligible veterans, service members, and survivors, provided they have full entitlement to their VA loan — meaning they have met one of the following criteria:
78
Powered by FlippingBook