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    What is a Certificate of Eligibility(COE)?

    The COE is a formal document that certifies that the borrower has a VA entitlement and is eligible to participate in the program.

    How do i obtain a Certificate of Eligibility(COE)?

     Normally, the COE is obtained by your lender directly, but if you would like obtain it on your own:

    • complete the VA Form 26-1880, Request for a Certificate of Eligibility and either
    • submit it online through eBenefits or
    • submit it to the Atlanta Eligibility Center, along with proof of military service to  
    VA Loan Eligibility Center
    PO Box 100023
    Decatur, GA 30031
    Phone # (888) 768-2132
     

     

    What does the entitlement on my COE represent?

    An entitlement is the amount of money the Veterans Administration will guarantee on a loan. 

     

    If I am qualified to purchase a home up to $690,000, why is the entitlement on my COE only $36,000? 

    It’s completely normal for a Certificate of Eligibility to say the Entitlement is $36,000.  The key is the bonus entitlement, and how it ties back to the county limits.The general rule is a Veteran can obtain a VA home loan up to 4 times the amount of the available basic and/or bonus entitlement.

    The “basic” entitlement available to each eligible Veteran is $36,000 on loans of $144,000 or less. Every eligible Veteran also receives “bonus” entitlement that is considered in excess of the $36,000 basic entitlement. Bonus entitlement kicks in only for loans over $144,000. Bonus entitlement is calculated by taking the annual Freddie Mac conforming loan limits for counties($690,000 for San Diego), multiplying them by 25% and then subtracting the basic entitlement of $36,000.

    Example: ($690,000 x 25% = $172,500) - $36,000 = $136,500 bonus entitlement.

    Generally,  an entitlement of $36,000 on the COE translates to being able to purchase a home valued up to the county limit wihout having to make a downpayment. 

     

     

     

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