Frequently Asked VA Eligibility Questions

How do I apply for VA home loans that are guaranteed?

In order to do this, you will need to get a Certificate of Eligibility from the VA to show you are eligible for VA home loans. Give this Certificate of Eligibility to your mortgage company. There are more VA eligibility questions below.

How do first time home buyers get a Certificate of Eligibility?

In order to get a Certificate of Eligibility, you need to submit Form 26-1880, Request for Determination of Eligibility and Available Loan Guaranty Entitlement. A copy of the form can be obtained by calling 800-827-1000 or you can get one online by clicking here (if you click on the link, be sure to put in the form number 26-1880).

Send it to any VA Regional Office. You must include a copy of your DD-214 with the form 26-1880. If you are on active duty, you must submit a statement of service signed by, or by direction of, the adjutant, personnel officer, or commander of your unit or higher headquarters showing date of entry on your current active duty period and the duration of any time lost. There are more VA eligibility questions below.

I have already received one VA loan. Is it possible to get another one?

The answer is yes, but it depends on the circumstances. If you have paid off your prior VA loan and disposed of the property, you can have your entitlement restored for additional use. To obtain restoration of entitlement, you must send the VA a completed VA Form 26-1880 (if you click the link, be sure to put in the form number 26-1880), along with evidence that the property has been disposed of and the loan repaid in full.

This evidence can be in the form of a payoff statement from the former mortgage company, or a copy of the HUD-1 settlement statement completed in connection with the sale of the property. The application can be presented to any VA Regional Office. A veteran can also obtain restoration of entitlement, on a one-time basis, if the prior VA loan has been paid in full and the property has not been sold yet. There are more VA eligibility questions below.

I have sold the property on an assumption. Why can't I get my entitlement restored to purchase a new home?

Unfortunately, in this case, the entitlement can be restored only if the one who assumes the loan is also an eligible veteran who is willing to substitute his or her entitlement for your original entitlement. Otherwise, you cannot have entitlement restored until the one who assumed the loan has paid off the VA loan.

My prior VA loan was assumed and the one who assumed the loan defaulted. VA waived the debt but I'm not eligible for new loan. Why not?

The VA may have paid a claim to the mortgage company. They may have then said it wasn't your fault and waived the debt. Even though your debt was waived by VA, the Government has still suffered a loss on the loan. The law does not permit your entitlement to be restored until the loss has been repaid in full.

This is true even if your prior loan was foreclosed on, or a Deed in Lieu of Foreclosure was issued, or the VA paid a compromise claim. You may have been released from liability on the loan and/or the debt was waived. Still you have to wait until the loss has been repaid to be eligible.

If you have any other VA eligibility questions, do not hesitate to ask them by clicking on this link..

Remember, even for a VA loan you need to make sure to have good credit. There is lots of information to help you.

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