Your local Wisconsin mortgage banker offering first time home buyer, refinance, FHA, FHA 203k rehab loans, reverse mortgages, VA, USDA rural housing, interest only, jumbo, FHA refinance, VA refinance and current Wisconsin mortgage rates.
Visit us online at http://www.MadisonMortgageguys.com
or http://www.madisonmortgageloans.com
Toll Free: 877-240-5810
Locally Owned and operated!
Visit us online at http://www.MadisonMortgageguys.com
or http://www.madisonmortgageloans.com
Toll Free: 877-240-5810
Locally Owned and operated!
VA Loans in Wisconsin Illinois Minnesota and Florida: Step 2 of 5: Certificate of Eligibility
Posted 02-16-2010 at 03:04 PM by ameristar
Today we will review step 2 of our 5 step series about obtaining a VA loan. With so much information out there, I have never actually seen anything that explains the entire process of obtaining a VA loan in one place.
1. Service Eligibility
2. Obtaining your Certificate of Eligibility
3. Funding Fee
4. Looking for a house
5. Choosing a Lender
In yesterday's post we discussed Step 1 Service Eligibility. Today we will discuss how to obtain your Certificate of Eligibility, step 2:
There are several ways to obtain your certificate of eligibility including mailing in your request or automated through us.
Mailing in your Request:
You can obtain your certificate directly from the VA by using VA Form 26-1880, “Request for a Certificate of Eligibility”. After filling in the required information, you will need to mail this to the VA in Winston-Salem, NC with any attached proof of service (usually a DD214 or similar Reserve status forms). The process may take 3 or more weeks. Welcome to government snail mail. If you don't have the patience to mail your request and wait, read on.
Automated Request:
If your entitlement is based on Active Duty service, we may be able to obtain a certificate of eligibility for you online, in minutes. Keep in mind, there is no public option to obtain it online, only lenders have the capability. If you are not eligible to obtain it online, we can then make our request for your certificate within the VA system. You will need to complete VA Form 26-1880 and give us your proof of service, but instead of mailing it to the VA, we upload it directly and usually hear back in just a couple of days!
First Time Use and Request for you Certificate of Eligibility:
If you have never requested or used your certificate, we can still go through the automated system to verify your eligibility. We may not be able to get it instantly, but with a little work from our mortgage professional, we may have your Certificate of Eligibility in 2 or 3 days. Be sure to have the information necessary to fill out form 26-1880 and have your proof of service and we will handle the rest.
Evidence of Military Service:
Refer to Step 1 Service Eligibility for information on obtaining your evidence of Military Service.
How to apply for restoration for a previously used Certificate of Eligibility:
Fully complete and sign VA Form 26-1880, attach your proof of military service and evidence of the sale that of the property that secured the VA guaranteed loan. Generally a HUD-1 or Satisfaction of Mortgage showing the loan has been paid in full. If your loan was assumed, show evidence an eligible veteran has agreed to assume the outstanding balance of the loan and substitute their entitlement for the same amount originally used on the loan. Again, if you give this information to your loan officer, they should be able to obtain your updated certificate much quicker than mailing it to the VA yourself.
What's Next?
After obtaining your Certificate of Eligibility, the next mystery would be understanding the funding fee. I will go in depth on how to do this in tomorrow's blog post, Step 3 Understanding the VA Funding Fee.
Dennis Hardy
Toll Free: 877-240-5810 x104
dennis.hardy@madisonmortgageguys.com
www.madisonmortgageguys.com
Visit my blog at http://www.madisonmortgageguys.com/blogs_dennis_hardy/
http://www.madisonmortgageguys.com/blogs_dennis_hardy/content/va-loans-wisconsin-illinois-minnesota-florida-certificate-of-eligibility/
1. Service Eligibility
2. Obtaining your Certificate of Eligibility
3. Funding Fee
4. Looking for a house
5. Choosing a Lender
In yesterday's post we discussed Step 1 Service Eligibility. Today we will discuss how to obtain your Certificate of Eligibility, step 2:
There are several ways to obtain your certificate of eligibility including mailing in your request or automated through us.
Mailing in your Request:
You can obtain your certificate directly from the VA by using VA Form 26-1880, “Request for a Certificate of Eligibility”. After filling in the required information, you will need to mail this to the VA in Winston-Salem, NC with any attached proof of service (usually a DD214 or similar Reserve status forms). The process may take 3 or more weeks. Welcome to government snail mail. If you don't have the patience to mail your request and wait, read on.
Automated Request:
If your entitlement is based on Active Duty service, we may be able to obtain a certificate of eligibility for you online, in minutes. Keep in mind, there is no public option to obtain it online, only lenders have the capability. If you are not eligible to obtain it online, we can then make our request for your certificate within the VA system. You will need to complete VA Form 26-1880 and give us your proof of service, but instead of mailing it to the VA, we upload it directly and usually hear back in just a couple of days!
First Time Use and Request for you Certificate of Eligibility:
If you have never requested or used your certificate, we can still go through the automated system to verify your eligibility. We may not be able to get it instantly, but with a little work from our mortgage professional, we may have your Certificate of Eligibility in 2 or 3 days. Be sure to have the information necessary to fill out form 26-1880 and have your proof of service and we will handle the rest.
Evidence of Military Service:
Refer to Step 1 Service Eligibility for information on obtaining your evidence of Military Service.
How to apply for restoration for a previously used Certificate of Eligibility:
Fully complete and sign VA Form 26-1880, attach your proof of military service and evidence of the sale that of the property that secured the VA guaranteed loan. Generally a HUD-1 or Satisfaction of Mortgage showing the loan has been paid in full. If your loan was assumed, show evidence an eligible veteran has agreed to assume the outstanding balance of the loan and substitute their entitlement for the same amount originally used on the loan. Again, if you give this information to your loan officer, they should be able to obtain your updated certificate much quicker than mailing it to the VA yourself.
What's Next?
After obtaining your Certificate of Eligibility, the next mystery would be understanding the funding fee. I will go in depth on how to do this in tomorrow's blog post, Step 3 Understanding the VA Funding Fee.
Dennis Hardy
Toll Free: 877-240-5810 x104
dennis.hardy@madisonmortgageguys.com
www.madisonmortgageguys.com
Visit my blog at http://www.madisonmortgageguys.com/blogs_dennis_hardy/
http://www.madisonmortgageguys.com/blogs_dennis_hardy/content/va-loans-wisconsin-illinois-minnesota-florida-certificate-of-eligibility/
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