| Before getting a VA Loan, you must first get a | | | | borrowers' COEs to be obtained through ACE. |
| Certificate of Eligibility (COE). Relax, it's not as | | | | ACE can be a very quick and easy tool for lenders |
| complicated as it sounds. Most COEs can be obtained | | | | and mortgage brokers in obtaining a COE for |
| online with the help of a VA-approved lender. The | | | | VA-eligible borrowers, but it does not work for |
| Automated Certificates of Eligibility (ACE) system | | | | everybody. The ACE system cannot authorize |
| allows lenders to assist potential VA Home Loan | | | | certificates for: |
| borrowers in expediting the COE process. All that is | | | | · Reserves/National Guard |
| needed from someone with honorable and ample | | | | · Those with a VA Loan foreclosure history |
| service in the military is a name and social security | | | | · Military persons with insufficient service time or |
| number. In a matter of minutes, the lender can print out | | | | dishonorable discharges |
| an authorized COE. | | | | · Surviving spouses |
| Lenders and mortgage brokers using ACE must simply | | | | If the ACE system can't certify someone it doesn't |
| enter the two required pieces of information (Name | | | | necessarily mean that he or she cannot get a VA |
| and SSN) into the online system and the rest is | | | | Loan. They would just need to contact the VA directly |
| automatic. Borrowers don't need to fill out paper | | | | to obtain their COEs. Generally, those who are eligible |
| applications or rummage through archives to find | | | | for VA Home Loans include honorably discharged |
| military documents. As long as your name and number | | | | veterans and active duty personnel who have served: |
| are in the system, you should be able to acquire your | | | | · 2 years on active duty, or |
| COE through ACE with the help of your VA-approved | | | | · 6 years in the Reserve/National Guard, or |
| lender. | | | | · 90 days of wartime duty called up under U.S.C. Title |
| What might a typical successful ACE candidate look | | | | 10, or |
| like? | | | | · 181 days of peacetime duty called up under U.S.C. |
| · First-time VA Home Loan borrower | | | | Title 10 |
| · Served on active duty for at least 2 years after | | | | Also, there are certain other persons who might be |
| 1980 | | | | eligible to receive VA Home Loan entitlements including, |
| · If no longer serving must have honorable discharge | | | | but not limited to: |
| As previously stated, certificates obtained through the | | | | · POWs held in captivity for 90 days or more |
| ACE system can be printed from a lender's printer on | | | | · Certain un-remarried surviving spouses |
| plain white paper. There will be a unique authorization | | | | Obtaining a COE should never be an intimidating |
| number that authenticates COEs obtained online. | | | | process, and it should never deter anyone who is |
| The ACE system is so successful that 98% of all | | | | eligible for a VA Loan from pursuing one. On the |
| COEs issued nationwide are through this online | | | | contrary, the ACE online system can provide an often |
| method. And, the VA is currently making | | | | fast and simple way to get started. Contact a Loan |
| improvements to make ACE even better. Soon, the | | | | Specialist with a VA-approved lender and be on your |
| ACE system will allow for lenders to code restorations | | | | way to becoming a VA loan borrower. |
| of entitlement. This will allow for subsequent VA loan | | | | |