When doing a VA refinance (either VA cash out or VA IRRRL), a Veteran is going to have to provide a Certificate of Eligibility (COE). The VA has developed an alternate procedure for lenders to use when closing an Interest Rate Reduction Refinancing Loan (IRRRL) and lenders can access the automated system at: http://www.vba-roanoke.com/rlc/GILoans.asp.
This Automated VA Certificate of Eligibility system provides an automated e-mail response to lenders. Lenders MUST print this response and provide it with the guarantee package for issuance of the Loan Guaranty Certificate.
Note and it is important to note that most lenders a printed response can ONLY be used in lieu of a COE for VA Streamline Refinance Loans (IRRRLs).
Automated Certificate of Eligibility (ACE)
ACE allows lenders to input data about a specific veteran-borrower and obtain an eligibility determination on most cases in a matter of seconds from the Internet. ACE eliminates completing VA Form 26-1880, Request for a Certificate of Eligibility, mailing it to an Eligibility Center and waiting for a reply by mail.
ACE can be accessed by using http://tas.vba.va.gov/TAS/index.html and clicking on the ACE link. Once the ACE link is accessed, there will be a brief paragraph about ACE. There will be a link from that paragraph to the actual ACE log-in page. ACE will generally be available 24 hours a day.
Limitations of Automated Certificate of Eligibility System
ACE cannot make all determinations. Some types of cases that cannot be processed through ACE include:
- Persons who may have had prior VA loan(s) that went to foreclosure.
- Persons whose service was or is in the Reserves/National Guard.
- Persons who did not serve the minimum required length of service and were not discharged for an authorized exception.
- Persons who were discharged under conditions other than honorable.
- Persons for which VA has insufficient data to make the determination.
- Persons seeking restoration of previously used entitlement.
- Unmarried surviving spouses.
The automated VA certificate of eligibility system is designed to make it easier for Veterans to complete VA loan transactions – if you have questions about the system or obtaining a COE, then be sure to speak with a VA loan expert today. Just fill out the short form below to get matched with a VA-approved lender who will be happy to answer any questions you may have and provide you with a free, no-obligation quote. Shopping lenders is the best way to get the best deal on a VA loan that will help you make sure that you are getting the best deal. Get started today by submitting your information below.