September 3, 2008 • June Walbert
Q: My husband served in the army as an E-4, and is now on inactive duty. We sent his paperwork in for VA loan eligibility over a month ago and still have not received anything in return. Does the eligibility process usually take a while? Is there a phone number that we could call to make sure they received his paperwork? Also we are looking into buying a business with a home attached. The home will be our primary residence. Can we use a VA loan to purchase the home? Would it be better not to? Thank you for your time.
--Emily
A: When I applied for my Veterans Affairs Eligibility Certificate, I did it in person. I just didn’t want to take any chances on my DD-214 getting lost or caught up in the sometimes slow wheels of bureaucracy. I received it the same day! But times have changed – and perhaps for the better.
Check out what I pulled from the VA website: “ACE (automated certificate of eligibility): It may be possible to obtain a Certificate of Eligibility from your lender. Most lenders have access to the ACE system. This Internet based application can establish eligibility and issue an online Certificate of Eligibility in a matter of seconds. Not all cases can be processed through ACE - only those for which VA has sufficient data in our records. However, veterans are encouraged to ask their lenders about this method of obtaining a certificate.”
So all may not be lost. A VA loan may be a great option for you to purchase your home and I see no issue with it being attached to your business. But you might want to ask them! I would recommend you contact the VA eligibility center directly at 1-800-2444-6711. Bottom line is that it shouldn’t take too long. Good luck with both your new home and business.
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June Walbert is a CERTIFIED FINANCIAL PLANNER TM practitioner with USAA Financial Planning Services, one of the USAA family of companies.
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