What document must military borrowers obtain from the VA to apply for a VA guaranteed home loan?

Military borrowers seeking to apply for a VA guaranteed home loan need to obtain a Certificate of Eligibility from the Department of Veterans Affairs (VA). This document verifies that the borrower meets the service requirements and is entitled to VA loan benefits. The Certificate of Eligibility serves as proof of eligibility for the loan guarantee, which is a key component of the VA home loan program, allowing veterans and active-duty service members to finance a home with favorable loan terms, such as no down payment and no private mortgage insurance (PMI).

Other documents mentioned, such as a Certificate of Loan Approval or a Certificate of Loan Qualification, are not specific to the VA loan process. These terms might refer to other types of lending requirements or processes but do not pertain to the eligibility verification needed exclusively for VA home loans. The Certificate of Property Value is not applicable here as it relates to property valuation rather than the borrower's eligibility. Therefore, the Certificate of Eligibility is the essential document for military borrowers when applying for a VA guaranteed home loan.