April 21, 2006, Newsletter Issue #12: A One-Tine Deal

Tip of the Week

Your VA certificate of eligibility can be renewed on a one-time basis if you have paid off your existing VA loan, but still own the property. Under normal circumstances you would have prove the property has been sold, but the one-time exception allows you to renew the VA certificate of eligibility by simply filling out VA form 26-1880 to the nearest VA Eligibility Center.

Keep in mind that being released from liability for a VA loan or having a debt waived by the VA is not the same as paying off the loan. In that case the borrower would be required to pay back the government's loss before having the certificate of eligibility renewed.

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