Mortgage Loan Originator (MLO) Licensing Practice Test 2025 - Free MLO Practice Questions and Study Guide

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Question: 1 / 605

Which of the following is the first step for a veteran to receive a VA loan?

Application for loan

Certificate of Eligibility

The first step for a veteran to receive a VA loan is obtaining a Certificate of Eligibility (COE). This document is crucial as it verifies a veteran's eligibility for the loan program, confirming their service in the military and ensuring they meet the necessary criteria to access VA loan benefits. The COE is a requirement that lenders use to determine whether a borrower qualifies for a VA loan, which takes advantage of the favorable terms and conditions specifically designed to assist veterans.

Obtaining the Certificate of Eligibility must be completed before proceeding with other steps, such as loan applications, credit score assessments, or pre-qualification with lenders. This process ensures that servicemembers can confidently move forward, knowing they are eligible for the financial advantages provided by the VA loan program.

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Determination of credit score

Getting pre-approved by a lender

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