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The VA loan program is highly advantageous for veterans who qualify, namely because of the zero down payment option and more lax lending requirements compared to conventional loans. Here, we’ll address 5 commonly asked questions about VA loans in Washington State.
We’ve published a lot of information about the VA loan program over the last year or so. There are two reasons for this. The first is that it’s one of our specialties. We are passionate about the VA loan program, because it rewards our women and men in uniform. Secondly, borrowers tend to have a lot of questions about this program. So we do our best to answer them.
We’ve created this FAQ article as a way of rounding up some of our best articles, and also to update you on some VA loan changes.
Washington State has a fairly large military population. So there are many residents in the state who could benefit from using a VA loan to buy a house. This program is open to nearly all current military members and veterans who have served over a certain period of time. Active duty members are generally eligible after 90 days of continuous service. National Guard and Selected Reserve members are usually eligible after six years of service. Here’s an in-depth guide to VA loan eligibility in Washington State.
The mortgage application for VA loans is similar to “regular” conventional mortgage loans, with one notable exception. Borrowers who want to use their VA entitlement to buy a home in Washington must first obtain their Certificate of Eligibility (COE). This official document is provided by the Department of Veterans Affairs, and it shows mortgage lenders that you’re able to participate in the program. Military members can request this document online, through the VA’s website, or through their mortgage lender. Please contact us if you need help with this process, or if you have questions.
Before 2020, veterans who wanted to take advantage of the VA loan program’s zero down payment option were required to borrow no more than a certain amount. Every year, new VA loan limits are put out, which represent the maximum loan amount that veterans can borrow in their respective county. Borrowing any more would constitute a “jumbo loan,” which would then require a down payment.
But after January 1, 2020, VA loan limits were eliminated. That means borrowers who are eligible have much more buying power. They’re able to look at homes in higher price brackets while still being able to take advantage of not having to put forth a down payment.
However, it should be noted that veterans who already have more than one active VA home loan or who have defaulted on a VA loan in the past will still be subject to loan limits. In this case, the loan limits would be equivalent to the conforming loan limit in their area. Exceeding this loan limit would constitute the loan a “jumbo loan” and would require a down payment
Check out our mortgage loan limit tool for conventional, FHA loans, and VA loans.
“I’ve used a VA loan to buy a home in the past. Can I use the program to buy another home in the future?” In many cases, the answer is yes. In Department of Veterans Affairs lingo, this is known as having your entitlement “restored.” Borrowers can often restore their entitlement (in order to use another VA loan) if the original mortgage was paid off or assumed by a “qualified Veteran-transferee.” Learn more about using a VA loan more than once.
The interest rate assigned to a mortgage loan can vary based on several factors, including the borrower’s credit history. Generally speaking, however, VA loans tend to have lower mortgage rates than conventional (non-government-backed) home loans. This is one of the many benefits of using this program to finance a home purchase in Washington. Here’s a deeper explanation of why VA loans often have lower rates.
We are a local mortgage company serving the broader Pacific Northwest region, including Washington state, Idaho, Colorado, Oregon, and California. We are proud to offer a wide variety of mortgage programs and products with flexible qualification criteria, including our Diamond Homebuyer Program, Cash Buyer Program, and Bridge Loans, among others. Visit our website to get an instant rate quote or to use our online mortgage calculator. Please contact us if you have any questions or are ready to get pre-approved for a mortgage.
A VA loan is a government-backed mortgage option that allows eligible military borrowers in Washington to purchase a home with flexible qualification standards and favorable terms.
Many borrowers can finance the entire purchase price without putting money down, provided they meet lender and VA guidelines.
No. Unlike many other low-down-payment loans, VA mortgages do not charge ongoing mortgage insurance premiums.
VA loans can be used for primary residences such as detached houses, certain condominiums, townhomes, and small multi-unit properties where the borrower occupies one unit.
If you have full VA entitlement, there is no preset loan cap from the VA, although lenders may impose their own maximums.
Yes. Eligible homeowners may refinance through a streamlined VA program to lower their rate or access home equity.
Yes, the home loan benefit is not a one-time use. Qualified borrowers may reuse it if they meet entitlement requirements.
Whether you’re buying a home or ready to refinance, our professionals can help.
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No Obligation and transparency 24/7. Instantly compare live rates and costs from our network of lenders across the country. Real-time accurate rates and closing costs for a variety of loan programs custom to your specific situation.
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