Are you a military member or veteran living in Washington State? Do you need a mortgage loan to buy a home in the state? If so, you’ll want to consider the Department of Veterans Affairs (VA) mortgage program. It’s arguably the best type of military home loan for Washington State home buyers. This article explains why.
Why VA Military Home Loans Are Hard to Beat
The VA home loan program for military members has been going strong since the 1940s. This unique program rewards our brave men and women in uniform by granting them access to low-cost mortgage financing.
Eligible borrowers who use this military loan program to buy a home in Washington State can finance 100% of the purchase price. In other words, there is no down payment. Borrowers could avoid paying mortgage insurance as well, which is usually a requirement for conventional loans with low down payments.
Additionally, the underwriting criteria for VA military home loans are among the most flexible of any mortgage program. So you don’t necessarily need perfect credit to qualify for a military mortgage loan in Washington State. There’s a lot of flexibility built into this program.
To recap, here are the three biggest benefits of using a VA loan:
- You could finance the entire purchase price with no down payment.
- You could avoid mortgage insurance, which is usually required with low down payments.
- The loan qualification criteria are generally more lax when compared to “regular” mortgages.
Helping You Buy a Home in Washington State
This military home loan program could also benefit you when you start shopping for a house. VA is a solid loan program with a relatively high approval rate. Savvy real estate agents know this. So if you make a strong offer on a house that is backed by VA mortgage financing, you can bet the sellers will take it seriously.
Also, the zero-down-payment feature of VA military loans allows you to buy a house in Washington with less of an upfront investment. You can get into a house without putting anything down. Almost every other mortgage program requires some kind of down payment.
The bottom line is that there are fewer financial hurdles when using a military mortgage loan in Washington State.
Like most home-financing options, VA loans have maximum size limits. These limits vary by county because they are based on median home prices. The 2017 cap for most counties in the state is $424,100. In the Seattle metro area, where house prices tend to be higher, the VA loan limit is set at $592,250. But it’s possible to borrow more than these amounts by making a down payment.