Military Home Loans in Washington Offer Many Benefits

May 15, 2017
Last updated:
November 12, 2021
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If you‘re in the military or a veteran living in Washington state, you may be eligible for a VA loan. This article will go into detail into what military home loans are and what you need to do to qualify.

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:

  1. You could finance the entire purchase price with no down payment.
  2. You could avoid mortgage insurance, which is usually required with low down payments.
  3. The loan qualification criteria are generally more lax when compared to “regular” mortgages.

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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.

No More Loan Limits on VA Loans

Each year, loan limits are set for VA, FHA, and conventional loans. These limits are based on home prices, and are usually increased every year to accommodate this appreciation year after year. These limits are also based on each county, as they all have different home prices.

But now, loan limits for VA loans have been eliminated. Before, veterans applying for a VA loan has to stay under a certain limit in order to be able to put no money down. If they went over that limit, they were required to pay 25% on the loan amount in excess of the VA loan limit for that year and in their respective county.

But because of the elimination of the VA loan limit thanks to the passing of the Blue Water Navy Vietnam Veterans Act of 2019, veterans who qualify can still put no money down even if they go over previous limits. The elimination of VA loan limits gives them more room to buy homes that are a little more expensive.

However, it’s important to understand that lenders still have the power to limit how much of a loan each borrower is able to take out, regardless of the elimination of VA loan limits. Borrowers must still prove a strong creditworthiness and income before they are given a certain loan amount.

Further, veterans who already carry more than one VA loan or have defaulted on a VA loan in previous years may still be subject to loan limits, which typically follow conforming loan limits.

Check out our mortgage loan limit tool for conventional, FHA, and VA loans.

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Ready to Get a VA Loan in Washington?

If you’re ready to apply for a VA loan in Washington to finance a home purchase, then Sammamish Mortgage is ready to step in and help! We offer several different mortgage programs to applicants all over Washington State, as well as all of the Pacific Northwest region, including Colorado, Idaho, and Oregon since 1992. We are a family-run business that prides ourselves on helping borrowers realize their dreams of owning a home. Contact us today if you have questions about applying for a mortgage.

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