Are you a veteran, an active duty service member with a certificate of eligibility (COE), or the surviving spouse of a deceased, MIA, or POW soldier? You may be eligible for a VA home loan.
A VA loan is backed by the Department of Veterans Affairs, which makes it possible for veterans to get a home loan with a low down payment or even no down payment at all, even if you don’t have a perfect credit score.
VA loans can be either a fixed-rate or an adjustable-rate mortgage, and can be applied for through a reputable and experienced mortgage lender, who will coordinate with Veterans Affairs to establish your eligibility and secure the loan.
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View RatesThe following people may be able to qualify for a VA loan:
The home you plan on purchasing must be your primary residence. You may also need a certain minimum credit score and have to meet debt-to-income (DTI) ratio requirements (or pass a residual income analysis) to qualify. Depending on your credit score, you may be able to secure a VA loan with a low down payment or even no down payment at all.
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When you’re ready to apply for a VA loan, follow these steps:
Verify your status through the VA’s eligibility requirements. You can check online via the VA website or by contacting a VA-approved lender.
Get all necessary documents together, such as your Certificate of Eligibility (COE), proof of income (pay stubs, tax returns), separation documents, and personal identification.
Contact a VA-approved lender to discuss your financial situation, get pre-approved, and understand your borrowing limits. Submit your application along with your documents. The lender will look over your credit health and income to determine your loan eligibility.
Once approved, your lender will have the home appraised to ensure it meets VA standards.
Your lender will finalize your mortgage and the closing disclosure. You’ll then need to sign the loan contract, pay any closing costs (if applicable), and get the keys to your new home!
You can get a VA backed loan as a 30-, 20- & 15-year fixed-rate or have a 5-year fixed rate before changing to an adjustable-rate mortgage (ARM). There are also jumbo VA loans available, as the United States Government doesn’t limit the size of VA loans (although private lenders may impose limits.)
You can buy a home with no money down as long as you can afford the mortgage payment. VA loans don’t have a private mortgage insurance (PMI) requirement, so you’ll save money on that in contrast to other low down payment options. You can pay your VA backed mortgage off at any time with no prepayment penalties.
You can access your VA benefits multiple times, refinancing one VA loan into another VA loan to leverage better interest rates, or switch from an ARM to a fixed-rate mortgage. As long as you maintain loan eligibility, you can refinance up to 100% of your primary home’s value as a cash-out refinance.
There is even a VA Streamline Refinance program with a reduced funding fee and flexible documentation requirements – available for veterans currently in VA loans. This can make it easy to refinance without having to go through the entire application and underwriting process again.
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The VA funding fee is a one-time payment on a VA home loan. This fee helps to lower the cost of the loan since the VA home loan program doesn’t require large down payments or PMI. You may be exempt from this funding fee under certain circumstances.
VA loans are governed by the U.S. Department of Veterans Affairs, but private lenders may impose their own restrictions. If you have a service connected disability, you may be able to access additional programs to help provide funding for accessibility upgrades to the home you eventually purchase.
VA home loans are a great way for veterans to buy a home in any part of the country, since they aren’t subject to conforming loan limits. You’ll be able to house hunt with confidence regardless of property location once you’ve been preapproved to purchase a home and been given your approved budget by your lender.
Get StartedEligibility is typically available to veterans, active-duty military members, members of the National Guard and Reserve, and surviving spouses who meet certain service requirements.
Most VA loans do not require a down payment, making homeownership more accessible for eligible borrowers.
Benefits include competitive interest rates, no private mortgage insurance (PMI), limited closing costs, and more flexible credit requirements.
No, VA loans are meant for primary residences only.
While there is no maximum loan amount set by the VA, lenders may have their own specific limits based on the property’s value and your financial situation.
This is a one-time fee that’s paid at closing to help support the VA loan program. This fee can be rolled into the loan amount in many cases.
Yes, VA offers refinancing options, including the VA Streamline Refinance and cash-out refinance.
While there’s no set minimum, most lenders prefer a credit score of at least 620 or higher.
Typically, you’ll need proof of service, discharge or separation papers, proof of income, credit information, and photo ID.
Yes, VA loans are generally assumable, which means that a qualified buyer may take over your existing VA loan under certain conditions.
Our loan officers are ready and waiting to help you apply for your home loan.
Now is a great time for looking into a VA home loan. You can use our free Instant Rate Quote tool and Rate Tracker to find out how much you could be saving every month or over the life of your loan.
For more information on your VA home loan options, feel free to contact us today. We currently lend in all of Washington, Oregon, Idaho and Colorado and have providing borrowers with mortgage programs since 1992. Our friendly team of experienced mortgage professionals will advise you on which VA loan program best meets your needs.
Are you ready to apply for your home loan and lock in a low interest rate? If so, Sammamish Mortgage can help you get started. Get in touch with us today!
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Whether you’re buying a home or ready to refinance, our professionals can help.
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