The VA Loan Program in Washington State

June 4, 2012
Last updated:
September 8, 2021
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Figuring out if you qualify for the VA program in the state of Washington does not have to be complicated. In fact, there is a clear set of criteria that you must meet to qualify and roughly about six steps to the VA loan process.

In This Article

Unlike traditional home buyers, those who qualify for the VA loan process have specific steps they must follow to qualify for eligible funding granted to US veterans. We’ll take you through the steps necessary to secure a VA loan, including who’s eligible and what you must do to lock up funding, so you don’t miss any of the advantages provided for home buying veterans.

Who Qualifies For The VA Loan Program?

Any person who meets at least one of the below criteria can qualify for a Washington VA Home Loan.

This means if one of the following situations applies to your circumstances:

  • You have had at least 90 days of active duty service during wartime.
  • You have had at least 181 days of active duty service during peacetime.
  • You were discharged for circumstances other than dishonorable.
  • You are currently active-duty personnel, and you meet the above service requirements.
  • You are the surviving spouse of a Veteran who died during service or because of service-related injuries, and you have not remarried.

You can apply for a VA loan in the state of Washington. Moreover, if you meet any of the other qualifications that make you eligible for a VA loan, including some members who served in the National Guard or Reserves, those who were discharged for hardship or compensable-connected disability, or any of another list of qualifications that are established by the veteran’s administration, then you are eligible for a VA loan.

Major Benefits to Opting for A VA Loan

There are more than a few advantages to going with a VA Loan program. For starters, most home loan programs require you to make at least a small down payment to buy a home. The VA home loan is an exception. This means a VA loan is a true no-money-down home mortgage opportunity for many. There is also no mortgage insurance for VA loans. Usually, lenders require a borrower to pay for mortgage insurance when their down payment is less than 20 percent. Yet, a VA loan requires neither a down payment nor mortgage insurance, making a VA-backed mortgage very affordable upfront and over time.

Moreover, VA loans have a government guarantee and, as a result, have extremely favorable terms. With A VA loan, you can shop around, compare loan offers, and still choose the VA loan that works best for your budget. Plus, VA loans don’t allow a prepayment penalty, and there are no restrictions regarding a refinance either. This means you can refinance your existing VA loan into another VA loan with the agency’s Interest Rate Reduction Refinance Loan (IRRRL) program or switch to a non-VA loan at any time if you so choose. Other major benefits include available mortgages that come in many varieties, and easier qualification process, lower closing costs, funding fee flexibility, and the fact that VA loans are assumable.

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Steps In The VA Loan Process

  1. Once you determine you’re eligible for a VA loan, you must complete the VA Form 26-1880 – Request for a Certificate of Eligibility for VA Home Loan Benefits. After filling out this form, submit it to the VA Eligibility Center (P.O. Box 100034, Attn. COE (262), Decatur, GA 30331) along with copies of your most recent discharge or separation papers covering active military duty since September 16, 1940, This includes active-duty dates and type of discharge.
  2. Next, you should find a local real estate agent to work with and start shopping for a home. You likely should get pre-qualified at this point to find out how big of a loan you can afford. Lenders will set their own interest rates, closing costs, and discount points, so you may want to work with a mortgage professional to help you find the best mortgage loan available.
  3. Once you’ve decided on a home to buy, make sure the purchase and sales agreement has a VA option clause. This clause states that “It is expressly agreed that, notwithstanding any other provisions of this contract, the purchaser shall not incur any penalty by forfeiture of earnest money or otherwise be obligated to complete the purchase of the property described herein, if the contract purchase price or cost exceeds the reasonable value of the property established by the Department of Veterans Affairs.”
  4. Subsequently, you’ll formally apply to the lender for a VA-backed loan. Gather the necessary documents like pay stubs and bank statements to help complete this process.
  5. After applying for a VA-backed loan, your lender will order a VA appraisal that estimates the market value of the property on the date of inspection. If the lender is authorized by VA to do automatic processing, upon receipt of the VA or LAPP appraised value determination, the loan can be approved and closed without waiting for the VA’s review of the credit application. For loans that must first be approved by VA, the lender will send the application to the local VA office, which will notify the lender of its decision.
  6. The final step in the VA loan process is to close on the house of your choice and move into your new Washington home.

A Reputable Mortgage Professional Can Help You Navigate The VA Loan Process For Washington State

The VA loan program in the state of Washington isn’t always this cut and dry (check out questions we often get about the VA loan program in more detail), and many borrowers can run into a snag that causes a hiccup in the above steps. Most VA loan program buyers feel more comfortable with a professional’s help to work alongside and throughout the process ensuring nothing gets overlooked, or any advantages that could be secured are secured. The home loan experts at Sammamish Mortgage are trusted VA loan program experts who’ve worked with numerous clients in your situation to get them everything they qualify for in the VA loan program.

If you’re a qualifying veteran in the market for a new home in the Washington area, trust Sammamish Mortgage to secure the home of your dreams with the best possible VA loan!

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Need Mortgage Assistance or Have Questions?

If you need the assistance of a seasoned mortgage professional, Sammamish Mortgage can help. We are a local, family-owned company based in Bellevue, Washington. We serve the entire state, as well as the broader Pacific Northwest region that includes Idaho, Colorado, and Oregon. We offer a wide variety of mortgage programs and products with flexible qualification criteria. Please contact us if you have mortgage-related questions.

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