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