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VA loans are a popular mortgage product in Washington State among military members, and for good reason. Read on to find out all the advantages that VA loans have to offer.
More and more veterans and military members in Washington State are using VA loans to buy a house. And it’s easy to understand why. This program gives eligible borrowers the chance to buy a house with no down payment while avoiding mortgage insurance at the same time.
Additionally, mortgage rates are often lower for VA loans than conventional mortgages (on average). If you are a current military member or veteran in Washington State, and you’re thinking about buying a home, you owe it to yourself to look into the VA loan program.
More and more veterans and military members are turning to VA loans as a path to homeownership.
There are several reasons for the growing popularity of VA loans among Washington State’s veterans and military members.
Here are three of the primary benefits:
Check out our mortgage loan limit tool for conventional, FHA, and VA loans.
The basic eligibility requirements for VA loans are fairly broad. The program is open to most military members and veterans in Washington State. The general requirements include at least 90 days of active duty service during wartime or 181 days during peacetime. National Guard and reservists are typically required to serve for six years before they are eligible for the VA loan program, but there are exceptions to this. Please contact us if you have questions about eligibility.
There to how much you can borrow using a VA loan with zero down payment. These loan limits, as they are known, vary by county because they are based on median home prices.
But these limits have been eliminated, giving borrowers a lot more room to take out larger loans without sacrificing their ability to forgo a down payment. As long as they do not currently have more than one VA loan at the time and have not defaulted on one in the past, loan limits will not apply. However, lenders still have the authority to determine how much of a loan each borrower may take out.
Are you ready to apply for a VA loan in Washington to finance a home purchase? If so, Sammamish Mortgage can help! We offer many different mortgage programs to borrowers in 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 strives to help borrowers realize their dreams of owning a home. Contact us today if you have questions about applying for a mortgage.
Are you thinking of buying a home in Washington state using a VA loan? Read on to find out more and to check out our loan limits tool.
VA loans are highly beneficial to veterans who qualify, mainly because of the option to put no money down. Read on to find out more and to check out our loan limits tool.