What’s the Lowest Down Payment for a VA Loan in Washington State?

November 6, 2018
Last updated:
December 1, 2023
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One of the many questions that borrowers have when it comes to taking out a mortgage is the down payment amount they need to put forth. The great news is that those who qualify for a VA loan will not have to put any money down at all and may financing the entire purchase price.

The Department of Veterans Affairs (VA) home loan program is an important benefit for military members and veterans in the U.S. It’s also arguably the best way to finance a home purchase, for those who qualify for the program.

Today we’ll address a common question among borrowers who are considering this program: What’s the minimum down payment for a VA loan in Washington State?

Minimum Down Payment for VA Loans in Washington: Zero

The VA loan program offers 100% financing to eligible veteran borrowers. The great news is that there are no more loan limits for these types of loans in order for borrowers to take advantage of no money down. Previously, eligible veteran buyers would have to make sure they did not exceed that year’s VA loan limits in their respective counties in order to avoid a down payment. But now, no loan limits exist for VA loans for those who qualify.

This is all thanks to the recently passed Blue Water Navy Vietnam Veterans Act of 2019 that removed VA loan limits, regardless of the location in the country. That means borrowers can buy more expensive homes without having to worry about their no down payment privileges being taken away. This is especially helpful in more expensive centers across Washington State, like Seattle and Bellevue, where borrowers would be at greater risk of exceeding local loan limits.

The VA loan program is one of the only mortgage options that allows home buyers in Washington to purchase a property without a down payment.

But there are some stipulations that go along with that benefit. Even though loan limits may have been removed for VA loans, veterans who have more than one active VA loan or previous VA loans in the past may still be subject to paying a down payment over a certain loan amount.

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From a borrower’s perspective, financing an entire home purchase and having no down payment is a pretty big deal. This allows them to complete the purchase without putting any money down at all.

Having the ability to buy a home with no down payment is one of the biggest benefits of VA loans in Washington. But it’s not the only benefit. This program also allows most borrowers to avoid paying mortgage insurance, which is typically required when little or no money is put down.

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

Other Programs Require More Money Down

Most military members and veterans in Washington qualify for the VA loan program, which offers financing up to 100%. Other mortgage programs tend to require a higher investment from the borrower.

For example, the minimum down payment for a conventional loan (one that is not backed by the government) can range from 3% to 5%. The minimum required investment for a Federal Housing Administration (FHA) loan is 3.5% of the purchase price or appraised value. So there’s a clear advantage here for those who use the VA program to finance a purchase.

Home Prices Continue to Rise Statewide

House prices across the state of Washington continue to remain strong. As of November 2023, the statewide median home value was around $568,346. That was about 0.8% lower than the same time a year earlier. But prices are expected to continue rising into 2024.

As a result of higher housing costs, home buyers in Washington have become more concerned with down payments and monthly payments. The average down payment in the state has risen over the past few years, along with home prices. But those borrowers who use a VA loan can still finance up to 100% of the purchase price if they qualify.

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Interested in to Applying For a Washington Home Loan?

Sammamish Mortgage is a locally-owned, family-run mortgage company that provides many mortgage programs to borrowers all throughout the Pacific Northwest, including Washington State, Colorado, Idaho, and Oregon. We strive to help borrowers realize their dreams of buying a home and have been doing so since 1992. Contact us today if you have questions about applying for a home loan or are ready to apply today.

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