VA Loans

VA guaranteed loans are made by lenders and guaranteed by the U.S. Department of Veteran Affairs (VA) to eligible veterans who has served in the military or the National Guard actively for 90 days during wartime or 180 days during peacetime for the purchase of a home. (Members of the National Guards and reservists are eligible after 6 years) The guaranty means the lender is protected against loss if you fail to repay the loan. In most cases, no down payment is required on a VA guaranteed loan and the borrower usually receives a lower interest rate than is ordinarily available with other loans. Loans for veterans are generally available for primary residences only. The VA entitlement may be used multiple times and you can have more than one VA loan at a time.

 

Other benefits of a VA loan include:

  • Negotiable interest rate.
  • Closing costs comparable – and sometimes lower - than other financing types. Up to 4 percent of closing costs can be paid by the seller. More on VA closing costs here. 
  • Examples of non-allowable fees are attorney, escrow, notary, application, underwriting or processing, courier, tax service, mortgage broker and real estate broker fee. 
  • No private mortgage insurance requirement.
  • Right to prepay loan without penalties.
  • Mortgage can be taken over (or “assumed”) by the buyer when a home is sold.
  • Counseling and assistance available to veteran borrowers having financial difficulty or facing default on their loan.
  • Search for VA approved Condominiums or VA approved Builders.
  • Washington state VA loan limits for 2019.

Although mortgage insurance is not required, the VA charges a funding fee to issue a guarantee to a lender against borrower default on a mortgage. The fee may be paid in cash by the buyer or seller, or it may be financed in the loan amount.

 

A VA loan can be used to buy a home (even more than one home), build a home and even improve a home with energy-saving features such as solar or heating/cooling systems, water heaters, insulation, weather-stripping/ caulking, storm windows/doors or other energy efficient improvements approved by the lender and VA.

 

Veterans can apply for a VA loan with any mortgage lender that participates in the VA home loan program. The first step is to pull your Certificate of Eligibility from the VA. I can also provide you with  copy of Certificate of Eligibility. Please have Form DD214 readily available as well.     

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