Washington VA Loans
If you are a qualified veteran residing in or looking to relocate to Washington, right now you will be able to purchase a new house with no down payment if done through the VA. The VA Loan Guaranty Program has made it possible for millions of veterans and their families to afford the house of their dreams, and right now it has never been easier or more affordable. Take a look at the many benefits of using a Washing VA Loan and what you need to do in order to procure it today.
VA Loan vs. Conventional Loan
With a VA Loan you are not required to provide a down payment on the house, whereas conventional loans can sometimes require as much as 20% down. This is really good news for first time homeowners and young families with little capital saved up. Another benefit is you will get very competitive interest rates and can sometimes negotiate one that is below the current mortgage market rate. Other advantages of a VA Loan over a conventional Loan include flexible repayment options, no monthly mortgage insurance, minimal closing fees and easy refinancing.
Eligibility
In order to qualify for a VA Loan in Washington, you must first establish your eligibility with VA. The rules state that current members of the military must serve 181 days of regular active-duty service to be eligible. The same timeframe applies to ex-military personnel and they must have been discharged under honorable circumstances. If you think you qualify, you will need to fill out an eligibility form that can be found on the VA’s website. Once you are approved they will send a Certificate of Eligibility in the mail for you to give to your chosen lender.
Finding a Lender
When searching for a lender you have many different options. As long as the lender participates in the VA Loan Guaranty Program, you can choose between a bank, savings & loans or mortgage company. It’s a good idea to get a pre-approved loan first to see just how much house you will be able to afford before you start shopping.
Washington Metros
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