VA Home Loans
VA loans are a great option if you’re Active Duty Military or a Veteran looking to purchase your dream home, pay off debts on your current home, make improvements, or just reduce your monthly payments and lower your interest rates.
Benefits of VA Loans
- NO down payment required
- No monthly mortgage insurance
- More flexible credit and income standards
- No prepayment penalty
- You can negotiate with the seller to cover most or all
- Lower interest rates and monthly payments
- Easier qualification process
Are You Eligible for a VA Loan?
There are several ways you could be eligible for VA financing. The most common way is 2 years active duty, or 6 years in the Reserves/National Guard. But we’ve helped a lot of people who thought or had been told that they didn’t qualify, so if you have any questions, call us at 360-676-9600
If ANY of the following apply to you, chances are you are eligible for a VA loan:
- Active Duty Member – 90 days (181 during peacetime)
- Honorable discharge 90 days or more, any part of which occurred during wartime, or 181 continuous days or more (peacetime).
- You are currently active duty personnel and meet either of the above service requirements
- You are the surviving spouse of a Veteran who died during service or service-related injuries and are not remarried.
You could summarize everything involved in getting approved for a VA loan under two main categories:
1. Credit. People with credit scores as low as may qualify. Also, many veterans have not established traditional credit scores by taking out loans and paying them back, for example, or by using credit cards. The VA program’s flexibility allows us to prove your creditworthiness without having a traditional credit score.
2. Income. Other loan programs use “debt to income ratios” in qualifying people for financing. The VA uses a different method that takes into consideration both your net income and your family size (called Residual Income). For smaller families, this way of calculating income can allow you to qualify for VA financing even if you’d have been turned down by other lenders because of a high debt to income ratio (too much debt and too little income).
As you can see, there are many reasons why it makes sense to consider a VA home loan. The nation is grateful for all of the Veterans and military personnel who have served our country and has created this program to help you find and keep the home of your dreams.
Would an VA loan be the right choice for you? We can help you understand your options and choose the loan program that best meets your needs and your financial goals.