Overview

 

VA loans were created to help veterans finance the purchase of their homes with favorable loan terms. For the purpose of the VA program, “veteran” includes active duty service personnel and certain categories of spouses. Like FHA loans, the federal government insures VA loans, or guarantees VA approved lending institutions against loss from default on qualifying loans.

 

Benefits

 

  • Fixed Rate Loans and Temporary Buy-downs

  • Available for detached 1-unit dwellings, eligible condos and PUD’s

  • Properties must meet VA guidelines and be inspected by VA-approved appraisers

  • Subject to loan limit set by VA. Contact us for current limits in your area

  • One time mortgage insurance fee is typically charged, which may be financed if the total loan amount does not exceed the loan limits set by VA

  • No prepayment penalty

  • No reserve requirements at closing

  • No down payment required

  • Out-of-pocket expenses may be gifted, typically from relatives

  • Only eligible veterans and their spouses occupying the subject property may be co-borrowers or co-signers

  • Seller may contribute a maximum of 4% of the lower of the sales price or the appraised value

Giving Back to Those Who’ve Given

VA Loans are available to eligible Active, Separated, Reserves, and some National Guard Veterans of the US Military. This program offers our nation’s military service people a No Down Payment loan option, with no Monthly Mortgage Insurance, and Flexible Underwriting Guidelines. Each loan is insured by the Department of Veteran Affairs.

A VA Loan is a great option for most eligible veterans looking to purchase a home, however not always the best choice. If you are in active duty and could be transferred, or non-active and plan to move in the first 5 years, a VA loan might not be for you.

  •  Minimum Down Payment
0.00%

  • Terms (Years)
30, 25,20,15 Fixed and Adjustable

  • Gift Funds Allowed
Yes

  • Eligible Homes
Single & Multi-Family, Manufactured, Condo

  • Seller Paid Closing Costs
Up to 4% of the Sales Price

  • Loan Limits
Varies by County (Spokane, WA $453,100)

  • Max DTI
41% (Higher DTI’s Allowed in Some Cases)

  • Minimum Credit Score
VA None (Most Lenders Require 600+)

  • Availability
All US States, Eligible Veterans & Owner Occupied