Buying a Home with Your VA Home Loan Benefits in Washington State
Buying a Home with Your VA Home Loan BenefitsVerify your mortgage eligibility (Apr 2nd, 2023)
As a veteran or active-duty military member, you have earned valuable benefits through your service. One of those benefits is a VA home loan, which can help you achieve the dream of homeownership. Here’s what you need to know about using your VA home loan benefits to buy a home.
What is a VA Home Loan?
A VA home loan is a mortgage loan that is guaranteed by the U.S. Department of Veterans Affairs (VA). The purpose of the VA home loan program is to help eligible veterans and active-duty military members purchase a home with favorable loan terms and no down payment requirement.Verify your mortgage eligibility (Apr 2nd, 2023)
To be eligible for a VA home loan, you must meet certain requirements, such as:
- Active-duty military service of at least 90 consecutive days during wartime, or 181 days during peacetime
- At least six years of service in the National Guard or Selected Reserve
- Honorable discharge from service
- Current service members must have a credit score of at least 620 to qualify for a VA home loan
Benefits of a VA Home LoanVerify your mortgage eligibility (Apr 2nd, 2023)
One of the biggest benefits of a VA home loan is that it does not require a down payment, which can be a significant advantage for many military families. In addition, VA home loans offer:
- Low interest rates: VA home loan rates are often lower than those of conventional mortgages.
- No private mortgage insurance (PMI) requirement: VA home loans do not require PMI, which can save you thousands of dollars over the life of your loan.
- Flexible credit requirements: VA home loans have more flexible credit requirements than conventional mortgages, making it easier for some military families to qualify.
- Refinancing options: VA home loans offer several refinancing options, including the Interest Rate Reduction Refinance Loan (IRRRL) and the VA Cash-Out Refinance Loan.
How to Get a VA Home Loan
To get a VA home loan, you need to follow these steps:Verify your mortgage eligibility (Apr 2nd, 2023)
- Determine your eligibility: Check if you meet the eligibility requirements for a VA home loan.
- Obtain your Certificate of Eligibility (COE): The COE is a document that confirms your eligibility for a VA home loan. You can obtain your COE by applying through the VA’s eBenefits website, or you can have your lender request it for you.
- Find a VA-approved lender: VA home loans are offered through private lenders, but the VA guarantees a portion of the loan. You can search for VA-approved lenders on the VA’s website.
- Complete a loan application: Once you have found a lender, you will need to complete a loan application, which will include information about your income, debts, and employment history.
- Provide documentation: You will need to provide your lender with documentation, such as your COE, proof of income, and a copy of your DD Form 214 (Discharge Papers).
- Get pre-approved: After your lender has reviewed your loan application and documentation, they will give you a pre-approval letter, which will indicate the amount you are eligible to borrow.
- Find a home: Once you have been pre-approved, you can start looking for a home that meets your needs and fits within your budget.
- Close the loan: Once you have found a home, you will need to close the loan and complete the purchase. This involves signing a contract and paying closing costs, which may include fees for a home appraisal and title search.
Have questions how to use your VA benefits in Washington State? Feel free to call Kevin @ VAHomeLoans.com www.vahomeloans.com or 253-472-1500 Evenings and Weekends OK.
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Kevin was the lender for the buyers on a recent listing of mine. All transactions should go so smooth and with Kevin’s professionalism, expertise, transparency and great communication we were able to get to close very quickly! You were great to work with Kevin! I hope to work with you again in the future! Thank you! Donna Huber EXP Real Estate