What is a VA Loan?
A VA loan is a mortgage loan in the United States guaranteed by the U.S. Department of Veterans Affairs (VA). The loan may be issued by qualified lenders. The VA loan was designed to offer long-term financing to eligible American veterans or their surviving spouses (provided they do not remarry).
Who is eligible?
Most members of the military, veterans, reservists and National Guard members are eligible to apply for a VA loan. Spouses of military members who died while on active duty or as a result of a service-connected disability may also apply. Active-duty members generally qualify after about six months of service.
What are the VA Loan Limits for Pierce County / Thurston County?
Pierce County VA Loan limit is $741,750 (2020)
Thurston County VA Loan limit is $510,400 (2020)
What if I want to go over the loan limits?
You can, if you qualify for those higher limits, but you have to pay 25% of the overage. However, if you have previously been foreclosed upon and the VA lost money on previous loans, the amount of the loss will be deducted from your future eligibility.
What are the costs associated with a VA Loan?
It is 100% financing with no down payment. However, in lieu of that, you will have to pay a "funding fee" UNLESS you are determined over 10% service-disabled. If you are over 10% disabled, then the funding fees are waived.
Can you use the VA Loan benefit more than once?
Yes, you can. It is not a one-time use benefit.
Watch the video below for more information. Call or write me for a referral to the best VA Loan lenders in the area!