VA loans in Washington
A mortgage loan that is guaranteed by the US Department of Veterans Affairs (VA) is called a VA loan. These loans are particularly for the home financing to active members, eligible veterans of the US armed forces as well as their family members. VA Loans in Washington enable the veterans as borrowers to purchase the desired properties with no down payment.
VA home loans are guaranteed by the US Dept of Veterans Affair and provided by private lenders, such as banks and mortgage lender companies. As the VA loans come with tremendous benefits for the eligible borrowers, VA Loan in Washington is a much more preferred type of mortgage loan among those who fulfill the required criteria. Let's have a look at the major benefits associated with it.
Benefits of VA Loans in Washington
VA loans are the best mortgage loan option if you are qualified for them. We have compiled a list of benefits that will help you in understanding why VA loans are the best possible mortgage loan choices.
- No down payment: Most home mortgage loans need a significant fraction of the value of the property as a down payment. VA loans are exceptional in this regard as it doesn’t require any down payment to be made. Thus, with a VA mortgage loan in Washington, you can finance up to 100% of the price of the home you are intended to buy.
- Guaranteed by the government: VA loans have a government guarantee. It means a certain fraction of the loan amount will be repaid to the mortgage lender even if the borrower is unable to make the required monthly payments due to any reason. This is the primary reason why Washington VA loans come with such favorable terms because it encourages the private lenders to offer VA loans with highly appealing attractive terms.
- No prepayment penalty: You can sell the property midway through your loan term. There is no prepayment penalty or early exit fee if you have taken VA loans. You can prepay and there is no obligation regarding the time frame to sell your home.
- Rate-based flexibility: VA Loans come with the flexibility of choosing any choice between a fixed rate or adjustable rate loan type. You can consult mortgage experts to assess and choose the suitable choice according to your financial situation.
Eligibility for VA Loans in Washington
If you are looking for VA mortgage loans to buy home in Washington, you should know about the eligibility criteria you have to fulfill. Refer to the following points for further details.
- Service term: As a borrower, you are eligible for VA loans if you have
● served 90 days of active duty in the US military during wartime
● served 181 days of active duty in the US military during peacetime
● served actively for 6 years in the Reserves or National Guard
● your spouse martyred in the line of duty and you have not remarried
- Other organizations: If you have served at any one of the selected federal government organizations, you can be eligible for VA loans. Some of the major organizations are cadets in the U.S. Military, Air Force or Coast Guard Academy, World War II merchant seamen, U.S. Public Health Service officers, midshipmen at the U.S. Naval Academy, and National Oceanic & Atmospheric Administration officers.
Want VA Loans in Washington Now?
Choosing the right VA mortgage loan in Washington for your situation can be a daunting task. If you're having trouble figuring the best for your circumstances or need expert mortgage loan advice, consider contacting expert mortgage brokers at RightNowMortageLoans now. Let us make your home-buying venture a smooth ride.