VA Zero Down Home Loan

VA Home loans joint base Lewis McCord The VA Home is one of the most popular loans in the Tacoma/ Pierce County area due to the size of Joint Base Lewis McChord and the surrounding Military Bases in the Puget Sound area.   This is a great loan program for our Service men and women that allows for a zero down-payment programs with great rates.

The VA loan is a true zero-down loan program that is guaranteed by the VA administration, unlike an FHA that is insured.  When your first obtain a VA loan you will have a “Funding Fee” financed into your loan amount for 2.15% of the loan amount. That funding fee does increase with new home that you buy. This funding fee is a one time charge rolled into your loan amount unless you are a disabled veteran then you may be exempt from this fee.

How to get qualified

The first step to qualify for a new VA loan is to reach out to our preferred lender Bruce McLaughlin and setup a meeting time to see how the programs work and see what your total monthly payments are including Property taxes, and home owners insurance. The VA does issue the loan to anyone, they only provide the guarantee for the loan and the loan itself is provided through different lenders.  Any lender that tells you they are the “VA LOAN CENTER” is not being truthful through the process.

Eligibility and Entitlement

Typically you would only be able to  have one VA loan at time, but there are times when you move out of state due to being transferred and you could have 2 VA loans at the same time.  Your total entitlements amount from the VA vary for each person, so please contact your lender to see if you could qualify.

Eligibility

VA Home loans Tacoma, Puyallup Spanaway YELMBefore processing and closing a loan for an applicant, the lender must ensure the applicant is an eligible Veteran. Lenders should never close a loan before they establish eligibility, as VA cannot guarantee a loan for an ineligible Veteran. Eligibility means the Veteran meets the basic criteria of appropriate length and character of service to utilize the home loan benefit. An eligible Veteran must still meet credit and income standards in order to qualify for a VA-guaranteed loan.

A Veteran is eligible for VA home loan benefits if he or she served on active duty in the Army, Navy, Air Force, Marine Corps, or Coast Guard after September 15, 1940, and was discharged under conditions other than dishonorable after either: 90 days or more, any part of which occurred during wartime, or 181 continuous days or more (peacetime).

A greater length of service is required for Veterans who: enlisted (and service began) after September 7, 1980, or entered service as an officer after October 16, 1981. These Veterans must have completed either: 24 continuous months of active duty, or the full period for which called or ordered to active duty, but not less than 90 days (any part during wartime) or 181 continuous days (peacetime).

A Certificate of Eligibility (COE) is the only reliable Proof of Eligibility for the lender (except in the case of an IRRRL). Lenders should use VA’s online application and select webLGY to attempt to obtain the COE. In many cases, a COE can be generated in seconds. If a COE cannot be obtained, lenders should submit an electronic application. This method allows lenders to upload supporting documentation and submit an application electronically to the Eligibility Center. Veterans may also apply for a COE online at http://www.ebenefits.va.gov. Lenders and Veterans can still apply by mail by completing VA Form 26-1880, Request for a Certificate of Eligibility. However, to ensure quicker responses, it is preferable to apply online. 

Entitlement

Entitlement is the amount available for use on a loan. The amount of available basic entitlement is $36,000. This may be reduced if a Veteran has previously used entitlement which has not been restored. The amount of basic entitlement will be displayed near the center of the COE.

For certain loans in excess of $144,000, additional entitlement may be available. For loans greater than $144,000, but less than $417,000, the maximum entitlement is 25 percent of $417,000, which equals $104,250. For loans greater than $417,000, the maximum entitlement is 25 percent of the appropriate “loan limit” which can vary by county. For a description of loan limits, as well as the limits for counties, visit the VA Loan Limits webpage. Please note county limits can change yearly.

Seattle Tacoma VA Home loans

 

 

 

 

 

 

 

 

 

Please contact Bruce McLaughlin today for more information and to get pre-qualified for your VA mortgage loan

Your Mortgage expert

Bruce McLaughlin

253-651-5755

Eagle Home Mortgage

NMLS 70081

Puyallup WA

All page content by Bruce McLaughlin Eagle Home Mortgage 1029 East Main Puyallup WA 98372 NMLS 70081 253-651-5755 Contact me directly for any questions