Bellingham WA Real Estate
Amy S Zender | RealtorŪ | Keller Williams Western Realty
Beautiful Bellingham Real Estate | amyzender@kw.com | Phone: 360-920-4886
VA Loan Program
Our United States provide many benefits to those individuals who have served this great nation. One of the greatest benefits afforded is home loans which are sponsored by the Veterans Administration (VA). The organization within the VA which administers and maintains the home loan program is the VA Loan Guaranty Service.
The VA Loan Guaranty program is dedicated to assisting veterans and active-duty servicemembers in the purchase of homes, in recognition of their service to the Nation. National Guardsmen and Reservists are also included the program.
Eligibility for the Home Loan Guarantee is determined by the VA. It is estimated that 29 million veterans and current service members are eligible for VA home loans. The Veteran's Administration does not actually make the loans, but rather it guarantees those loans so that lenders are protected against loss should the military borrower default. More affordable rates are offered to VA borrowers. Call Amy Zender today for more information at #360.920.4886. Amy is a seasoned veteran at VA home loans. Apply online and get started in allowing your country to thank you for your service!
A VA loan is not a one-time use loan. Once the entitlement has been paid in full, as in through the sale of a previous property purchased with VA funds, then entitlement is restored for future use. Moreover, if a VA loan is assumed by another qualified veteran buying the property, he or she then substitutes their entitlement for the full entitlement originally issued to the first borrower.
VA loans are currently capped at $417,000, except in high-cost counties. Below are the 2008 loan-limits for high-cost counties in Washington State.
| WA | Clark | $417,750 |
| WA | Jefferson | $437,500 |
| WA | King | $567,500 |
| WA | Kitsap | $475,000 |
| WA |
Pierce | $567,500 |
| WA | San Juan |
$593,750 |
| WA | Skamania | $418,750 |
| WA | Snohomish | $567,500 |
Typically no down payment is required in a VA loan transaction. Another advantage of a VA home loan is no required Mortgage Insurance Premium payment, and often there are federal limitations on the amount of closing costs that can be charged. Many times the seller assumes the closing cost payment, or the military borrower can wrap closing costs into the overall loan amount. In today's market of interest-rate volatility, lenders may also be somewhat flexible with interest rates due to the security of a government-backed loan. Loan terms are usually thirty-years with a choice of early repayment at any time without penalty. Furthermore, the Veteran's Administration performs loan servicing and counseling to help veterans who may be in Financial Distress.
Calculate Your Mortgage Payments
Use the form below to calculate various mortgage scenarios.
Calculate Maximum Monthly Payment & Maximum Purchase Price
Use the form below to calculate your maximum monthly payment & maximum purchase price.
Client Account Access
