VA loans, or Department of Veterans Affairs Home Loans, are a popular option for potential home buyers. VA loans are available for Public Health Service members, active duty military, reservists and veterans.
Everett VA Home Loans are appealing for many reasons. In the prior fiscal year, the government guaranteed over sixty three billion dollars on almost five hundred thousand loans. VA loan funds are attainable from most lending institutes. The biggest advantage is they require no down payment. Up to ninety one percent of borrowers choose not to put any money down. The government also sets limits the cost of originator fees, appraisal fees and closing costs. An additional advantage is VA loans do not require private mortgage insurance like conventional mortgages.
Mortgage rates for Everett VA mortgages are comparable to conventional loans as they generally follow the market. The average fee paid is two percent, but it ultimately depends on whether it is a first-time loan or subsequent loan. Veterans Affairs will reduce the fee if a five percent or more down-payment is made. (see Dan for more information on VA Eligibility)
Click on the short form below to help you determine your loan rate (FREE rate quote), total monthly payment, along with the loan limits in your area, and more importantly, help you gather all of the items that you need to successfully navigate through the home loan process.
Snohomish County VA loan limits will also need to be taken into consideration when deciding what the right loan is for you. The upper limit of a VA loan caps out at $481,000 (please contact Dan to verify – individual qualifications apply). This will buy a lot of house in most areas, but if you live in area with an overpriced housing market, this could potentially be a problem.
The upper limit may be high enough for your area, but that does not mean you will be qualified for the entire amount. The actual loan limit will be determined by your credit scores, credit history, income to debt ratio and assets. It is not any easier to qualify for a VA loan compared to a traditional bank loan.
5 Easy Steps To A Washington VA Home Loan
1. Apply for a Certificate of Eligibility (click here on how to attain your VA Form 26-1880)
2. Fax Dan a copy of your DD214 (click here if you need a copy of your DD214)
3. Get Pre-Qualified For A VA Mortgage With Dan.
4. Contact your Realtor to begin looking at homes in your price range (if you do not have an agent, I would be happy to refer a great VA agent).
5. Order an appraisal from VA (this is done by Dan Keller and his team).
6. Dan & his team close the loan in 30 days or less, and you move into your new HOME!
Items Needed To Process Your VA Loan Approval
1. Social Security number
2. Residence addresses for the past two years
3. Names and addresses of your employers over past two years
4. Your current gross monthly salary
5. Names, addresses, account #’s and balances on all checking and savings accounts
6. Names, addresses, account #’s, balances and monthly payments on all open loans
7. Addresses and loan information of other real estate owned
8. Estimated value of furniture and personal property
9. Certificate of Eligibility and DD214, (for veterans only)
10. W2’s for the past two years and current check stubs
11. Statement of Service if applicable
12. For self-employed individuals, you will need to provide personal tax returns for the past two years, current income statement and balance sheet for the business
If you already have an existing mortgage through a conventional lender, but are eligible for a VA loan, you may be able to qualify for a VA refinancing loan. Refinancing a traditional bank loan to a VA loan can save you quite a bit of money. The VA loan may have a lower interest rate, no out-of-pocket closing costs and a cash-out up to ninety percent of the value of the home. VA refinancing loans also do not require private mortgage insurance.
There is a funding fee required when refinancing from a conventional loan to a VA loan, typically around two percent in order to insure the loan. If you already have a current mortgage and you are looking into mortgage refinancing, the one-time funding fee is a half percent to three percent, with the average fee being a half percent. Most home buyers will simply roll the fee into the total cost of the loan
If you are considering a VA Home Loan in Everett, WA, the easiest and fastest way to find out if you are eligible is to contact Dan Keller, local VA Home Loan Specialist. I can help you determine if you are eligible, how much you are eligible for and your different VA loan options. There are no obligations when connecting with me and you will be better able to determine if a VA loan is right for you.