Snohomish County VA Home Loans & Financing

Are you currently serving, have served, and/or retired from the Army, Navy, Marines, Air Force, or Coast Guard? If so, then you may be eligible to purchase a home with zero money down. The United States Department of Veterans Affairs offers service members their Loan Guaranty Service, Home Loan Program which real estate brokers and mortgage officers abbreviate as VA financing.

As mentioned, VA financing allows service members to buy a home with zero down payment. That translates to virtually no out-of-pocket money to purchase. To determine if you have VA eligibility it’s pretty straight forward:

1. Are you active in The United States armed services?
2. Are you retired from: Navy, Army, Air Force, Marines, or Coast Guard?
3. Are you a reservist? Have you been deployed on active duty or not?
4. Or, Were you honorably discharged?

If one of those four criteria is you then likely you qualify for a VA home loan.

VA Funding Fee:

What is the funding fee, the amount a Veteran is required to put down and if they are exempt.

• 1st time use not putting any money down- Funding fee will be 2.15%. Subsequent Use will be 3.3%
• If a Veteran puts 5% or more down- the VA funding fee drops to 1.5%,
• If they put more than 10% down it drops to 1.25%.
• Disabled Veteran they may not have a funding fee at all.

VA credit Score Minimums:

• LoanDepot’s minimum credit score is a 520 on a single family home, 580 on a manufacture home purchase
• LoanDepot does help Veteran’s with No Credit Score- specific requirements will be applies.

Having Multiple VA loans:

• Veteran can have multiple VA loans at the same time. There is a specific calculation that we use to determine how much they can qualify for.
• Purchasing a home after a Short-sale or a Foreclosure- Veteran’s with compromised entitlement can still purchase a home with another VA loan.

What Are the Closest Cities to Naval Station Everett?

• Naval Station Everett is Located in Everett.
• In the North: Marysville, Arlington, and Stanwood
• In the East: Lake Stevens, Mill Creek, and Bothell
• In the South: Mukilteo and Lynnwood

What Homes Qualify for VA Financing?

• The home can be in any area or city. Some condos do not qualify.
• The home must be stick built. Manufactured homes do not qualify.
• The home has to be in decent condition with no major repairs required.

VA Appraisals: Items of Concern

• Roof is failing
• Siding is failing
• Cracked Foundation
• Failed Electrical or Plumbing

An item a mortgage broker will need to verify eligibility is a Certificate of Eligibility. Before the web it was a pain and sometimes troublesome get obtain the Certificate of Eligibility but now just visit the VA’s Benifits website to retrieve yours. Also, most mortgage brokers will be able to retrieve it as well to save you time.

*Note: VA limits are $500,000 for Snohomish County but if a home is purchased in a higher amount the buyer just has to make that difference up in cash.