A VA home loan may let eligible borrowers buy with no down payment and no monthly private mortgage insurance (PMI). That can make it possible to buy without using a large portion of your savings upfront.
If you’re using your VA benefit to buy in Washington or Oregon, NW Capital Mortgage can help you understand how much you may qualify for and what you’ll need to complete the purchase.
A VA loan is issued by a private mortgage lender and partially guaranteed by the U.S. Department of Veterans Affairs. You work with the lender for the mortgage itself, while the VA confirms your eligibility and sets the program requirements.
VA eligibility does not automatically mean the mortgage is approved. Your lender still has to determine that the loan works for your finances and the property you want to buy.
VA home loan eligibility is based primarily on military service and duty status. Veterans, active-duty service members, and certain surviving spouses may qualify, depending on their circumstances.
A Certificate of Eligibility, or COE, confirms to your lender that you are eligible for the VA home loan benefit. Your lender may be able to obtain the COE for you, so you don't necessarily need it in hand before starting the mortgage conversation.
Eligibility for the VA benefit is only one part of getting the loan. You still need to qualify for the amount you want to borrow, and a VA purchase loan is generally intended for a home you will occupy.
The VA does not set one universal minimum credit score for its home loan guaranty. Your lender still reviews your credit history and may have its own credit requirements.
Don't assume you need a particular score before even exploring VA financing. Your credit is important, but it is considered along with your income, debts, assets, and the amount you want to borrow.
Yes. Eligible borrowers can often buy with no VA-required down payment. The VA reports that nearly 90% of VA-backed home loans are made with no down payment.
That doesn't mean the purchase has no upfront costs. You may still need money for closing costs and prepaid expenses. That said, we often work with local realtors to help them understand how to negotiate to get the seller to pay much of your closing costs and pre-paid expenses.
Even with no VA-required down payment, you may still need cash at closing. VA buyers can have many of the same closing costs as other homebuyers, along with prepaid expenses such as taxes and insurance. These costs will need to be paid by you, the seller or your lender.
The seller may be able to pay some or all of those costs, depending on how the purchase is structured and what VA rules allow. The VA funding fee can generally be financed into your loan.
Before you make an offer, the number that matters is your total cash to close, not just the down payment.
The VA funding fee is a one-time charge that helps support the VA home loan program. Most borrowers pay it unless they qualify for an exemption.
The amount of the VA funding fee can vary depending on the loan and how you're using your VA benefit. Most home buyers who need to pay the fee finance it into the mortgage.
You may not have to pay the VA funding fee if the VA has determined that your service-connected disability or survivor status qualifies you for an exemption.
If the exemption applies, you avoid the fee entirely, which can reduce the amount you need at closing or the amount added to your loan.
Yes, in some cases. Even if your VA loan does not require a down payment, assistance may still help with eligible closing costs and other upfront expenses.
Washington and Oregon assistance programs have their own rules about which VA first mortgages they can be paired with, so the loan and the assistance need to be evaluated together.
NW Capital Mortgage works with state assistance programs in both Washington and Oregon and can help determine which options, if any, can be used with your VA financing.
Yes. Your VA home loan benefit is a lifetime benefit, so using it to buy one home does not prevent you from using it again.
If you have used your VA benefit before or still have a VA loan, you may still be able to use it again for another home purchase. NW Capital Mortgage can review your Certificate of Eligibility and explain what is available to you.
Yes. If you already have a VA loan, an Interest Rate Reduction Refinancing Loan (IRRRL) may let you refinance your mortgage to get a lower rate.
A VA cash-out refinance serves a different purpose. It may allow an eligible borrower to refinance an existing mortgage and access some of the equity you have in your home.
NW Capital Mortgage works with VA buyers throughout Washington and Oregon, including those comparing homes or moving between the two states. You can keep working with the same lender even if your home search crosses the state line.
We also have hands-on experience with Washington and Oregon down payment assistance programs. If assistance could help with your purchase, we can determine whether it can be paired with your VA loan and structure the financing together from the start.
If you're ready to use your VA benefit to buy in Washington or Oregon, our VA loan pre-approval process will show you how much you may qualify for and what you'll need to close.
Start Your Pre-Approval