The VA Loan provides ease of property purchases to veterans and service members. Created in 1944, this program has expanded to several states in the US, including Washington. The loan program offers home purchase benefits such has complete financing, no PMI and limited closing costs.

The Washington VA program, regulated by the Department of Veteran Affairs (VA), is a guaranteed loan for veterans to save substantial costs when buying homes. e-Finance Mortgage LLC is proud to cater to military and service members in the state of Washington.

Our Washington VA Loan services include:

  • Zero penalties on pre-payments
  • No PMI (Private Mortgage Insurance) in WA
  • Complete financing (sale price not surpassing appraised value)
  • Loans financed by funding fees (Up to 3.3%)
  • Limited closing costs
  • Loan amount can be up to $424,100 (differs for specific counties)

One of primary requirements of VA loan is the Certificate of Eligibility (COE), required by every applying individual of any service status. If you do not own one, e-Finance Mortgage will help with process of acquiring one, along with the VA loan application.

Veterans in Washington have to meet minimum active duty requirements to qualify for the loan. Current military members can apply only if they complete a minimum of 6 months of service.

National Guard and reserve members residing in Washington have a 6 year wait-period before passing eligibility for VA loan. If they are called in for active duty during this period, they have to complete 6 months of service, before applying.

Though there is no minimum credit score limit for Washington VA loan qualification, borrowers may be required to have credit score of at least 620. Under specific circumstances, e-Finance Mortgage can provide applicants with flexible credit score check options.

Other than the above requirements, you should provide checking and savings account information, recent paystubs, W-2 statements, proof of income, as well as verified documentation accounting for loan re-payment potential.

Veterans and service members who have existing VA Loans, but require additional cash for purposes such as property maintenance costs, can apply for the cash-out refinance loan.

If you want to benefit from lower market rates to minimize your monthly payments, you can choose to opt for the Interest Rate Reduction Refinance Loan (IRRL), also called the streamline refinance loan.

We strive to assist veterans throughout Washington with VA loan needs. If you want to learn more about the state’s VA loan regulations, our experts are available for help. Apply for the Washington VA loan today by contacting e-Finance Mortgage, LLC.