Bellingham WA Real Estate
Amy S Zender | RealtorŪ | Keller Williams Western Realty
Beautiful Bellingham Real Estate | amyzender@kw.com | Phone: 360-920-4886
VA Reference Guide
QUICK FACTS:
- VA does not have a maximum loan amount. However, lenders do sell loans on the secondary mortgage market, so they will generally limit loans to $417,000 ($625,500 in Hawaii, Guam, Alaska and U.S. Virgin Islands) with no down payment. With a down payment, loans may exceed these amounts.
- The veteran does have to qualify income and credit wise.
- The veteran does have to occupy the home as their primary residence.
- The veteran does not have to be a first time home buyer and may reuse his/her benefit.
- The lender, not VA, sets the interest rate and discount points, so they may vary from lender to lender.
- There is no private mortgage insurance, but VA does charge an up front VA funding fee, which may be financed. The exception to this is that if a veteran is in receipt of VA service connect disability payments each month, he or she does not have to pay a VA funding fee.
- The seller can pay for closing costs. There is a requirement that seller concessions do not exceed 4%, but only certain items are considered as part of the concession; i.e., payment of pre-paids, VA funding fee, payoff of credit balances or judgments on behalf of the veteran, funds for temporary buydowns (not discount points).
- The veteran is not allowed to pay for the wood destroying insect (termite) report; it is generally paid by the seller.
- VA does not approve the majority of loans. The majority of transactions are handled directly by the lender with little VA intervention.
- Certificates of Eligibility- What is needed, and how to obtain it.
- Lost proof of service? Visit the National Archives and Records Administration.
Client Account Access
