faq's Frequently Asked Question
Welcome to the West Coast Veterans VA Home Loan FAQ Center. Whether you're buying your first home, preparing for a military move, or exploring your VA home loan benefits, we're here to help you understand your options. We help eligible Veterans, active-duty service members, reservists, and military families navigate the VA home loan process anywhere in Washington State. Below, you'll find answers to common questions about eligibility, credit scores, preapproval, down payments, closing costs, PCS orders, and more. Have a question that isn't answered here? Contact West Coast Veterans to discuss your homebuying goals and learn about your next steps. Call Tim at (360) 250-3400 or Riley (360) 584-2901)
We can take a quick peek at all your income, debt and assets and tell you within a couple of minutes what you qualify for. If you’d like a full pre-approval just do a full application and we’ll get back to you shortly.
Prequalifying would be lightly going over your income, your debts and seeing what you qualify for verbally. A full pre approval would be getting all your financials and credit running it passed an underwriter and running through an automated system to get your pre approval. Almost all real estate agents will want you fully approved to be able to show you homes.
No but you cannot look for a home until you have received your orders for the duty station that you are going to. Once you get orders and you’ve been preapproved you can start house hunting with your agent.
There are county loan limits and for 2024, the limit has increased up to $847,440. You can go all the way up to $4 million with a VA Jumbo Loan. Once we see your entitlement amount and see what you qualify for, we’ll make recommendations about what price range to shop.
VA home loan eligibility depends on your military service history, duty status, and other applicable requirements. Eligible Veterans, active-duty service members, certain National Guard and Reserve members, and some surviving spouses may qualify. You'll generally need a Certificate of Eligibility (COE) to document your eligibility. Mortgage approval is a separate process that also considers your finances and the property.
Not sure if you're eligible? Contact West Coast Veterans to discuss the documentation you may need and explore your home loan options today.
Your eligibility depends on your military service history and the VA's requirements for your service category. If you're unsure whether you qualify, contact West Coast Veterans. We can help you understand the documentation needed to verify your eligibility and explore your potential home loan options.
You can request your COE through the VA's official website, or West Coast Veterans may be able to obtain it on your behalf. Depending on your service history, documentation such as a DD214 or other military service records may be needed. Contact us, and we can help you understand what documentation may be required and how to get started. Often times your certificate is issued right on the spot in the VA Portal simply by putting your social and year of birth. Give us a call and we can pull it quickly.
Yes, eligible active-duty service members can use VA home loan benefits if they meet the applicable service requirements and lender qualifications. You may need to document your service and satisfy the applicable occupancy requirements. If you're planning a PCS or buying near your next duty station, starting the preapproval process early can help you prepare.
Yes. Eligible National Guard and Reserve members may qualify based on their service history and applicable VA requirements. Eligibility can depend on the type and length of service. If you're unsure whether your service qualifies, contact West Coast Veterans to discuss the documentation needed and your potential financing options.
Yes. Eligible borrowers can often use their VA home loan benefit multiple times. Your available entitlement, existing VA loans, and eligibility for entitlement restoration can affect your options. Contact West Coast Veterans to review your situation and determine whether another VA purchase with no down payment may be possible. Your loan amount and approval will depend on your entitlement, finances, property, and lender requirements.
Using your VA benefit previously does not automatically prevent you from obtaining another VA loan. Your remaining entitlement, existing mortgage, previous property ownership, and eligibility for entitlement restoration may affect your options. We can review your COE and help you understand what options may be available before you assume you'll need a down payment.
Certain surviving spouses may qualify for VA home loan benefits under the VA's eligibility rules. Eligibility depends on circumstances such as the Veteran's service and death, the spouse's status, and other applicable requirements. The VA can help establish eligibility, and we as a mortgage lender can explain the financing process. Typically spouses would have to receive Dependency and Indemnity Compensation (DIC) payments. DIC: It is a tax-free monthly benefit paid by the U.S. Department of Veterans Affairs (VA) to eligible surviving spouses of veterans who died from a service-connected injury or illness, or who meet certain other qualifying conditions.
No. There is no universal minimum VA disability rating required for all borrowers to use the VA home loan benefit. Loan eligibility and exemption from the VA funding fee are separate considerations. Certain borrowers receiving qualifying VA disability compensation may be exempt from the funding fee. Contact West Coast Veterans to discuss your circumstances and potential loan options.
The VA does not establish one universal minimum credit score for every VA-backed mortgage, but individual lenders may have their own credit requirements. Currently our lowest credit score we can utilize is 550 with our investors. Your payment history, outstanding debts, income, assets, and overall credit profile can affect approval. If you're unsure whether you're ready to apply, contact West Coast Veterans to discuss your options and the applicable requirements for available loan programs.
We have lenders that go as low as a 550 which is the lowest credit score that can be used for any of our lenders. Scores as low as 550 may meet the requirements of some VA mortgage programs, but it does not guaranteed approval. Lenders consider your complete application, including income, debts, credit history, and the property. Contact West Coast Veterans to discuss the requirements of available programs and whether a preapproval review makes sense for you. Give us a call today to see if you qualify.
Yes. Having student loans or a car payment does not automatically disqualify you from a VA home loan. Lenders evaluate recurring debt obligations in relation to your qualifying income and other underwriting factors. Your potential loan amount will depend on your complete financial picture. Give us a call today and we can see if you qualify.
BAH is considered qualifying income when applicable lending requirements are met. Your lender will review your service status/ETS date, documentation, housing allowance, and circumstances. If you're preparing for a PCS, ask how your anticipated duty station and housing plans may affect your application. Give West Coast Veterans a call today.
Qualifying VA disability compensation may be considered as income for mortgage qualification, subject to applicable underwriting rules. Your lender will review your income documentation and relevant program requirements. Certain borrowers receiving qualifying disability compensation may also be exempt from the VA funding fee. These are separate determinations.
Yes, self-employed borrowers may qualify for VA home loans if they meet the applicable lending requirements. Lenders typically review business income, tax returns, financial records, and the stability of your earnings. Documentation requirements can differ from those for salaried employees, so preparing early can help streamline the process. Call us today to see what you qualify for.
Possibly. A recent job change does not automatically disqualify you from a VA home loan. Lenders evaluate your employment history, current income, job stability, and other circumstances. If you've recently transitioned from military service to civilian employment, give us a call today to see what documentation will be needed to evaluate your income.
Your potential purchase budget depends on qualifying income, recurring debts, credit history, assets, available VA entitlement, interest rates, and the property's value. We can help estimate a realistic buying range based on your finances. Remember to account for property taxes, homeowners insurance, utilities, maintenance, and other housing expenses in addition to your mortgage payment.
Ready to explore your buying budget? Contact West Coast Veterans to discuss your potential VA loan options.
Prequalification is generally an initial review of your financial information and potential borrowing options. Preapproval typically involves a more detailed review of your credit and financial documentation, although procedures vary by lender. Neither guarantees final loan approval. A preapproval can help you understand your potential buying range before making an offer.
The timeline depends on the lender, the complexity of your finances, and how quickly you provide the requested documentation. Some borrowers may receive an initial decision relatively quickly, while others need additional review. Having your income documents, bank statements, identification, and information about your debts ready can help the process move more efficiently. We can typically preapprove someone in as little as 15 minutes unless we see something that needs to be underwritten which could put us around 24 hours or so. Give us a call today to see how much you qualify for.
Commonly requested documents include most 30 days recent pay stubs, W-2s or tax returns for the last two years, most recent two months bank statements, identification, and information about your debts and assets. Active-duty borrowers may also need service-related documentation such as LES and orders. The exact requirements depend on your employment, income sources, and loan application.