Who Qualifies for VA Home Loans?

VA loans are only available to qualified military veterans, active duty military/active duty service members, retired military veterans, reserve soldiers, and surviving spouses of service members and their families who have proven their entitlement.

These loans are only available to the above-listed individuals for their own primary residences and cannot exceed a $2,000,000 loan limit. However, If you moved from a residence with active VA loan entitlement still remaining, you are able to do a VA IRRRL (Interest Rate Reduction Refinance Loan) to reduce your interest rate.

VA loan process guidelines will change from time to time and we can talk about your VA loan eligibility when you connect with us. If you are PCSing to JBLM or anywhere in Washington State, we have a step-by-step guide, Planning Your PCS that will help things go as smoothly as possible for you and your family.

Why is a VA Loan Better?

Compared to conventional loans, VA loans have a lot of advantages, including no down payment, and no private mortgage insurance (PMI) requirements. With VA loans, you also have the ability to get a loan with a higher debt-to-income ratio. VA loans often have lower interest rates when compared to conventional loans as well. 

Down Payment Requirements

Another major advantage of VA home loans is the flexible down payment requirements. In many cases, eligible borrowers can obtain a VA loan without making any down payment at all. This is a significant benefit, as it allows military veterans and their families to purchase a home without needing to save a large sum of money for a down payment. The Department of Veterans Affairs understands the financial challenges that military families can face and has designed the existing VA loan and program to help ease the burden of homeownership.

It’s important to note that while there is no minimum down payment requirement for VA loans, individual mortgage lenders may have their own specific requirements or guidelines. However, these requirements are generally less stringent than those for conventional loans, making VA loans more accessible to eligible borrowers.

In addition to the no down payment option, VA loans also allow borrowers to finance the funding fee, further reducing the upfront costs associated with purchasing a home. This can be particularly beneficial for first-time homebuyers or those who may not have a substantial amount of savings.

By offering these favorable terms and working closely with mortgage lenders, the Department of Veterans Affairs aims to make homeownership a reality for more military veterans and their families. The VA home loan program is an important way for the United States and federal government to recognize and honor the sacrifices made by those who have served our country.

Private Mortgage Insurance (PMI)

One of the key benefits of VA home loans, which sets them apart from conventional loans, is the lack of private mortgage insurance (PMI) requirements. PMI is typically required by conventional mortgage lenders when borrowers are unable to make a down payment of at least 20% of the home’s purchase price. PMI protects the lender in case the borrower defaults on the loan. However, with current VA mortgage loans, the Department of Veterans Affairs provides a guarantee to the mortgage lender, eliminating the need for PMI. This guarantee is one of the reasons why VA mortgage loans often have lower interest rates compared to conventional loans.

The absence of PMI in VA loans can save eligible borrowers a significant amount of money over the life of the loan, making homeownership more affordable for military veterans and their families. The Department of Veterans Affairs’ commitment to supporting veterans through this program is a testament to the value they place on their military service.

VA loan Credit Score Requirements

What is the minimum credit score for a VA loan?

The VA itself doesn’t set a minimum credit score, but individual lenders often have their own requirements. Generally, a credit score of 620 or higher is considered acceptable by most VA-approved lenders.


How Do VA Loans Work for Manufactured Homes?

At West Coast Veterans, a VA Home Purchase can be used to acquire a stick-built property or a manufactured home. If you decide you want to purchase a manufactured home, the age requirement for VA loan eligibility of these homes is from June 1976 or newer in age, double-wide (in some cases, a single-wide will qualify), on real property, and must be in above-average condition.

There are some other challenges and complications that come with Manufactured Homes, but we’ve been providing manufactured home VA loans for a very long time. We’ll help you understand the types of VA loans and loan eligibility for mobile and manufactured homes and show you how they work if you decide to go that route.

VA Cash Out Refinancing

If you already have a VA Home Loan, you can do a VA Cash Out Refinance to take funds for anything from:

  • College tuition

  • Debt consolidation

  • Home improvements

  • Investing

  • Anywhere you need available capital

From time to time, the banks may cap the amount of funds you can finance. Currently, they fluctuate at 90% to 100% of the value of your home. When you contact us, we’ll update you on loan limits and what is happening currently in the markets.

What is a VA Irrrl Interest Rate Reduction Refinance Loan?

With an IRRRL, you can lower your rate with no appraisal and no income documentation and replace your higher interest loan with the lower-rate loan. Streamlines can be done on your primary residence or a residence you moved from with VA entitlement. 

Military Jet - JBLM

PCSing to JBLM, Kitsap Naval Base, Everett Naval Base or Another Washington Military Base?

Don’t forget to check out our PCS Planning page to see what steps you’ll want to take before you’re ready to buy a home at JBLM or any military base in Washington State.

Need More Information on VA Loan Eligibility?

If you’re a veteran or you’re already here at your duty station, you can go right to the home page and click on APPLY NOW to get started on a full application. Make sure you add your middle initials and try to include all the necessary data to complete your application. This also helps us to have all the necessary information we need to help you get on your way to a fast pre-approval.

For information on qualifying for any of the VA home loan programs including manufactured home purchases please give us a call today. We work evenings and weekends so don’t have to worry about us keeping banker’s hours. Our priority is getting you the help and information you need right away, so you have all the details you need on your VA loan program and eligibility.

Tim Barlow VA Loan Officer in Lacey, WA

Tim Barlow, President/ Hard Worker/ and VA Home Loan Specialist since 2001

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