Areas We Serve
At Griffin Funding, we provide VA loans throughout the state of Washington, including:
- Spokane Valley
- Federal Way
Whether you are drawn to Washington State by your love for the outdoors or are relocating for service at one of the local air force bases (such as Fairchild Air Force Base and McChord Air Force Base) or naval bases (such as Kitsap Naval Base or Bremerton Naval Station), we can help you find the right VA home loan for your needs. At Griffin Funding, we take pride in helping veterans and their families secure a mortgage for their home.
How Do VA Home Loans Work in Washington State
VA loans can be used to build, buy, adapt, or refinance a home in Washington State. The process for securing a VA loan in Washington State typically goes as follows:
- Obtain your Certificate of Eligibility (COE). We can help you get your COE through the VA portal.
- Submit your application and receive a quote from one of our loan specialists.
- Provide any additional documentation that is needed and sign disclosures.
- Have a pest inspection and VA appraisal performed on the property (not required for VA IRRRL).
- Receive your funding. If you are approved for a VA purchase loan, you can receive your funding the same-day. However, VA refinance loans are subject to a three-day waiting period.
Our team uses the latest technology, adheres to streamlined workflows, and is dedicated to 5-star customer service to make the mortgage application process as stress-free as possible.
VA Loan Requirements
To qualify for a VA home loan in WA, you must meet all of the requirements set by both the Department of Veteran Affairs and your mortgage lender. In general, VA Loan eligibility depends on the duration, conduct, and status of your service. However, you will also need to meet our requirements, which include:
- Certificate of Eligibility (we can help you order your COE from the VA)
- FICO score of 580 or higher
- Income minimums (not required for VA IRRRL)
- Pest inspection and VA appraisal completed (not required for VA IRRRL)
If you have had a recent credit event such as a filing bankruptcy or foreclosure, there is also a required seasoning period before you can qualify for a VA loan.
VA Loan Advantages in Washington State
There are many advantages to choosing a VA loan in Washington State over a traditional mortgage program, including:
- Zero down payment
- Low interest rates
- No private mortgage insurance (PMI)
- Limited closing costs
- Can be used to purchase a home, duplex, condo, etc.
- No penalty fee if you pay off the loan early
- Can be transferred to another VA-eligible buyer
- Cash-out up to 90% of the home’s value (up to 100% in some cases)
For service members who qualify, VA home loans in Washington State are among the most advantageous mortgage options.
VA Loan Limits in Washington State
The VA loan limits for 2020 range based on location, however, the standard loan limit is $510,400. The loan limit may extend up to $741,750 in certain areas of Washington State. There are various factors that will impact which loan limits apply to you including where you are buying or refinancing, the cost of the home, and your entitlement status.
It’s important to clarify that the Department of Veteran Affairs does not limit how much you can borrow for a home loan. Instead, it regulates the amount you can qualify for without providing money up-front for a down payment.
How much can you borrow with a VA loan?
VA loan limits in Washington State are based on the cost of living in each county. Refer to the 2020 loan limits list to find the limit for your county. When reviewing the list, look at the first column, labeled “One-Unit Limits”, which applies to VA home loans.
In addition to location, your entitlement status will determine whether you must adhere to the loan limits. Your entitlement is the amount that the Department of Veteran Affairs will guarantee to the lender, should you default on the loan. If you have used a portion of your entitlement and have not yet restored it, you will be subject to loan limits.
As of 2020, if you have your full VA entitlement, then you are not restricted by loan limits. You can restore your full entitlement by selling the home or transferring the loan to another VA-eligible borrower who will take over using their own entitlement.
Can I have two VA loans?
Yes, you can have two VA loans if you need to buy another home due to military reassignment.
What is the Current VA Loan Rate?
Loan rates can significantly impact the cost of your loan, especially over the course of 15 to 30 years, so it’s understandable why you would want to find a set loan rate to compare mortgage costs. However, the VA loan rates in Washington State (and across the U.S.) are constantly changing based on current market conditions. This means that they can vary significantly day-to-day.
Even if you can find generalized mortgage rate listings, that does not always mean that they are indicative of the interest rate you will receive on your VA loan in Washington State. This is because loan rates are also based on personal factors like your FICO score and income.
At Griffin Funding, we aim to offer competitive interest rates that allow you to spend less over the course of your home loan.
Types of VA Mortgage Programs
We offer several types of mortgage programs for VA home loans in Washington State. Depending on your circumstances, you may be best suited for a:
- VA Purchase Loan: A VA purchase loan may be used to build, adapt, or purchase a home. If you are building a new home, this type of mortgage may also be referred to as a VA construction loan.
- VA Streamline Refinance Loan: A VA streamline refinance loan, also known as an interest rate reduction loan (IRRRL), can be used to refinance an existing VA home loan. When you refinance with an IRRRL, you can lower your interest rate and possibly your monthly payment as well. VA streamline refinance loans make it simpler to refinance from one VA loan to another with an efficient process.
- VA Cash-Out Refinance Loan: A VA cash-out refinance loan can also be used to refinance your current home loan, however, it does not have to be a VA loan to begin with. The other benefit of this type of mortgage program is that you can use the equity in your home by turning it into cash. This type of loan is most advantageous to those who need to free up cash-flow to accommodate other expenses like medical bills.
If you have questions about the different types of mortgage programs, contact us for more information on Griffin VA Loans and how they work.
Apply for a VA Home Loan in WA
If you are ready to purchase or refinance a home, we can help you secure a VA loan that is optimized for your circumstances. Whether you need a purchase, refinance, or VA construction loan in Washington State, Griffin Funding is here to provide you with competitive loan terms and a streamlined and efficient application process, so you move forward as quickly as possible.