Buying your first home is such an exciting and important time of your life. It’s a big step in creating financial freedom for your future. First homes are often referred to as a “starter home” as people tend to live in the home for a shorter period of time and use the equity they gain from appreciation and paying down the mortgage towards buying their next home. [Read more…]
Options for Buying a Starter Home
January 22, 2025 by Leave a Comment
2023 VA Funding Fees
February 24, 2023 by Leave a Comment
The funding fee for VA mortgages for 2023 have been announced. Great news – the fees for 2023 have been reduced from 2022!
The VA Funding Fee is a one-time charge often added to the loan amount and financed over the term of the mortgage. VA mortgages do not have monthly mortgage insurance premiums (unlike FHA mortgages).
Here are the VA Funding Fees for 2023: [Read more…]
2019 VA Loan Limits for Washington State
December 13, 2018 by Leave a Comment
The loan limits for VA mortgage loans have been announced. 2019 VA loan limits will follow conforming mortgage limits for single family homes.
Here are the 2019 VA Loan Limits:
King County, Pierce County and Snohomish County: $726,525
All other counties: $484,350
VA loan amounts can exceed the loan amounts referenced above. The “limit” is the maximum a veteran can borrower without having a down payment. Veterans may receive a reduced down payment when the loan amount exceed the loan “limit”.
If a qualified Veteran wanted to buy a home above the loan limit (aka “VA Jumbo”), their minimum down payment is 25% of the difference between the county loan limit and the sales price.
Home Sellers should really consider accepting VA home buyers. Just because they’re putting less down, does not mean they are less qualified. VA home buyers have EARNED this benefit by serving our country. And these days, VA mortgage loans are not any more or less challenging to process and close than any other type of home mortgage. VA loans do not have monthly mortgage insurance and they have very competitive mortgage rates.
If I can help you with a VA mortgage or any type of home loan for property located in Washington state, please contact me.
2017 VA Loan Limits for Washington State
December 2, 2016 by Leave a Comment
Loan limits for VA mortgages have been announced and, like last year, will follow the conforming loan limits.
Technically, VA loans do not have limits like conforming and FHA mortgages. The “loan limit” that is referred to with a VA loan is highest loan amount a Veteran can borrower without making a down payment. It’s really a great benefit to those who have served our county. VA Jumbo loans (loan amounts over the VA limit) allow veterans to buy higher priced home with a greatly reduced down payment. [Read more…]
2016 VA Loan Limits for homes in Washington State
December 18, 2015 by Leave a Comment
Loan limits for VA mortgages have been announced and, like last year, will follow the conforming loan limits. This means that VA loan limits will be higher for King County, Snohomish County and Pierce County effective 2016.
BREAKING NEWS: 2015 VA Loan Limits for Washington State
December 8, 2014 by 1 Comment
In 2015, VA loan limits will be the same as conforming loan limits. VA loans do not have limits. The “loan limit” that is referred to with a VA loan is highest loan amount a Veteran can borrower without making a down payment. It’s really a great benefit to those who have served our county. VA Jumbo loans (loan amounts over the VA limit) allow veterans to buy higher priced home with a greatly reduced down payment.
Here are the 2015 VA Loan Limits for homes in Washington State:
2014 VA Loan Limits for Washington State
December 21, 2013 by 2 Comments
2014 VA loan guarantee limits for Washington State have been released. VA loans do not have “limits” like conforming or FHA loans. They do have limits as to the amount VA loans will guarantee. The loan amounts below reflect what VA will lend up to 100% loan to value. Loan amounts above the limits below have reduced down payments for Veterans who qualify for this benefit.
Reader Question: Can Closing Cost be financed with a VA Loan?
May 2, 2013 by 3 Comments
I received this email from one of our subscribers:
”…with a VA mortgage, can you finance buyer closing costs in excess of the purchase price (e.g. not ask for seller financing contributions, but just borrow them in excess of the purchase price)”
With a VA mortgage, the buyers closing cost cannot be financed, with exception to the VA funding fee, regardless of the appraised value.
The VA loan amount is limited to the purchase price, appraised value or VA county loan limit (or VA jumbo loan amount)*, whichever is less.
*NOTE: VA does not set actual loan limits on counties. They do set a limit as to their maximum guarantee (meaning zero down financing). In the greater Seattle/King-County area, the loan limit for zero down financing is currently $500,000. Click here for a complete list of VA loan amounts per county. VA loan amounts exceeding $500,000 in the Seattle/King County area are considered VA Jumbos and will require some down payment depending on the difference between the sales price and county loan limit.
USDA loans, on the other hand, will allow for buyers closing cost to be financed IF the appraised value is higher than the sales price. The loan amount is limited to the appraised value and must be applied to bona fide closing cost.
USDA loans are also zero down programs and are only eligible in specific designated rural areas, like Snoqualmie, Carnation or Duvall, and to borrowers who meet certain household income limits.
Sellers can contribute towards closing cost for both of these mortgage programs and currently, low mortgage rates are often paired with enough rebate pricing to cover a majority of the closing cost.
Thanks for your question!
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