What is a VA mortgage?

A VA mortgage is a type of mortgage backed by the U.S. Department of Veterans Affairs (VA). These types of mortgages are only available to veterans and some military members, as well as their spouses, who meet certain eligibility requirements. These mortgages generally offer better terms than traditional mortgages and make it easier to purchase a home or refinance an existing one. VA mortgages are offered through approved lenders and can be used to purchase a home or refinance an existing mortgage. The VA guarantees a portion of the loan, which allows borrowers to access lower interest rates and other benefits. Some of the benefits that come with VA loans include no down payment requirements, no private mortgage insurance and no pre-payment penalties. The loan limits for VA mortgages in Washington are $484,350 as of 2021. VA mortgages are also a great choice for veterans and military members who have bad credit or low income and would otherwise struggle to qualify for a conventional mortgage. VA loans are typically more accessible than other types of loans and require less stringent qualifying criteria. Additionally, veterans can take advantage of other VA benefits, including no funding fees, lower interest rates and more. Overall, VA mortgages are a great option for veterans and military members who are looking to purchase or refinance a home. They offer many benefits and enable those who qualify to obtain a mortgage with more favorable terms than what is available through traditional loans.

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