NAS Whidbey IslandVA Lender

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Washington First Mortgage
Washington First Mortgage
We are your VA loan and refinance specialist. Finding you the best rate and loan that suits you and your families needs.
THE COMPLETE GUIDE TO VA HOMELOANS

WHAT IS A VA LOAN?

The VA Loan is a federal loan offered to veterans, military members and qualified military spouses created to help families purchase or finance their home during the home buying process. Each loan is issued by a qualified VA lender that determines the rates, terms and conditions of the loan based on VA rules and guidelines.

The VA Home Loan was created in 1944 by the United States government to help returning service members finance and purchase for their families without needing excellent credit or a down payment.

Due to the housing market crisis that happened between 2008 and 2012, traditional home loans can be more difficult to obtain due to the requirements.

VA LOANS

No down payment required.

Qualified borrowers can take advantage of a VA loan without putting down a down payment.

No PMI

Federal Loans do not require Private Mortgage Insurance, reducing the overall costs associated with the loan.

TRADITIONAL MORTGAGES

PMI (Insurance Required)

Private Mortgage Insurance is required for any home buyer that finances 80% or more of their home.

Standard Qualification Procedures

All standard approval procedures must be followed which makes it more difficult for a homeowner to qualify for financing a home.