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VA Mortgages in Bellevue, WA

The Bellevue, WA area’s housing market is one of the strongest real estate markets in the entire country. There is ample opportunity for home buyers right now. With a rising inventory, there are more choices and less competition making it easier for home buyers to get their offers accepted. And with rising rates, securing a VA mortgage in Bellevue now could be beneficial against future increases.

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home purchased with the help of mortgage brokers in Bellevue WA

VA Lenders in Bellevue, WA

Unlike traditional mortgages, which are disbursed in a lump sum, construction loans are released in phases, corresponding to the completion of specific construction milestones.

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VA (Veteran Affairs) loans are mortgage loans available for qualified veterans, active-duty service members, and certain members of the National Guard and Reserves. Guaranteed by the U.S. Department of Veterans Affairs, these loans make home buying possible for many people who might not otherwise qualify. For instance, a Seattle area VA loan provides up to 100% financing of the home value with NO DOWN PAYMENT. What’s more, VA borrowers don’t pay monthly mortgage insurance required for an FHA loan … or need private mortgage insurance required for a conventional loan with less than a 20% down payment. The VA loan is a government-backed mortgage.  The Department of Veterans Affairs is responsible for setting the rules for loan qualification and the terms under which VA Loans may be offered. VA loans are  designed to work much like any other mortgage but with some MAJOR advantages, including:
  • NO DOWN PAYMENT: This eliminates the biggest obstacle many people face in trying to save up enough money to buy a home. With a VA loan, you can buy a home with NO MONEY DOWN. FHA loans require at least a 3.5% down payment, and conventional loans require at least a 3% down payment.  
  • Competitive Interest Rates: VA loan interest rates are often lower than rates on conventional loans, resulting in lower monthly payments for you and easier loan qualifying.
  • NO  Monthly FHA Mortgage Insurance (MIP) or private Mortgage Insurance (PMI): FHA loans add an additional monthly expense for mortgage insurance, and if you make less than a 20% down payment, conventional loans also require monthly mortgage insurance, which makes your total monthly mortgage payment more expensive.  There is NO monthly mortgage insurance expense with a VA loan, which makes your total monthly mortgage payment lower than a comparable FHA or conventional loan at the same rate.
  • Lenient Credit Requirements: The VA is very lenient on borrowers with “less than perfect credit.” You may be able to qualify for a VA loan even if you were turned down for a conventional loan based on your credit history. 

Why VA Loans Are Ideal in the Seattle Area

The Seattle area real estate market is growing, and prices for homes have been on an upward trajectory for many years. Factors such as the booming high-tech job market and proximity to other cities mean owning a home in Seattle is getting more expensive every year. According to Realtor.com, the median listing home price in Seattle, WA, was close to $800K as of August 2023.  Obtaining a VA loan to buy a house is one of the best options veterans (and active military) have to break into the growing housing market. And for those looking to purchase homes at the higher end of the price spectrum, our “Jumbo VA loans” are a game-changer. You can buy a home for up to  $2 million with NO DOWN PAYMENT! This means that even in an area where home prices continue to soar, veterans (and active military)  still have a chance at owning their dream home – without having to save up a HUGE down payment. 

Qualifying for a VA Loan 

VA loan applicants must demonstrate they earn sufficient income, have suitable credit, and meet service requirements. A valid Certificate of Eligibility (COE) is required for all Seattle area VA loans. This is a government document that tells us you are eligible for a VA-guaranteed home loan. Contact us, and we will obtain the COE from the VA for you.

How to Buy a Home in the Seattle Area with a VA Loan 

1. Complete the Pre-Approval Process

Contact us BEFORE you start shopping for a home, and we will get you “pre-approved” for a VA loan so you will know exactly how much you can afford.Once you’re pre-approved, you will know which homes are in your price range. And most importantly, having a pre-approval letter from Best Mortgage will ensure real estate agents and home sellers take you seriously. 

2. Find a VA-Knowledgeable Real Estate Agent in the Seattle Area

One of the best ways to find a real estate agent who is knowledgeable about VA loans is to contact us at Best Mortgage.  We work with good agents every day, and we can recommend an agent who knows the area in which you are shopping for a home. Having “The VA Loan Experts” (Best Mortgage) and an experienced professional real estate agent on your side is critical to your success in buying a home with a no-money-down VA loan. 

3. Start the Search

The Greater Seattle area has a large and thriving real estate market. To navigate the process effectively, have a clear picture of the home you want to own, and outline all the must-haves. Then, explore each of the Seattle area’s neighborhoods to find the area that best suits your lifestyle and preferences. Working with a good real estate agent will expedite this process. Contact us for a recommendation of an agent who works in the area in which you hope to buy your dream home. 

4. Make an Offer

After finding a home that ticks all your boxes, work with your real estate agent to make an offer and negotiate for a final sale price. You’ll then provide us with a copy of the signed purchase agreement so we can proceed with processing your VA loan to buy the home.

5.  The VA Appraisal

After you have completed your home inspection (if you required one in your purchase agreement), we will order a VA appraisal.   The appraisal will determine if the home’s market value is equal to (or greater than) the price you have agreed to pay for the home. It will also determine whether the property meets the minimum requirements for a VA loan. If your house does not meet the VA requirements, or the appraised value comes in below the agreed-upon sales price, there are options, including requesting a reconsideration of value (ROV) or renegotiating the price to match the appraised value.

6. Assume Ownership at the Closing

The closing process is the final step of the buying process, where you review and sign all the final closing documents that transfer ownership from the seller to the buyer. Closing on time is essential in an active housing market like the Seattle area. Real Estate Agents and Sellers prefer buyers who can close on time, and at Best Mortgage, we always close on time!  That can make your offer stand out.

Potential Challenges and Solutions 

The VA loan is a viable option for any veteran (or active military)  who wants to buy a home in the Seattle area. However, there are some common misconceptions about VA loans. For example, there are often concerns about the length of the process. While some people think the VA loan process is more complicated and extensive, with Best Mortgage, it can be as swift as closing a conventional loan. Another common misconception involves VA Loan eligibility. Some people assume VA loans are only for veterans; however, active-duty service members and certain members of the National Guard and Reserves are also eligible. You may qualify if you’re a surviving spouse, as well. Contact us at Best Mortgage, and we will review and confirm your eligibility for a VA Loan.

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Seattle Area VA Loans: Your Path to Homeownership

If you’ve served in our nation’s armed forces and you meet the eligibility criteria, it’s wise to consider taking out a VA loan in Seattle. A VA loan is usually the BEST option compared to FHA and Conventional Loans. VA loans eliminate the need for a down payment, making homeownership more accessible in this high-priced market. You also get to benefit from competitive interest rates, saving you money over the life of your loan. What’s more, VA loans don’t require monthly mortgage insurance (FHA MIP or Conventional PMI), further reducing your total monthly mortgage expense and making homeownership more affordable. So why wait? Embrace this once-in-a-lifetime opportunity, and start your homeownership journey today.  Remember that we at BestMortgage are here to guide you every step of the way. We are “The VA Loan Experts”  in the Seattle area.  Reach out to us today for honest advice you can trust on VA loans. Call us or fill out our online form to request at NO cost with NO obligation VA Loan Consultation.  e We will be happy to answer any mortgage questions you may have.
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