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If you’re a veteran or active-duty service member in Washington eyeing the real estate market, a VA Loan could be your ticket to homeownership. Backed by the Department of Veterans Affairs (VA), these loans offer benefits like no down payments, generally lower interest rates than conventional loans, no monthly mortgage insurance, and flexible qualification criteria. And if you’re looking at a high-value property? Enter VA Jumbo Loans.


Understanding VA Jumbo Loans

A “VA Jumbo Loan” simply means that the VA Loan amount is over the standard VA Loan limit for the county in which the property is located. For example, the VA Loan limit for most U.S. counties in 2023 was $726,200. Any VA Loan amount over that number would be considered a “VA Jumbo Loan.” Interest rates on VA Jumbo Loans are slightly higher than VA Loan amounts under the standard VA Loan limit – But a major advantage of the VA Jumbo Loan is that you can buy a home with a sales price of up to $2 million with NO MONEY DOWN!  No other “Jumbo Loan” program allows that.  


Eligibility for a VA Jumbo Loan in Washington

VA Loans are known for their lenient credit requirements compared to conventional loans. The minimum credit score required to qualify for a VA Jumbo Loan is slightly higher than the minimum score required for a standard VA Loan, but the credit score requirement is MUCH lower than the minimum score required for a “Jumbo Loan” from a conventional lender.

VA Loans, including VA Jumbo Loans, do not require a down payment. In Washington, you can secure a VA Jumbo Loan to purchase a home with a sales price of up to $2 million with NO DOWN PAYMENT!


Applying for a VA Jumbo Loan in Washington

  1. Check Eligibility: To ensure you meet the VA service requirement to be eligible for a VA Loan, contact Best Mortgage, and we will obtain your  Certificate of Eligibility (COE) from the VA.
  2. Secure Pre-Approval:  Call Best Mortgage or use our online forms to get started on your VA Jumbo Loan application so we can get you “pre-approved” for a loan. You will find out your maximum purchasing power, and real estate agents will take you more seriously because they know you can close on a home purchase when you make an offer. 
  3. Start House Hunting: We recommend that you work with an experienced real estate agent who knows VA Loans. Call Best Mortgage, and we will recommend a good agent in your area. Then start hunting for homes within your budget. Once you find the right property, your agent will negotiate the purchase price and terms of your offer.
  4. Appraisal and Inspection: When your purchase offer is accepted, order a home inspection (if you have requested one in your purchase contract). Once the inspection (if any) is completed, we will order a VA appraisal of the property. 


Closing Costs and Fees in Washington

While VA Jumbo Loans in Washington do not require a down payment, there are still expenses to consider. These include “closing costs,” such as appraisal fees, title insurance fees, credit report fees, etc. 

Closing costs can add up to thousands of dollars and vary from loan to loan. At Best Mortgage, we will discuss the closing expenses with you when you get “pre-approved” for a VA Jumbo Loan so you are prepared. Sometimes, your real estate agent can negotiate a purchase contract where the home seller pays some or all of your closing costs – depending on how “hot” the housing market is at the time you are making your purchase offer. Do not expect seller-paid closing costs in a “hot” housing market, but when homes are selling slowly, sellers are sometimes willing to consider paying some or all of the closing costs for a VA Jumbo Loan. So in some cases, you may be able to use a VA Jumbo Loan to buy a home with little or no cash out of your pocket!


Getting Your VA Jumbo Loan in Washington

VA Jumbo Loans offer flexible financing options for veterans and active-duty service members buying a home in a high-cost area like the Puget Sound Region of Washington State. 

To kickstart your VA Jumbo Loan journey, contact “The VA Loan Experts” at Best Mortgage.  We do VA Loans every day, and we understand the intricacies of  the VA Jumbo Loan program in Washington. At Best Mortgage, we can assist you in buying your dream home in the Seattle area with NO MONEY DOWN. Reach out today to get started.

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