VA Loans

VA Loans Open the Door to Home Financing

When it comes to home financing, it’s hard to beat the amazing benefits available from VA loans. These government-backed mortgages help veterans, service members and others who have served our county achieve the dream of owning a home. VA loans are funded through VA-approved private lenders and insured through the U.S. Department of Veterans Affairs. Debbie Mishko, at American Pacific Mortgage, works with several certified lenders to provide competitive rates for VA loans. If you live in Gig Harbor or nearby Washington, contact Debbie Mishko with your questions and to get a free quote.

VA Loan Basics

VA loans are a type of nonconventional mortgage. All nonconventional loans are sponsored, at least in part, through the federal government. They’re an alternative financing option to conventional loans, which are fully funded and insured through private companies. The Department of Veterans Affairs sponsor VA loans, and there are other types of nonconventional loans like USDA and FHA loans sponsored by other federal departments.

VA loans were first released in 1944 through the VA loan guaranty program to help veterans achieve the dream of owning a home during hard economic times after World War II. Today, they serve a similar purpose in helping to mitigate certain hurdles to homeownership for qualified borrowers, like stringent credit requirements or a large down payment.

VA Loan Limits

The Department of Veterans Affairs will insure loans for qualifying candidates up to certain limits, which vary across the country by county. In Pierce County, those limits are:

  • $667,000 for a one-unit property
  • $853,900 for a two-unit property
  • $1,032,150 for a three-unit property
  • $1,282,700 for a four-unit property

It’s important to note that can still secure a VA loan that exceeds these limits; however, you’ll need to prepare to pay a down payment based on a percentage of the difference between the limit and your loan value.

VA Loan Eligibility and Approval

VA loans are available to veterans or servicemembers who have served at least 90 consecutive days of active duty service during wartime, 181 days of active duty service during peacetime, or more than 6 years as a member of the National Guard or Reserves. They may also be available to certain surviving spouses of veterans killed during or because of military service. Some others who have served the country as part of certain organizations or assisted the U.S. military during wartime may also be found eligible. Debbie Mishko can quickly determine If you meet the VA loan service requirements and help you obtain a certificate of eligibility (COE), which is a required document for all VA-approved loans.

In addition to obtaining a COE, you’ll need to provide proof of your ability to pay your monthly mortgage payments. The VA does not set forth any credit score minimum requirements, and private lenders ultimately decide who to approve. While credit score approval is flexible, we recommend clients have at least a 620 score to be eligible.

Start the Process Today

If you’re a service member, veteran, surviving spouse, or think you may otherwise be eligible for a VA loan, contact Debbie Mishko at American Pacific Mortgage. She has local expertise and the experience in nonconventional VA loans you want in a mortgage loan partner. Debbie offers free consultations to clients at the American Pacific Mortgage – Gig Harbor branch or by phone for people who are outside of Washington or purchasing in the state of Oregon, so contact her to get started today.