A VA home loan can be one of the strongest home-buying tools available to an eligible Veteran, active-duty service member or surviving spouse. The biggest benefits are well known—possible zero down and no monthly private mortgage insurance—but getting the most from the program comes down to understanding how the pieces work together.
I’m Kerry Greenwald, a Veteran and the owner of Creekside Mortgage. Since 2005, our Veteran-owned team has helped more than 8,000 military families with VA financing throughout Washington, Idaho, Oregon and Montana. In the video below, I explain how a VA purchase loan can benefit you and what to consider before you start making offers.
Watch: How Will a VA Home Purchase Loan Benefit You?
The Biggest VA Purchase Loan Benefits
Possible Zero-Down Financing
Many qualified borrowers with sufficient VA entitlement can buy without a down payment when the sales price does not exceed the VA appraised value. That can let you keep more cash available for moving, improvements, reserves or the expenses that come with settling into a new home.
No Monthly PMI
Conventional financing commonly requires private mortgage insurance when the buyer puts down less than 20%. VA-backed purchase loans do not require monthly PMI. That can make a meaningful difference in the monthly payment, especially for buyers financing most or all of the purchase price.
Competitive Terms
The VA guaranty reduces part of the lender’s risk, which can lead to competitive interest rates and flexible underwriting. VA does not set every part of the loan, however. Your interest rate, closing costs and approval still depend on the lender, market, credit, income, debts, property and overall loan file.
Seller-Paid Costs
A seller or builder may pay eligible buyer closing costs, and certain seller concessions are allowed within VA rules. Standard closing-cost credits and seller concessions are not treated exactly the same. Before writing an offer, read our explanation of the VA 4% seller-concession rule.
Zero Down Does Not Mean Zero Planning
Even with no down payment, buyers should plan for an earnest-money deposit, inspection, prepaid taxes and insurance, title charges and other possible costs. Earnest money is generally credited at closing, and seller credits may reduce some expenses when negotiated correctly. We prepare a detailed estimate before you shop so you understand the expected payment and cash needed to close.
Many VA loans also include a one-time VA funding fee. Some Veterans, service members and surviving spouses are exempt. The funding fee can generally be financed into the loan, while other purchase closing costs normally cannot be added to the VA loan amount.
Start With a Real VA Preapproval
A quick online prequalification is not the same as having your income, assets, debts, credit and VA eligibility reviewed. A solid preapproval helps you:
- Shop within a comfortable payment range
- Understand your estimated closing costs
- Identify entitlement or funding-fee questions early
- Make a stronger, cleaner offer
- Avoid preventable delays after the seller accepts
You can begin with our complete VA home purchase loan guide, request help with your Certificate of Eligibility, or estimate a payment using our VA loan calculator.
VA Home Purchase Loans in Washington, Idaho, Oregon and Montana
Real estate contracts, property types, taxes, insurance and appraisal timing vary from one market to another. Our team works throughout the Pacific Northwest and can help you understand the details that matter in your area:
- Washington VA home loans—including Vancouver, Clark County, Puget Sound, Spokane and communities near military installations.
- Idaho VA home loans—including Boise, Meridian, Eagle, the Treasure Valley and communities statewide.
- Oregon VA home loans—including Portland, the Willamette Valley, Central Oregon, the coast and rural areas.
- Montana VA home loans—including properties where acreage, wells, septic systems or rural access need early review.
Can You Buy a Higher-Priced Home With a VA Loan?
Yes. VA financing is not limited to starter homes. Qualified borrowers with full entitlement may be able to buy above the conforming loan limit with no down payment, subject to the VA appraisal, lender program limits and the borrower’s ability to qualify. If you are shopping in a high-value market, learn more about our VA jumbo purchase options, including possible zero-down financing up to $4 million.
Work With a Team That Specializes in VA Loans
VA lending is a major part of what we do every day. Our Veteran-owned team understands the appraisal process, entitlement, funding-fee exemptions, seller credits and the communication needed to keep a purchase moving. You can learn more about our 8,000 VA home-loan milestone and read our client reviews.
Ready to use your VA benefit? Call or text Creekside Mortgage at 360-571-5626 or 208-424-6770. We will walk through the numbers with you before you make an offer.
This article is for general educational purposes and is not a commitment to lend. Loan approval, terms, property eligibility, maximum loan amount and zero-down availability depend on VA guidelines, lender requirements, appraisal, entitlement and borrower qualifications. Creekside Mortgage, Inc. NMLS #70358. Equal Housing Lender.
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