District of Columbia VA Loan

Washington DC VA Loans

If you want to purchase or refinance a home in Washington DC, you may qualify for a Washington DC VA loan. These loans are backed by the Department of Veteran Affairs (VA) and offer many benefits to veterans seeking financing for either a home purchase or refinance.

What is the VA Loan?

The VA loan program is intended to help veterans get into homes and stay there long term to develop wealth. VA loans provide many valuable advantages, and these benefits are part of the combined set of benefits made available by the government to assist the men and women who have served this nation.

These loans are not provided through the VA department itself, though. VA loans are funded by the same lenders who fund other loans, but they are backed and guaranteed by the VA. This allows the lenders to offer better rates and terms to veterans. Read on for more information about the advantages of VA loans.

VA Loan Benefits in Washington DC

The different advantages that are available through the VA loan program vary depending upon your unique financial situation and your long term goals. Some common advantages are listed here.

No down payment requirement. This is a true zero down loan.
No PMI requirement. This can save you hundreds of dollars per month.
Minimal credit score and income level requirements.
Many different payment arrangements and loan types to choose from.
Closing costs can be rolled into the mortgage itself, minimizing the cash required at closing.

VA Loan Requirements and Eligibility

You can’t take advantage of these benefits unless you’re a qualified veteran. The VA determines who is eligible for the VA loan program based on the following basic criteria.

You must be an American citizen and a veteran of the US Armed Services.
You must have ended your service on a positive note. A dishonorable discharge will disqualify you from your VA loan privileges.
You must have served for at least 90 consecutive days, and these 90 days must have been active duty.

If you meet these requirements, you can get a certificate of eligibility from the VA office. This will prove to lenders that you do in fact qualify for a VA loan. Once you’ve completed this step, contact a VA loan specialist to help you complete the application process.

VA Refinance

You can refinance your current mortgage with a Washington DC VA streamline refinance and lower your monthly payment amount. The streamline refinance is an incredible loan product that many veterans aren’t aware of. If you have a VA loan on your home, you can refinance it swiftly and easily without paying all the associated fees that would be incurred with a conventional refinance. If you’re able to secure a low interest rate, you’re almost guaranteed to save significant money.

Washington DC VA Mortgage Rates

The mortgage rate is the important part. The rate you pay in interest on your mortgage is the literal price you’re paying to borrow the money for your mortgage. Lower is definitely better. We all know this. But how can you find the lowest mortgage rates available? This part can be difficult.

The best way to monitor mortgage rates is to contact several lenders in your local area, somewhere in the vicinity of Washington DC, and ask them what rates they offer. Lenders will always give you their rates. It’s how they do business. But don’t’ just ask one or two lenders. Make sure you contact several to get a good idea of what rate you’ll be able to get on your VA loan.

VA Lenders in Washington DC

Fill out the above form, and we’ll put you in touch with up to four lenders in your area to get you started. Compare the rates they offer and determine which is best for your unique situation. Don’t forget to ask about VA loan limits and application fees. You can also get more information on VA mortgages from the Department of Veteran Affairs.

Washington DC Military Information

There are many military installations in the Washington DC area. Some of the most well know bases include HQ Naval District Washington, Fort McNair, the Walter Reed Army Medical Center, and Bolling AFB.