VA Loans

Got your orders and it's time to move? If your Permanent Change of Station (PCS) means you'll be shopping for a new home, starting with a VA loan approval from HomeStreet is a smart move. Our Loan Officers go beyond the numbers on paper to understand your full story and help you achieve your goals. As you PCS, here are some points to consider:

• Your VA entitlement is lifelong. Have you used your entitlement already? You can use it again! As a lifelong benefit, you can buy, sell, or refinance as many times as you'd like to.
• You might not have to sell your current home. If you currently own a home that you used your entitlement on, you may have remaining entitlement to use towards another purchase. If you'd like to keep your current home, you Loan Officer can see what you have left. 
• Your entitlement may increase. Are you moving to a higher priced area than you live in now? Your entitlement amount is based on where you are moving, so a higher cost area may increase the amount you can use.
• Your benefits aid in affordability. A key benefit to the VA loan is that they generally require 0% down. They also do not require monthly Mortgage Insurance and they allow the seller to contribute to closing costs and potentially pay off some debt for the buyer. All of these earned benefits can keep move-in expenses and monthly mortgage payments low. 

We bet your service to protect our homeland has taken you all over the world. If you are ready to plant some roots and get settled in a home of your own, HomeStreet can help you finance your home sweet home with a VA loan. Keep these steps in mind before you drop your anchor:

1. Check your eligibility. Many buyers have no idea they were entitled to VA loan benefits. Generally, reservists with more than six years of service, active duty, and veterans of all branches of earned benefits. Even if you already own a home with a VA loan, VA allows you to have multiple loans without having to sell.
2. Know your allowables. When it comes to making an offer on a home, VA protects you so that you can't be charged excessive fees by a lender. The VA helps you qualify for more home by allowing the seller to use contributions to pay off some of your personal debt. Our Loan Officers will work with you to help maximize your buying power while staying within your comfortable budget.
3. Get settled in your new home! You may be more ready to purchase a home than you think. Benefits of a VA home loan include no down payment required and HomeStreet allows credit scores of 640 and higher. Since there is no monthly Mortgage Insurance, your monthly mortgage payment could be less than rent!

Qualified disabled military personnel may be entitled to additional VA benefits, and our qualified Loan Officers will ensure you are aware of your options. A standard benefit is the waiving of the VA Funding Fee, which may be an option for vets with service-connected disabilities and surviving spouses.

Our Loan Officers can also help make the transaction comfortable for you; if you'd like to meet close to your home, entirely by phone, or handle as much of the transaction as possible via email, let us know what works best for you.