VA Home Loans | The Basics

by on February 7, 2011 in VA

The VA home loan is available in all areas of Oregon and Washington, unlike it’s “no-money-down” USDAcounterpart, which is limited to “rural” areas. As we noted in the video, this program is reserved for those who have served our country honorably, or are currently on “active-duty” in one of the branches of our nation’s military, such as:

  • the Coast Guard
  • the Marine Corps
  • the Air Force
  • the Navy
  • the Army

Others who are eligible:

  • Members of the National Guard or Reserves who have completed 6 years of service
  • Surviving unmarried spouses of service members who have died as a result of military service

Beyond the fact that the VA home loan allows veterans to buy a home with no money down, and potentially no money out of pocket (when combined with the allowable 4 per cent in seller contributions), there are some great features of a VA home loan:

  • higher debt-to-income with automated underwriting approval
  • eligible properties – single family residence, PUD, condos (VA approved), and 2-4 unit residences
  • no monthly mortgage insurance premium
  • several refinancing options – rate & term, cash out, and streamline (IRRRL)

If you have an questions about VA home loans in Oregon or Washington, feel free to give me a ring at 503.799.4112, email me at jason@mypmb.us, or fill out the follow no-spam-guaranteed contact form:

What loan programs would you like to learn more about?

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About Jason Hillard

I have worked in the mortgage industry in Oregon & Washington since 2005. I have had a front row seat for the train wreck. I use that experience to help educate home loan consumers. Home loan questions? Ninjas have answers! 503.799.4112 MLO#119032
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  • Sue

    Hi Jason,
    We currently have a 30 yr. VA mortgage with BofA.  Our home is a beautiful, updated 11 yr old triple wide manufactured home on private 1.30 acres in a gated beach community. The title was eliminated 11 yrs ago and it’s on a concrete ribbon foundation with tie-downs. We recently contacted BofA to do a streamline refi to lower our interest rate. We started the process.Then yesterday the loan officer with BofA informed us as of Monday 9/19/11 they are no longer doing any VA or FHA loans/refi’s on manufactured homes-period. In order to go conventional/ conforming our home would have to appraise at $220k. I can tell you now that maybe 2 yrs ago it would have appraised at well over that… but now…..no way. Where we live there are no comps. How can we justify $220k? If we try to sell our home, who will be able to buy it other than a cash buyer? Any ideas?

    • http://www.homeloanninjas.com jason hillard

      Sue – I would like to get more details from you and maybe we can figure out a solution. If you would like, feel free to contact me at jason@mypmb.us or call 503.799.4112 when it’s convenient. Thanks so much for the comment, I hope we can work something out for you!

    • http://www.homeloanninjas.com jason hillard

      Oops – I almost forgot! I will look at my list of banks tomorrow and see who’s doing VA streamlines for manufactured homes and what their guidelines are. That would obviously be the easiest solution. Thanks again!

  • Sue

    Hi Jason,
    Thanks for getting back to me so quickly. I just find it extraordinarily absurd that manufactured homes, in this day and age, are being singled out by lenders. The limitations really hog tie a large segment of the population from not only being able to purchase affordable housing but for those of us who want to take advantage of the low interest rates like anyone else. Incredible! The ostracism we have felt goes beyond lenders. Our insurance is higher, our Farmers/Foremost agent has told us because it’s a manufactured home.
    I look forward to hearing from you with perhaps an explanation as to why this is happening……
    Sue

    • http://www.homeloanninjas.com jason hillard

      Hey there Sue…just wanted to follow up and let you know I sent you an email, just in case it went to the spam filter :-)