How Does a VA Loan Work?


va LOANSVA loans are a popular option among military personnel and veterans who are looking to buy a house. The most popular aspect of these mortgages is that they do not require a down payment, though you can put money down if you want your monthly mortgage payments to be lower. Among home loans, these rank as the most desirable. However, you do have to meet some eligibility requirements to get one.

First, you have to determine if you’re personally eligible for a VA loan. People who are eligible for these loans either:

  • Served 90 days of active military duty during a time of war
  • Served 181 days of active military duty during a time of peace
  • Have a spouse who died in the line of military duty or due to a military-related disability
  • Served six years in the reserves of any branch of the military or in the National Guard

Of course, meeting the personal eligibility requirements doesn’t mean you’re going to get the loan. You still need to meet financial eligibility requirements, such as having an appropriate credit score and debt-to-income ratio. The property you plan to buy must also appraise at the seller’s asking price and be in good condition.

For more information about VA loans in South King County, please contact HBT Mortgage in Auburn!

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