Understanding VA Loans
VA loans are a benefit earned through military service. Guaranteed by the U.S. Department of Veterans Affairs, they give eligible veterans, active-duty service members, National Guard and Reserve members, and some surviving spouses access to some of the most favorable financing available.
With Fairchild Air Force Base just west of Spokane and VA medical centers in Spokane and Walla Walla, VA financing is one of the most valuable programs in Eastern Washington.
Who it's a good fit for
- Veterans who meet service requirements
- Active-duty service members, including those stationed at Fairchild AFB
- National Guard and Reserve members
- Eligible surviving spouses
Key details
- VA loans do not require monthly private mortgage insurance.
- Down payment requirements are among the most flexible of any loan type.
- Most borrowers pay a one-time VA funding fee, which can be financed. Veterans receiving VA disability compensation are generally exempt.
- You'll need a Certificate of Eligibility (COE), which Jake can usually request for you.
VA questions
Can I use my VA loan benefit more than once?
Yes. VA entitlement can be restored after a VA loan is paid off, and in some cases you can hold more than one VA loan at a time.
What is the VA funding fee?
It's a one-time fee paid to the VA that helps keep the program running. The amount depends on your down payment and whether you've used the benefit before. Many veterans with service-connected disabilities are exempt.
Can I refinance a VA loan?
Yes. The VA Interest Rate Reduction Refinance Loan (IRRRL) is a streamlined way to lower your rate, and a VA cash-out refinance lets you access equity.
VA financing around Eastern Washington
- Spokane, WA: Popular with Fairchild AFB personnel buying in Airway Heights, Medical Lake and Cheney.
- Tri-Cities, WA: Serves veterans and Guard members throughout Benton and Franklin counties.
- Walla Walla, WA: Serves Walla Walla's veteran community, with no monthly mortgage insurance.
- Franklin County, Washington: Available to eligible veterans buying anywhere in Franklin County.
- Garfield County, Washington: Available to eligible veterans buying in Garfield County.
- Lincoln County, Washington: Lets eligible veterans buy rural homes with no monthly mortgage insurance.
- Stevens County, Washington: Lets eligible veterans buy rural and lake-area homes with no monthly mortgage insurance.
- Ferry County, Washington: Available to eligible veterans buying anywhere in Ferry County.
- Pend Oreille County, Washington: Lets eligible veterans buy river and lake homes with no monthly mortgage insurance.
Related programs
Conventional Loans
Flexible financing for primary homes, second homes and investment property, not insured by a government agency.
Learn moreFHA Loans
Government-insured loans with flexible credit guidelines and a lower down payment requirement.
Learn moreFirst-Time Homebuyer Programs
Guidance, loan options and down payment assistance for buyers purchasing their first home.
Learn moreInformation on this page is general and educational. Loan approval, terms and eligibility depend on your full application, credit, property and current program guidelines.