VA loans

On Memorial Day, we at the Cook Group salute our nation's veterans. For over 30 years, Chuck served in the navy, following in his own father's footsteps. We are proud of our family members who have served, as pilots, surface line officers, and engineers, and grateful to all who protect our nation and our freedoms.

Recent changes in the VA loan program and shifts in the overall mortgage market have made VA mortgage loans worth another look for veterans who are considering a home purchase. Here are a few useful facts:

Loan limits are now as high as $417k in CONUS. A full VA entitlement is $36k, but this can be combined with cash to make a full down payment in a higher priced market like Seattle's. In a lower priced market, it means that you might not have to come up with a down payment at all.

Most veterans need to have 2 years of service to qualify for a VA loan; however, those who have combat service may only need 90 days of service to qualify. Check with the VA to confirm your eligibility.

VA loans are easier to underwrite than they used to be. More mortgage brokers are offering them as they begin to compare favorably again with loans available from commercial lenders. VA loans will not be best for every veteran, but it's worthwhile to compare them with the other available mortgage options. Always ask your lender for a Good Faith Esimate for each program under consideration; this will allow you to compare costs and benefits side by side.