District of Columbia VA Loans

The District of Columbia is a popular place to relocate to, being as it is the capitol of the United States. It is also a popular place for military members and veterans to relocate to for this reason. While nice houses in D.C. can be quite pricey, it is still possible for qualifying veterans to afford these homes when purchased with a VA Loan.

VA Loan vs. Conventional Loan

The benefits of using a VA Loan over a conventional loan are numerous. For starters, with a VA Loan you will not be required to provide a down payment on the house. You will also get great interest rates and won’t have to pay private monthly mortgage insurance. Other benefits include: flexible repayment options, easy approval process, minimal closing costs, and streamlined refinancing. The VA has created the Loan Guaranty Program to make it as simple and affordable as possible for veterans to purchase houses in D.C.

Certificate of Eligibility (COE)

In order to get a VA Loan, you must first get your Certificate of Eligibility (COE). This can be done by filling out the eligibility form on the VA’s website. The VA requires you to have served a minimum of 181 days of regular active-duty service in order to qualify. Veterans who served 181 days and were honorably discharged also qualify. There are some exceptions to the rules, so be sure you research them if you don’t fit into one of these two categories.

Finding a lender

The VA does not actually issue the money itself. The loan you will receive is from a private lender which the VA then guarantees – similar to an insurance policy. Because of this, you have the option of choosing any private lender that participates in the Loan Guaranty Program. Before you start house hunting, you may even want to get pre-approved today to see just how much house you can afford.

Get Qualified Today

Qualifying for a VA loan has never been easier than it is now. Just fill out our 1-minute quote request form and you can begin comparing rates and offers today!

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