VA loans are mortgage programs backed by the U.S. Department of Veterans Affairs designed to help eligible veterans, active-duty service members, and certain surviving spouses achieve homeownership. Because these loans are guaranteed by the VA, qualified borrowers may benefit from flexible guidelines and favorable financing options.

Our team helps eligible borrowers in Washington, Oregon, California, Arizona, and surrounding communities understand their options and structure a VA loan that fits their goals.

 
Benefits of VA Loans

VA loans offer several advantages for qualified borrowers:

• Up to 100% financing available on eligible purchases (no down payment required in many cases)
• No monthly PMI (Private Mortgage Insurance) required
• Competitive interest rates compared to many conventional programs
• Seller concessions allowed, which may help reduce out-of-pocket costs at closing
• Flexible credit and income guidelines for eligible borrowers
• Funding fee may be waived for certain veterans receiving VA disability compensation

Eligibility and loan terms depend on borrower qualifications, entitlement, and VA program guidelines.

 
VA Loan Options We Offer

VA Purchase Loans

A VA purchase loan allows eligible borrowers to buy a primary residence with flexible financing options.

Key features may include:

• Financing up to 100% of the home’s value for eligible borrowers
• Available for single-family homes, townhomes, and approved condominiums
• Can be used by first-time homebuyers or repeat buyers
• Must be used for a primary residence
   

VA Cash-Out Refinance

A VA cash-out refinance allows eligible homeowners to refinance an existing mortgage and potentially access home equity.

Possible benefits include:

• Refinance up to 100% of the home's value (subject to lender guidelines)
• Replace a non-VA loan with a VA loan
• Access equity for home improvements, debt consolidation, or other purposes
   

VA Interest Rate Reduction Refinance Loan (IRRRL)

Also known as the VA Streamline Refinance, this program allows current VA borrowers to refinance an existing VA loan into a lower interest rate or more stable loan structure.

Key features:

• Simplified documentation compared to many refinance programs
• Often no new appraisal required (depending on lender guidelines)
• Designed primarily to reduce the interest rate or monthly payment
• Borrowers must currently have a VA loan to qualify.

VA Construction Loans

In certain cases, eligible borrowers may finance the construction of a new primary residence using a VA loan.

VA construction financing may include:

• One-time close construction loans that convert to a permanent mortgage
• Financing for newly built homes with licensed builders
• Loan funds are released in construction draws as the home is built

VA construction programs may have additional requirements such as approved builders, construction timelines, and lender guidelines.

Who Is Eligible for a VA Loan?

Eligibility is determined by the VA and verified through a Certificate of Eligibility (COE).

You may qualify if you meet one of the following service requirements:

• 90 days of active-duty service during wartime
• 181 days of active-duty service during peacetime
• 6 years of service in the National Guard or Reserves
• Certain surviving spouses of service members who died in the line of duty or from service-related causes

Additional eligibility guidelines may apply.

VA Funding Fee

Most VA loans include a VA funding fee, which helps support the program and allows borrowers to access favorable financing terms.

The funding fee varies depending on:

• First-time vs. subsequent use of VA benefits
• Loan type (purchase, refinance, cash-out)
  Down payment amount
• Military service category (active duty, reserve, etc.)
• The fee can often be financed into the loan amount rather than paid out-of-pocket.

Some borrowers, including veterans receiving VA disability compensation, may be exempt from the funding fee.

 
Closing Costs

VA borrowers may still have standard closing costs such as:

• Appraisal
• Title and escrow services
• Recording and government fees
• However, VA guidelines allow seller concessions and closing cost contributions, which may reduce the amount needed at closing.

 
Disclosure: VA loans are available to eligible veterans, active-duty service members, and certain surviving spouses who meet applicable service, credit, income, and property requirements. All loans are subject to borrower qualification, property eligibility, and lender approval. Program terms, guidelines, and availability may change without notice. Key One Financial Inc. is not affiliated with or acting on behalf of the U.S. Department of Veterans Affairs or any government agency.