Government Home Loans

Who is Eligible?

Qualified veterans, reservists, active duty personnel and eligible family members. Determine eligibility by obtaining a Certificate of Eligibility (COE) at www.ebenefits.va.gov

Benefits of a VA Loan

• No and low down payment options - up to 100% financing
• No private mortgage insurance needed, regardless of the down payment amount
• Limited closing costs and fees
• Flexible credit qualification guidelines
• Fixed rate and adjustable rate mortgages available

Purchase your home in Washington or Idaho using a Veteran Affair's loan, and you'll pay no origination fee.* To qualify, you need to set up automatic payments from a BECU checking or savings account, as well as have a Certificate of Eligibility (COE). That's a home loan with no down payment requirement and no origination fee.

What are FHA Loans?

FHA loans are designed to provide flexibility on loan qualification for low-to income borrowers with limited options due to their credit score and savings, but they do require FHA mortgage insurance for the life of the loan (unless you refinance to another loan type)

Benefits of an FHA Loan

• Low down payment (3.5%)
• Great option for less than perfect credit borrowers
  
• Closing costs and fees can be included in the loan so you'll need less cash up front.
• More flexible underwriting qualifications

FHA Mortgage Insurance

FHA borrowers are required to pay a mortgage insurance premium (MIP) annually for the life of the FHA loan. This is different than a conventional fixed-rate or adjustable loan which requires mortgage insurance (MI) if you put less than 20% down payment on your home. MI can be removed after the value of the home has increased and/or you meet certain eligibility requirements. FHA insurance premiums cannot be removed.