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How Do VA Loans Work in Washington State?

Let’s get started on how VA loans work in Washington State. First, let’s look at a few topics and understand the steps needed to complete to secure a VA loan.

  1. VA eligibility
  2. Source of Income
  3. Credit history
  4. Assets – if needed to pay a down payment or closing Costs
  5. Property – What types of properties can you use with your VA loan?
  1. VA eligibility -Here’s a great link to determine your VA eligibility. We have access to the VA portal and can pull up to 95% of VA certificates in seconds.

2. Source of Income – Once you have determined your VA eligibility and have your certificate of eligibility, let’s look at what VA’s role is in the home loan process. VA will guarantee a loan a private bank makes that aligns with the VA lenders handbook. So for a bank to make a VA loan, they will be interested in your monthly income in order to repay the loan they make. Here’s a list of types of income VA will accept:’

W2 income
Self employment Income
Retirement Income
Disability Income
Child Support
Rental Income
Investment Income
Trust Income
Royalty Income

3. Credit History – VA does not require a minimum credit score, most lenders will require at least a 580-620 credit score.

4. Assets – If you are planning to put down a down payment or pay for your closing costs, the lender will require your most current bank statement.

5. Property – As long as you are planning to live in the property as your current residence, VA will finance most property types. The exceptions are working farms, or properties that have commercial space.

If you are planning to purchase a home in Washington State and considering using a VA loan, don’t hesitate to reach out to Washington Source for VA loans at or call Kevin Tinsley NMLS ID 108542 253-472-1500.

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