Pacific NW Federal Credit Union

You may be eligible for a VA loan if you are a U.S.:

• Veteran 
• Reservist
• Active duty personnel
• Service member
• National Guard member 
• Eligible surviving spouse

VA home loan eligibility may depend on your length of service or service commitment, character of service, and duty status.

To get a VA loan, you must have:

• Satisfactory credit
• Sufficient income to meet the expected monthly obligations 
• A valid Certificate of Eligibility (COE)

Depending on your financial situation, you don’t need a down payment to get a VA mortgage.

Because VA loans don’t require down payments or private mortgage insurance (PMI), you may need to pay a one-time VA funding fee to help lower the cost of the loan for U.S. taxpayers. 

The fee amount depends on your situation. To help you pay it, you can roll the fee into your total mortgage amount.

Closing costs for VA loans are generally lower than for conventional home loans. The details and amounts will depend on your particular loan. We will guide you through the closing process and make sure all the fees are paid.

The seller needs to pay certain closing costs, which are sometimes called seller’s concessions:

• Commission for real estate professionals
• Brokerage fee
• Buyer broker fee
• Termite report (unless you’re using a refinancing loan)

The buyer or seller may negotiate who pays other closing costs, including:

• VA funding fee
• VA appraisal fee
• Loan origination fee
• Loan discount points or funds for temporary buydowns
• Payment of any credit balances or judgments
• Hazard insurance and real estate taxes
• State and local taxes
• Title insurance
• Recording fee

Rates for VA loans are competitive to make it easier for veterans and military personnel to buy a home. Your interest rate and annual percentage rate (APR)* will be based on your credit score. Higher scores qualify for lower rates.

Both our online and mobile banking app products allow our members to view your FICO^® score for free. The score updates quarterly, and viewing your FICO^® Score will not impact it.

*FICO^® is a registered trademark of Fair Isaac Corporation in the United States and other countries.

PNWFCU is a member-owned not-for-profit. What that means for our members is that by banking with us, they belong to a financial institution that takes a personal interest in them.

PNWFCU members can improve their financial knowledge through access to a variety of tools and resources, from our online financial education modules to our wealth management services.

Members can also apply for debt consolidation loans, allowing them to simplify their existing loan payments.

You’ll need to supply a comprehensive picture of your overall financial situation. As a result, you may need to provide prior-year tax returns, 1099s, W-2s, bank statements and more. 

If applicable, you will need to supply evidence of any gifts, grants or other sources of funds for your down payment and closing costs. 

For VA loans, you’ll need your Certificate of Eligibility (COE).