If it hadn't been for the VA home loan program I never would have been able to buy my first two homes! Now years later I'm helping military families transitioning to Fort Belvoir, Quantico or anywhere in the Military District of Washington use the VA Home Loan Program to buy homes.
There seems to be a rumor flying around Northern Virginia that you can't use a VA loan to buy a foreclosure property. THIS IS NOT TRUE! In the past month I've closed on two foreclosure properties in Prince William County with buyers using a VA loan without any problems. The electricity does need to be on when the appraiser shows up but that is an easy problem to solve with a couple of phone calls and if you are having a home inspection you want the electricity on anyway.
For a first time buyer a VA loan solves the down payment issue. VA does not require any down payment, ZERO, NADA, ZILCH and a seller can contribute up to 4% towards closing costs. What a deal. Worried about the VA funding fee? You can finance the fee as part of your loan. VA also does not cause the feared "declining market" flag to appear and suprise you with the need to come up with additional funds that FHA and conventional loans do.
VA loan limits are currently set at $417,000 which in today's market in Northern Virginia will buy you a nice home close to Quantico or Fort Belvoir. My recent buyers have purchased townhouses in the Lake Ridge area of Prince William County for under $300,000 which only needed a little TLC (paint and carpet cleaning) to make them a great place to live. If you are looking at a property over the VA loan limit of $417,000 you can also use your VA loan benefits by making a down payment on the amount of the loan over the current loan limit.
Not sure whether you are eligible for a VA loan?
VA Loan Eligibility Requirements
Need to request your VA Certificate of Eligibility?
VA Form 26-1880
Need assistance finding your new home? You can start your search for a new home near Fort Belvoir or Quantico online to get a feel for some of the local communities. Once you narrow down your search you need an agent who is knows the area and understands military moves then give me a call. I've walked in your shoes from the Far East to Europe and know what it is like to make a military move. I work with lenders who understand today's Northern Virginia market and are successful in getting VA loans to closing.
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As an Associate Broker with RE/MAX Allegiance in Northern Virginia and native of the area I can assist you whether you are buying, selling or renting a home anywhere in Northern Virginia. For more information about the area or my services you can check VaRealEstateTalk or my Northern Virginia website.
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Military Relocation Specialist serving military families relocating to and from the Pentagon, Fort Belvoir, Quantico MCB and all of the Military District of Washington installations.


Licensed in the Commonwealth of Virginia
VA loans are a great benefit to being in the military. I plan on using mine soon and I always recommend them to my military clients that are eligible. A small thank you from the government, but a good one none the less.
VA loans are going to become much more common now that other forms of 100% financing are gone. Always good to have more information available on this benefit.
I agree VA is a great option if available. A few things that you may want to add:
1. VA allows for a Jumbo program for loans above $417k
2. The 4% can be much more than 4% and here's how:
Seller concessions do not include
Good Luck
Cindy,
The only way for military members to go is with the VA. You and Lenn both wrote great article on VA loans today. Great minds, you know.
Great post for all of us to remember. Thank you.
Joshua and Kathy-VA loans wre tossed aside when the market was red hot and it was a shame. It is a good benefit and I'm glad to see it make a comeback in Northern Virginia.
Penny-if you are in an area with a good deal of military clients then make sure you have a lender that can help out with VA loans.
Penny-if you are in an area with a good deal of military clients then make sure you have a lender that can help out with VA loans.
David-you are correct that you can go over the 4% with the right circumstances. The don't pay the administrative fees that some brokerages want to charge though!
Cynthia-VA Loans are on my mind these days. Closed one this week on a foreclosure, have one closing next week on a "normal" sale and wrote two more contracts this week on foreclosures with VA loans. They are making a great comeback in our area and I am glad to be able to have clients who can take advantage of them. I'll go check on Lenn's post.
Wayne-Thanks for stopping by. I think the more we know about all the loan programs available to our clients the better we can help them get into their new home.
Cindy- Nice post. My husband and I bought our first two homes with our VA loans as well. They are definately making a comeback in today's market.
I think its the only 100% program still around. It is a good deal!