Using VA Loans in Spokane to Buy a Home: A Veteran’s Guide

Spokane, Washington is home to many military members and veterans, including those serving at Fairchild Air Force Base, located twelve miles southwest of the city.

Many of those residents could benefit from using VA loans in Spokane to buy a home. There are several VA loan benefits in Spokane that you won’t find with other types of home loans. This includes the ability to buy a house with no down payment and no mortgage insurance.

This guide explains how the VA loan program can simplify the home buying process for military members and veterans living in Spokane, Washington.

VA Loans Are Commonly Used in Spokane

The Department of Veterans Affairs (VA) home loan program allows eligible military members and veterans to finance 100% of a home purchase. This means you could buy a home with no down payment whatsoever.

These loans are very popular among military borrowers in Spokane and elsewhere across Washington. According to data from the Department of Veterans Affairs, nearly 7,000 VA loans were originated in Spokane County during the past three calendar years.

Most of those loans were used by home buyers making purchases, while a smaller percentage went to homeowners refinancing their existing mortgage loans.

Benefits Include Zero Down Payment

It’s easy to see why so many military members and veterans turn to this program. By taking the down payment out of the mix, the Spokane VA mortgage program allows borrowers to purchase a home sooner and with less money down.

Home buyers in Spokane who use VA-guaranteed mortgage loans still have to pay closing costs in most cases, which can add up to thousands of dollars. But there’s a lot to be said for dodging the down payment that’s required for most other types of home loans.

Let’s use some current home price data to illustrate this point:

• Median home price in Spokane, Washington in 2024: $396,000
• Minimum down payment for a regular (non-VA) home loan: 3% to 5%
• What that down payment range would be in dollars: $11,880 – $19,800

So, by using a VA home loan in Washington to buy a house, a veteran or service member could avoid an upfront investment that might reach or even exceed $20,000. That’s a major advantage.

VA-backed mortgage loans are one of the only financing options that allow home buyers to finance 100% of the purchase price and buy a home with a zero down payment in Spokane. Even the FHA loan program requires a 3.5% down payment from borrowers.

Other Benefits Offered by This Program

By covering the entire purchase price, VA loans can help military members and veterans clear a path to homeownership. But this government-backed mortgage program offers some other unique benefits as well:

• You could buy a home in Spokane sooner by eliminating what is usually the biggest upfront hurdle for buyers, the down payment.
• You can also avoid paying mortgage insurance, which is typically required with other low down payment mortgage loans.
• You can use the VA loan program repeatedly over the years, as long as you pay off the mortgage debt when selling the home. It’s a lifetime benefit.
• VA loans are assumable. If another eligible veteran wants to buy your home down the road, they could assume your loan. That could make it easier to sell.
• VA loans also offer some of the most flexible credit criteria of any mortgage, due to the government backing they receive. You don’t need flawless credit.

How to Apply for a VA Loan in Spokane

For the most part, the mortgage process works the same for both conventional and veterans home loans in Spokane. But you’ll need to meet certain criteria for VA loan eligibility in Spokane and go through some additional steps when using the VA program, including some upfront paperwork and home appraisal requirements.

Here’s how to buy a home in Spokane with a VA loan:

1. Obtain your Certificate of Eligibility (COE) from the Department of Veterans Affairs. Your mortgage lender needs this document to originate the loan. You can request it directly through the VA.gov website or have your lender do it for you, which might be faster.
2. Veterans need to provide a copy of their DD214 separation papers to obtain a COE document.
3. If you’re currently serving on active duty at Fairchild Air Force Base or elsewhere, you’ll need to obtain a statement of service from your command in lieu of the DD214.
4. Once you’ve obtained your COE or statement of service, you can get pre-approved for a loan. This helps you determine your price range for house hunting purposes. Sammamish Mortgage can assist you with this.
5. When house hunting in Spokane, try to focus on homes that are reasonably well maintained. Fixer-upper properties that need a lot of work typically do not qualify for a standard VA purchase loan.
6. The home will have to be appraised to determine its current market value and overall condition. This is required for all VA home purchase loans.
7. If the property checks out, you’ll move on to the mortgage underwriting process, which involves a thorough review of all paperwork and other details.
8. Now for the best part of all. Once you clear underwriting, you’ll sign all of the finalized paperwork to seal the deal and collect the keys to your new home!

If you have questions about any of this, please contact our staff. We’ve been assisting home buyers in Spokane for many years and specialize in the VA loan program.

The Spokane Real Estate Market at a Glance

Spokane is one of the most affordable real estate markets in the state of Washington, and only slightly higher than the national average. That’s one of the many benefits of buying a home in Spokane, especially when using a VA loan.

For reference, here are the median home values as of 2024:

• Spokane, WA: $396,215
• Washington State: $600,843
• Seattle, WA: $869,584
• Tacoma, WA: $491,417
• United States: $362,481

Because of its relative affordability and other attractions, the Spokane real estate market tends to move at a fast pace. Desirable homes in the area often sell faster than the national average.

Housing market inventory in Spokane, Washington continues to hover at historically low levels. But we’ve seen some positive growth over the past couple of years.

Home buyers can improve their chance for success by making a strong offer in a timely manner. Waiting too long, or offering too little, could cause that house to slip through your fingers.

Need a VA Loan in Spokane?

If you’re looking to buy a home in Spokane and are interested in using a VA loan to finance your purchase, we can help. Sammamish Mortgage has been serving borrowers in the Pacific Northwest since 1992, and we’d love to help you get the mortgage you need to buy a home in Spokane, WA. Reach out to us today to get an instant rate quote and get the mortgage process started!