Size of VA Loan for the Home around Fort Lewis, Washington

I was recently asked a question by a military officer: what's the best way to search for homes in Tacoma, Puyallup, Dupont, Lakewood or to find homes in Lakewood, Spanaway, Federal Way, or University Place. He wanted to buy with a VA loan but just started to search for a home around Fort Lewis. Here's a bit of wisdom before starting your search for a home: contrary to popular belief, there is no limit on the size of a VA guaranteed loan. So, theoretically you could buy a home around Fort Lewis with VA at any price. However, there are set legal limits to the amount of risk the VA can assume. These legal limits will determine the amount of money your Washington lender will lend for your Fort Lewis home.

There are two methods your Washington lender will use when determine the VA loan size:

  1. Residual Income Calculation: the Washington lender first adds up you routine expenses. For military, this typically includes housing expenses, taxes, and additional debt payments. Debt payments include things such as your car and credit cards. The lender then takes the income you accrue at Fort Lewis and subtracts all these expenses. The money you have left over is evaluated to see if you can afford the home.
  2. Debt-to-Income Ratio: VA rules state that this is the ratio of your total debt to your income.

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Now, while the VA does not limit the amount you can borrow when purchasing a home in Washington, there are county limits. So although you can unlimited amounts of money from the VA as long as it's within the legal mandated risks, you can only borrow the following amounts from counties around Fort Lewis:

King $500,000

Pierce $500,000

San Juan $468,750

Snohomish $500,000

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Posted in Computer Post Date 11/16/2020






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