Government Loans

Government Home Loans

Mortgage options for FHA and VA loans.

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Government Home Loan Rates as Low As

APR Effective 7/23/2021*

2.898
%
APR

VA 30 Year Fixed

VA Purchase 0% Down

3.850
%
APR

FHA 30 Year Fixed

*See important information about rates, fees and other costs

Sometimes unusual situations require financing that thinks outside the box, and we‘ve got that covered. If a standard loan just won't meet your needs, explore your options with a VA or FHA government loan with a variety of non-traditional fixed-rate and ARM loans available at BECU.

FHA Loans

  • No origination fee*
  • Low down payment (3.5%)
  • Great option for less than perfect credit borrowers
  • Closing costs and fees can be included in the loan so you'll need less cash up front.
  • More flexible underwriting qualifications

VA Home Loans

  • No origination fee*
  • No and low down payment options - up to 100% financing
  • No private mortgage insurance needed, regardless of the down payment amount
  • Limited closing costs and fees
  • Flexible credit qualification guidelines
  • Fixed rate and adjustable rate mortgages available

Loan Details:

Who is Eligible?

Qualified veterans, reservists, active duty personnel and eligible family members. Determine eligibility by obtaining a Certificate of Eligibility (COE) at www.ebenefits.va.gov

Benefits of a VA Loan

  • No and low down payment options - up to 100% financing
  • No private mortgage insurance needed, regardless of the down payment amount
  • Limited closing costs and fees
  • Flexible credit qualification guidelines
  • Fixed rate and adjustable rate mortgages available

Purchase your home in Washington or Idaho using a Veteran Affair's loan, and you'll pay no origination fee.* To qualify, you need to set up automatic payments from a BECU checking or savings account, as well as have a Certificate of Eligibility (COE). That's a home loan with no down payment requirement and no origination fee.

What are FHA Loans?

FHA loans are designed to provide flexibility on loan qualification for low-to income borrowers with limited options due to their credit score and savings, but they do require FHA mortgage insurance for the life of the loan (unless you refinance to another loan type)

Benefits of an FHA Loan

  • Low down payment (3.5%)
  • Great option for less than perfect credit borrowers
  • Closing costs and fees can be included in the loan so you'll need less cash up front.
  • More flexible underwriting qualifications

FHA Mortgage Insurance

FHA borrowers are required to pay a mortgage insurance premium (MIP) annually for the life of the FHA loan. This is different than a conventional fixed-rate or adjustable loan which requires mortgage insurance (MI) if you put less than 20% down payment on your home. MI can be removed after the value of the home has increased and/or you meet certain eligibility requirements. FHA insurance premiums cannot be removed.

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*Offer applies to purchase and refinance transactions. Certain restrictions apply. Home loan programs, terms and conditions are subject to change without notification.  BECU reserves the right to terminate this offer at any time without notice. Boeing Employees' Credit Union NMLS ID 490518.