Smoke Weed and Need Life Insurance? Some Companies Are Cool With Marijuana

Though it’s increasingly legal, marijuana can still raise red flags for life insurance companies. While some insurers don’t mind covering you if you use pot, others will charge you higher rates or deny your application outright.

About 22.2 million Americans use marijuana every month, according to the Centers for Disease Control and Prevention. It’s now legal for medical use in 36 states and for recreational use in 15, as well as for both in Washington, D.C.

If you’re one of the millions of Americans who use marijuana and you’re looking for a life insurance policy, you can probably find coverage. You may need to shop around, however, as companies don’t view the risks that weed poses to long-term health in the same way.

Can marijuana users get life insurance?

In a word, yes, you can get life insurance if you use marijuana. In fact, life insurance may not cost more for some marijuana users than for those who don’t use it at all — depending on the insurance company and other factors.

Every insurer measures risk differently. Most consider factors like age, gender, weight and family health history. Some may look at your hobbies, such as mountain climbing or skydiving. Your history of drug use, whether marijuana or otherwise, can also come into play.

If you use marijuana, companies will likely consider how often and why you use it, according to Quotacy, a Minneapolis-based life insurance brokerage. If there’s a medical reason, the insurer will want to know about the condition you’re treating.

Because each company has different standards, you may need to research several insurers before you find one willing to cover you at a reasonable price. You can also work with a life insurance broker or agent who is experienced with marijuana use and can shop the market for you.

How do life insurance companies view marijuana use?

When applying for coverage, you’ll have to answer questions about your lifestyle and in many cases take a life insurance medical exam that may include drug testing.

“Keep in mind, if the application process includes a blood test, the marijuana usage might turn up in the results,” said Adam Weinberg, brand director for Haven Life Insurance, in an email.

Be sure to tell the truth about your use before taking your test. Lying on a life insurance application can result in an automatic decline for coverage. You also run the risk of your insurer refusing to pay your death benefit to your loved ones if it finds out later that you lied on your application.

When you apply for life insurance as a marijuana user, there are three potential outcomes:

  • You’re declined outright.

  • You’re approved at a tobacco rate, even if you don’t use tobacco. Rates for cigarette smokers and other tobacco users are typically several times higher than what a healthy applicant who doesn’t use tobacco might pay.

  • You’re approved at a non-tobacco rate.

While some studies have shown marijuana to be less harmful to the lungs than tobacco smoke, smoking is still smoking — meaning it’s less healthy than not smoking at all. And even if you don’t smoke but choose to vape or eat your weed, the jury is still out on how bad it is for you long-term.

“We don’t have a crystal-clear vision of how marijuana affects mortality because it has been illegal, so getting people to admit it — and doing the studies that an actuary needs — have been challenging,” says Jeremy Hallett, CEO of Quotacy.

How will marijuana use affect your rates?

When insurers decide whether to sell you a policy and how much to charge, they generally don’t consider whether marijuana is illegal where you live, Hallett says — but they do pay attention to how often you indulge. Occasional use of pot may not affect your rate much, if at all, while more frequent use could lead to higher premiums or even a denial.

Chris Abrams of Marijuana Life Insurance, an independent agency in San Diego, provided sample rates to show how typical marijuana habits can affect monthly insurance premiums. Abrams’ hypothetical applicant is a 30-year-old man, in excellent health, applying for a $500,000, 30-year term life policy.

  • Never uses marijuana: $30 a month.

  • Twice a year: $31.

  • Once or twice a week: $55.

  • Two to three times a week: $62.

  • Four times a week: $126.

  • Six times a week: $166.

The breaking point appears to be more than six times per week for recreational users. Very few insurance carriers will offer standard, non-tobacco rates to daily pot users, according to Hallett.

For most companies, Abrams says, “daily use is a ‘decline.'”

Does using marijuana mean you’ll lose your life insurance?

If you already have life insurance and you decide to give marijuana a try, don’t worry — it won’t affect an existing policy.

“Once you’re underwritten at a point in time for your insurance, that is your rate,” Hallett says. “The carrier can’t come back and raise your rates. You’re good to go.”

Source: nerdwallet.com

What Long-Term Care Insurance Covers

What Long-Term Care Insurance Covers – SmartAsset

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While Medicare and Medicaid both help aging adults afford some of their medical expenses, they may not cover the cost of an extended illness or disability. That’s where long-term care insurance comes into play. Long-term care insurance helps policyholders pay for their long-term care needs such as nursing home care. We’ll explain what long-term care insurance covers and whether or not such coverage is something you or your loved ones should consider.

Long-Term Care Insurance Explained

Long-term care insurance helps individuals pay for a variety of services. Most of these services do not include medical care. Coverage may include the cost of staying in a nursing home or assisted living facility, adult day care or in-home care. This includes nursing care, physical, occupational or speech therapy and help with day to day activities.

A long-term care insurance policy pays for the cost of care due to a chronic illness, a disability, or injury. It also provides an individual with the assistance they may require as a result of the general effects of aging. Primarily, though, long-term care insurance is designed to help pay for the costs of custodial and personal care, versus strictly medical care.

When You Should Consider Long-Term Care Insurance

During the financial planning process, it’s important to consider long-term care costs. This is important if you are close to retirement age. Unfortunately, if you wait too long to purchase coverage, it may be too late. Many applicants may not qualify if they already have a chronic illness or disability.

According to the U.S. Department of Health and Human Services, an adult turning 65 has a 70% chance of needing some form of long-term care. While only one-third of retirees may never need long-term care coverage, 20% may need it for five years or longer. With a private nursing home room averaging about $7,698 per month, long-term care could end up being a huge financial burden for you and your family.

Most health insurance policies won’t cover long-term care costs. Additionally, if you’re counting on Medicare to assist you with these extra expenses, you may be out of luck. Medicare doesn’t cover long-term care or custodial care. Most nursing homes classify under the custodial care category. This classification of care includes the supervision of your daily tasks.

So, if you don’t have long-term care insurance, you’re on the hook for these expenses. However, it’s possible to get help through Medicaid for low income families. But keep in mind, you may only receive coverage after you deplete your life savings. Just know that Medicare may cover short-term nursing care or hospice care, but little of the long-term care in between.

What Does Long Term Care Insurance Cover

So what does long term care insurance cover, Well, since the majority of long-term care policies are comprehensive policies, they may cover at-home care, adult day care, assisted living facilities (resident care or alternative care), and nursing home care. At home, long-term care may cover the cost of professional nursing care, occupational therapy, or rehabilitation. This may also include assistance with daily tasks, including bathing or brushing teeth.

Additionally, long-term care coverage can cover short-term hospice care for individuals who are terminally ill. The objective of hospice care is to help with pain management and provide emotional and physical support for all parties involved. Most policies allow beneficiaries to obtain care at a hospice facility, nursing home, or in the comfort of their own home. However, most hospice care is not considered long-term care and may receive coverage through Medicare.

Also, long-term care insurance can help cover the costs of respite care or temporary care. These policy extensions provide time off to those who care for an individual on a regular basis. Usually, respite care provides compensation to caregivers for 14 to 21 days a year. This care can take place at a nursing home, adult daytime care facility, or at home

What Long-Term Care Doesn’t Cover

If you have a pre-existing medical condition, you may not be eligible for long-term care during the exclusion period. The exclusion period can last for several months after your initial purchase of the policy. Also, if a family member provides in-home care, your policy may not pay them for their services.

Keep in mind, long-term care coverage won’t cover medical care costs. Many of your medical costs will fall under your coverage plan if you’re eligible for Medicare.

Long-Term Care Insurance Costs

Some of the following factors may affect the cost of your long-term care policy:

  • The age of the policyholder.
  • The maximum amount the policy will pay per year.
  • The maximum number of days the policy will pay.
  • The lifetime maximum amount that the policy will pay
  • Any additional options or benefits you choose.

If you’re in poor health or you’re currently receiving long-term care, you may not qualify for a plan. However, it’s possible to qualify for a limited amount of coverage with a higher premium rate. Some group policies don’t even require underwriting.

According to the American Association for Long-Term Care Insurance (AALTCI), a couple in their mid-50s can purchase a new long-term care policy for around $3,000 a year. The combined benefit of this plan would be roughly $770,000. Keep in mind, some policies limit your payout period. These payout limitations may be two to five years, while other policies may offer a lifetime benefit. This is an important consideration when finding the right policy.

Bottom Line

While it’s highly likely that you may need some form of long-term care, it’s wise to consider how you will pay for this additional cost as you age. While a long-term care policy is a viable option, there are alternatives you can consider.

One viable choice would be to boost your retirement savings to help compensate for long-term care costs. Ultimately, it comes down to what level of risk you’re comfortable with and how well a long-term care policy fits into your bigger financial picture.

Retirement Tips

  • If you’re unsure what long-term care might mean to your retirement plans, consider consulting a financial advisor. Finding the right financial advisor that fits your needs doesn’t have to be hard. SmartAsset’s free tool matches you with financial advisors in your area in 5 minutes. If you’re ready to be matched with local advisors that will help you achieve your financial goals, get started now.
  • The looming costs of long-term care may have you thinking about how much money you’ll need for retirement. If you aren’t sure how much your 401(k) or Social Security will factor into the equation, SmartAsset’s retirement guide can help you sort out the details.

Photo credit: ©iStock.com/KatarzynaBialasiewicz, ©iStock.com/scyther5, ©iStock.com/PeopleImages

Ashley Chorpenning Ashley Chorpenning is an experienced financial writer currently serving as an investment and insurance expert at SmartAsset. In addition to being a contributing writer at SmartAsset, she writes for solo entrepreneurs as well as for Fortune 500 companies. Ashley is a finance graduate of the University of Cincinnati. When she isn’t helping people understand their finances, you may find Ashley cage diving with great whites or on safari in South Africa.
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VA Loan Myths


Tim Lucas

Posted on: December 12, 2020

Because of their complexity relative to other mortgage programs, VA loans are the subject of plenty of different myths. Some of these myths are based on truths, but what you hear can end up being very misleading, and it could be entirely untrue.

If you were to take these myths at face value without doing your own research, you might miss out on one of the best mortgage products available. Here’s the truth to some of the biggest myths surrounding VA loans:

Click to check today’s VA rates.

Myth #1: VA loans can only be used once

Because of how useful VA loans can be, some people believe they’re too good to be true. The myth VA loans can only be used once is completely false, but it’s easy to see where this mistaken idea might have come from. If you currently have a VA loan, you are not eligible for a second one.

However, this doesn’t mean you aren’t eligible for a second VA loan ever again.

Once you pay off your current VA loan, you’re eligible to use the program again. There are some small differences after the first time, such as a slightly higher cost at closing. But aside from the small differences, your second VA loan will be similar to the first one that you paid off.

Myth #2: VA members are guaranteed a mortgage

Nobody is guaranteed any type of mortgage, regardless of which mortgage program they’re applying for or whether they’re veterans. You must be approved for a mortgage, which means — depending on which program you choose — meeting credit requirements and having a specific debt-to-income ratio, among other factors.

When a lender says a VA loan is “guaranteed,” they mean the VA backs the loan. The VA guarantee is there to tell veterans they can get a mortgage with no required down payment, competitive mortgage rates and other benefits.

You can learn more about what “guaranteed” means here.

Myth #3: VA appraisals are impossible to pass

It is true that VA appraisals can be stricter than an appraisal with a different mortgage type. But that doesn’t mean they’re impossible to pass, and many VA home buyers don’t have any trouble with the VA appraisal at all. Because the VA is backing the home, they want to confirm it’s in good and livable condition before they approve any type of loan.

If you are applying for a VA loan and want to have a quick, speedy appraisal process, check here for some tips on how to pass the appraisal.

Check your VA eligibility.

Myth #4: Today’s home prices require a higher down payment

There’s no denying home prices have increased over the past decade. This has made homes harder to afford for many would-be home buyers, since down payments are usually used to lower the costs of monthly payments. The higher the downpayment, the lower the monthly payments.

Here’s the truth: with a VA loan, you don’t need to make a down payment and you can still afford a house. The key to buying an affordable home isn’t the size of the down payment, but finding a home within your means.

Many VA members purchase a home without a large down payment. In March, the average down payment for a VA loan was just two percent – below the minimum 3.5% required by FHA loans, and much lower than the traditional 20%.

While a larger down payment will lower your monthly costs, you probably don’t need to make a larger downpayment to be eligible for a VA loan.

Myth #5: VA loans take forever

When comparing FHA loans, conventional loans and VA loans, VA loans are typically the slowest program. According to mortgage software giant Ellie Mae’s October 2020 Origination Report, VA loans took an average of 54 days to close.

By comparison, FHA loans took 52 days to close, and conventional loans took an average of 54 days as well.

So yes, a VA loan is likely going to take longer to close than another program. However, a difference of 2-3 days is small when you consider how much lower VA rates are.

VA loans are slower than other mortgage types, but they do not take forever.

Click to start the VA home buying process.

Myth #6: Surviving spouses don’t qualify for VA mortgages

Actually, many spouses of veterans can qualify for a VA home loan.

Generally, the spouse must be un-remarried and the veteran must have died during service or from service-connected causes. But there are exceptions and other ways a surviving spouse can be eligible.

And, surviving spouses are exempt from paying the VA funding fee. To confirm your eligibility, your VA loan officer will request your Certificate of Eligibility (COE) and verify that it has Entitlement Code 06.

Myth #7: All realtors are good VA home loan advisors

There is no VA loan certification for real estate agents. As a result, you shouldn’t look to your real estate agent for reliable information about VA loans. And an underinformed real estate agent can unintentionally push VA-eligible borrowers towards programs that might be less advantageous for them.

Instead, you should get your VA loan facts from a VA specialty lender whose primary product is VA-backed loans.

The VA loan facts are hard to beat

The proliferation of myths about VA loans can obscure the fact this is simply one of the best loan products available to aspiring home buyers.

The VA loan rates available to eligible buyers — combined with the low down payments — are hard to beat with a conventional or FHA loan. But with a little research and a well-informed VA lender, you could be on your way to a VA home loan.

Click to check today’s VA rates.

Source: militaryvaloan.com

Wallowa County, Oregon VA Loan Information

Table of Contents

FAQ

What is the VA Loan Limit?

2021 VA Home Loan Limit for Wallowa County is $0 down payment up to $5,000,000* (subject to lender limits) /2 open VA loans at one time $548,250 (Call 877-432-5626 for details).

How to Apply for a VA Home Loan?

This is a quick look at how to apply for a VA home loan in Wallowa County. For a more detailed overview of the VA home loan process, check out our complete guide on how to apply for a VA home loan. Here, we’ll go over the general steps to getting a VA home loan and point out some things to pay attention to in Wallowa County. If you have any questions, you can call us at VA HLC and we’ll help you get started.

  1. Get your Certificate of Eligibility (COE)
    • Give us a call at (877) 432-5626 and we’ll get your COE for you.
  2. Are you applying for a refinance loan? Check out our complete guide to VA Refinancing.
  3. Get pre-approved, to get pre-approved for a loan, you’ll need:
    • Previous two years of W2s
    • Most recent 30 days paystubs or LES (active duty)
    • Most recent 60 days bank statements
    • Landlord and HR/Payroll Department contact info
  4. Find a home
    • We can help you check whether the home is in one of the Wallowa County flood zones
  5. Get the necessary inspections
    • Termite inspection: required
    • Well or septic inspections needed, if applicable
  6. Get the home appraised
    • We can help you find a VA-Certified appraiser in Wallowa County and schedule the process
    • Construction loan note: Construction permit/appraisal info
      1. Building permit
      2. Elevation certificate
  7. Lock-in your interest rates
    • Wait until the appraisal to lock-in your loan rates. If it turns out you need to make repairs, it can push your closing back. Then you can get stuck paying rate extension fees.
  8. Close the deal and get packing!
    • You’re ready to go.

What is the Median Home Price?

As of March 31st, 2020, the median home value for Wallowa County is $283,615. In addition, the median household income for residents of the county is $44,953.

How much are the VA Appraisal Fees?

  • Single-Family: $775.
  • Individual Condo: $825.
  • Manufactured Homes: $825.
  • 2-4 Unit Multi-Family: $950.
  • Appraisal Turnaround Times: 10 days.

Do I need Flood Insurance?

The VA requires properties are required to have flood insurance if they are in a Special Flood Hazard Area.

How do I learn about Property Taxes?

  • Randy Wortman is the Wallowa county tax assessor. His office can be reached at 101 South River Street Rm 104 Enterprise, Oregon 97828. In addition, his office can also be reached by calling (541) 426-4543 Ext: 1147.
  • The state of Oregon offers businesses that invest and hire in enterprise zones the option to be exempt from property taxes for at least three years. In addition, the Oregon Investment Advantage program encourages new businesses that are starting as well as the ones who are relocating to the state with various incentives. For example, the program offers income tax subtraction and elimination of state income liability for new businesses for many years.

What is the Population?

  • The county’s population of 7,208 is 92% White, 3% Hispanic, and 2% mixed race.
  • Most county residents are between 18 and 65 years old, with 19% under 18 years old and 29% older than 65.
  • In total, the county has about 3,165 households, at an average of two people per household.

What are the major cities?

There are four cities within the county including the city of Enterprise which is also the county seat. The three other cities in the county are Joseph, Lostine, and Wallowa.

About Wallowa County

Named after the word used by natives to describe the area, Wallowa County, Oregon was home to the Nez Perce people who had lived in the area for about 11,500 years. Eventually, the first white settlers in the county arrived in 1871 and in 1877 the native people got removed from the area and were sent to the Nez Perce Reservation in Idaho. However, they did not go quietly and under the leadership of Chief Joseph had several battles until they were ultimately defeated and forced to relocate. Eventually, in 1880 the town of Joseph was named in honor of the chief.

Today, the county is a member of the Northeast Oregon Economic Development District which provides businesses in the region with assistance. Assistance is provided through training, and technical assistance for businesses, non-profits, and local governments.

Educationally speaking, the county is served by four school districts which include a total of six schools that range from kindergarten to high school. In addition, students in the county get to take part in classes with a student to teacher ratio of 11 to 1, allowing for education to be more adaptive and personal.

Finally, in addition to its workforce and education, the county is also home to beautiful natural scenery which has been said to work as a magnet for tourists. Several recreational areas exist within the county like Hells Canyon National Recreation Area and the Eagle Cap Wilderness. 

Veteran Information

The county is currently home to 655 veterans, and they all have access to:

  • Wallowa County is home to two VFW post:
    • Post 4307 Eagle Cap Post – 800 N River St. Enterprise, OR 97828.
    • Post 4060 high Valley Post – 518 N. Main St. Union, OR 97883.
  • VA Medical Centers in the county:
    • Wallowa County VA Telehealth Clinic – 401 Northeast 1st St. Suite A, Enterprise, OR 97828.
  • County Veteran Assistance Information
    • Wallowa County Veteran Service Office – 401 NE 1st Enterprise, OR 97828. 

Apply for a VA Home Loan

  • For more information about VA Home Loans and how to apply, click here.
  • If you meet the VA’s eligibility requirements, you will be able to enjoy some of the best government guaranteed home loans available.  
  • VA loans can finance the construction of a property. However, the property must be owned and prepared for construction as the VA cannot ensure vacant land loans.

VA Approved Condos

There are currently no VA-approved condos in Wallowa County, Oregon. However, it is still possible to get a condo through the condo approved and we can help you through the condo approval process, just call us at (877) 432-5626.  

Oregon VA Loan Information: https://www.vahomeloancenters.org/oregon-va-home-loan-limits/

VA Loan Information by State: https://www.vahomeloancenters.org/va-loan-limit-maximum-va-loan-amount/

Source: vahomeloancenters.org

VA vs. FHA: Which Government Product Is Best?


Nicole Carlson

Posted on: December 12, 2020

There are plenty of different home loan products that home buyers can choose from, with popular products including FHA and VA loans. The Federal Housing Administration (FHA) and Department of Veterans Affairs (VA) are both government-backed programs, but they have their own set of benefits and drawbacks.

When looking to buy a house, which is best: VA or FHA? The answer depends entirely on what the buyer is looking for.

Here’s a breakdown of some of the big differences between the two mortgage products:

Click to check today’s VA rates.

Downpayment

For home buyers looking to avoid a downpayment, it’s tough to beat VA loans. VA loans don’t require any type of downpayment – part of the program’s guarantee.

FHA loans will require a downpayment of at least 3.5%, but that’s still well below that traditional 20 percent that many home buyers assume they need.

In terms of getting the lowest downpayment possible, VA loans have FHA loans beat.

Insurance

If you make a downpayment of less than 20 percent on an FHA loan, you can expect to be paying a mortgage insurance premium, or MIP. This will be paid either upfront at the closing of the FHA loan or monthly, with the annual fee being spread over all 12 months.

Unlike other types of mortgage insurance, MIP will also last the life of the FHA loan. That means an FHA buyer with less than 20 percent down will be required to refinance their loan after they’ve established enough equity in their home.

VA loans, on the other hand, require no type of insurance regardless of how much the buyer puts down. This is another part of the VA’s guarantee – the VA insures the loan, so any type of insurance is moved away from the home buyer.

Mortgage Rates

It’s difficult to peg mortgage rates since they’re always changing, but one thing is clear: VA loans typically come with a lower mortgage rate than FHA loans.

Mortgage software giant Ellie Mae demonstrates this. Each month, they compile a report of all the loans that go through their software. That report is then released, giving home buyers valuable information to work with.

In October, the average mortgage rate for a VA loan was 26 basis points (0.26%) lower than the average rate for an FHA loan. October wasn’t a fluke, either; VA loans routinely have lower mortgage rates than FHA loans.

Check today’s VA loan rates.

Qualification

While VA loans have an edge with downpayment, mortgage rates and insurance, home buyers will still need to qualify for the loans. Here’s how different qualification requirements compare for both products:

Credit scores

Technically, VA loans have no minimum credit score and FHA loans can be approved with scores as low as 520. But in the real world, lenders will want to see a credit score of at least 580 for FHA loans, and usually around 620 for VA loans.

According to Ellie Mae’s October 2020 Origination Report, the average credit score for closed VA loans in October 2020 was 725, compared to 683 for FHA loans. Granted, this does not show what the minimum requirement is for either product. However, generally speaking, FHA loans are usually more flexible with credit scores than VA loans.

DTI

With the debt-to-income ratio (DTI), both VA and FHA home buyers will want to keep their total debt to income below 45 percent. This means that the total monthly amount spent on debt (including the mortgage you’re trying to get) needs to be below 45 percent of monthly income.

Neither product has an edge here, but it’s still an important part of qualifying to pay attention to.

Eligibility

Anyone can be eligible for an FHA loan, but only specific veterans and military members can get a VA loan. Usually, most veterans are eligible, so long as they’ve served for 2 years or more. Requirements for eligibility do change, though, depending on when the individual served, how they served and why they retired from the military.

For a more in-depth look at VA loan eligibility, click here.

Ease of using the product

VA loans have a reputation for going slower than other loan products, but that’s not entirely the case. According to Ellie Mae, the average VA loan closed in 51 days – just one day slower than the average FHA loan.

The longest part of the VA home buying process can be the VA appraisal. With some preparation, this process can go smoothly, as with all the other steps of buying a home with a VA loan. Click here to find out how to make the VA appraisal process go smoothly.

Which is best?

On paper, VA loans have more benefits than FHA loans. Each situation is different, though, so it’s impossible to say whether or not one product is definitively better than the other.

That being said, VA eligible home buyers will likely want to take advantage of the VA’s mortgage product.

Click here to check your VA loan eligibility.

Source: militaryvaloan.com

What Is Gap Insurance, and What Does It Cover?

What Is Gap Insurance, and What Does It Cover? – SmartAsset

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When purchasing or leasing a new car, you have several insurance coverage options. When selecting coverage, you will likely know if you want to have collision coverage or not, but will you know what gap insurance and whether to select that option? If you are driving your owned vehicle or a leased one, and it is totaled, your collision coverage insurance will cover your vehicle’s cash value. The coverage will help you to purchase a another car. However, what if you owe more on your car than it’s worth? That is where gap insurance comes in. Here’s what you need to know about this type of coverage.

What is Gap Insurance?

Gap insurance protects you from not having enough money to pay off your car loan or lease if its value has depreciated, and you owe more on your car than it is worth. It is optional insurance coverage and is used in addition to collision or comprehensive coverage. It helps you pay off an auto loan if a car has been totaled or stolen, and you owe more than its worth. Gap insurance might also be known as loan or lease gap coverage, and it is only available if you are the first owner or leaseholder on a new vehicle.

Some lenders require individuals to have gap insurance. In addition to collision and comprehensive coverage, gap insurance helps prevent owners and leasers from owing money on a car that no longer exists and protects lenders from not getting paid by a person in financial distress.

How Gap Insurance Works

If you buy or lease a new car, you may owe more on the vehicle than it is worth because of depreciation. For example, let’s say you purchase a new car for $35,000. However, a year later, the car has depreciated and is only worth $25,000, and you owe $30,000 on it. Then, you total the car. Comprehensive insurance coverage would give you $25,000, but you would still owe $5,000 on the vehicle. Gap insurance would cover the $5,000 still owed.

Without gap insurance, you would have had to pay $5,000 out-of-pocket to settle the auto loan. With gap insurance, you did not have to pay anything out of pocket and were likely to purchase a new car with financing.

What Gap Insurance Covers

Gap insurance covers several things and is meant to complement collision or comprehensive insurance. Gap insurance covers:

  • Theft. If a car is stolen and unrecovered, gap insurance may cover theft.
  • Negative equity. If there is a gap between a car’s value and the amount a person owes, gap insurance will cover the difference if a car is totaled.

Gap insurance also covers leased cars. When you drive a new, leased car off the lot, it depreciates. Therefore, the amount you owe on the lease is always more than the car is worth. If you total a leased car, you’re responsible for the fair market value of the vehicle. If you lease, you can purchase gap coverage part way through your lease term, although many dealerships require both comprehensive and collision coverage and strongly recommend gap coverage.

What Gap Insurance Doesn’t Cover

Gap insurance is designed to be complementary, which means that it does not cover everything. Gap insurance does not cover:

  • Repairs. If a car needs repairs, gap insurance will not cover them.
  • Carry-over balance. If a person had a balance on a previous car loan rolled into a new car loan, gap insurance would not cover the rolled-over portion.
  • Rental cars. If a totaled car is in the shop, gap insurance will not cover a rental car’s cost.
  • Extended warranties. If a person chose to add an extended warranty to an auto loan, gap insurance would not cover any extended warranty payments.
  • Deductibles. If someone leases a car, their insurance deductibles are not usually covered by gap insurance. Some policies have a deductible option, so it is wise to check with a provider before signing a gap insurance policy.

Reasons to Consider Gap Insurance

There are several situations you should consider gap insurance. The first is if you made less than a 20% down payment on a vehicle. If you make less than a 20% down payment, it is likely that you do not have cash reserves to cover them in case of an emergency and that they will be “upside down” on the car payments.

Additionally, if an auto loan term is 60 months or longer, a person should consider gap insurance to ensure that he or she is not stuck with car payments if the vehicle is totaled.

Finally, if you’re leasing a car, you should consider gap insurance. Although many contracts require it, the vehicle costs more than it’s worth in almost every situation when you lease.

Is a Gap Insurance Worth It?

Gap insurance keeps the amount that a person owes after buying a car from increasing in case of an emergency. Therefore, if someone does not have debt on his car, there’s no need for gap insurance. Additionally, if a person owes less on his car than it is worth, there’s also no need for gap insurance. Finally, if a person does owe more on a vehicle than it is worth, he may still choose to put the money that would be spent on gap insurance every month toward the principal of his auto loan.

If a person owes more on his car than it is worth and would be financially debilitated by having to pay the remainder of his car payments if his vehicle was totaled or stolen, then gap insurance might be a saving grace.

If the extra cost of gap insurance strains your budget then consider ways to keep your vehicle insurance costs down without skipping gap insurance.

The Takeaway

Gap insurance covers the amount that a person would still owe on a vehicle after it is stolen or totaled, and after comprehensive insurance pays out. It prevents people from continuing to owe on a car that no longer exists. While it doesn’t make sense for everyone to purchase gap insurance, it is often smart for people who have expensive vehicles that are worth far more than a person owes. It is also something to consider when you are leasing a vehicle.

Tips for Reducing Insurance Costs

  • If you need a little additional help weighing your insurance options, you might want to consider working with an expert. Finding the right financial advisor that fits your needs can be simple. SmartAsset’s free tool will match you with financial advisors in your area in five minutes. If you’re ready to learn about local advisors to help you achieve your financial goals, get started now.
  • You may want to consider all the insurance options available that are suitable for your unique situation. By doing so, you save money. A free comprehensive budget calculator can help you understand which option is best.

Photo credit: ©iStock.com/ljubaphoto, ©iStock.com/Kileman, ©iStock.com/gustavofrazao

Ashley Chorpenning Ashley Chorpenning is an experienced financial writer currently serving as an investment and insurance expert at SmartAsset. In addition to being a contributing writer at SmartAsset, she writes for solo entrepreneurs as well as for Fortune 500 companies. Ashley is a finance graduate of the University of Cincinnati. When she isn’t helping people understand their finances, you may find Ashley cage diving with great whites or on safari in South Africa.
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Washington County, Oregon VA Loan Information

Name (ID): AMBERGLEN COURTYARDS (000537)
Address: 
2088 NW CADBURY AVE
BEAVERTON OR 97006
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 01/09/2018
Review Completion Date: 01/23/2018 Name (ID): ARBOR CROSSING (000421)
Address: 
@ QUATAMA
BEAVERTON OR 97006
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 07/26/2010
Review Completion Date: 05/06/2018 Name (ID): ARBOR CROSSING @ QUATAMA (002263)
Address: 
PHASE 1-11
BEAVERTON OR 97006
WASHINGTON
Status: HUD Accepted
Request Received Date: 02/25/2009
Review Completion Date: Unavailable Name (ID): ARBOR CROSSING @ QUATAMA (02263A)
Address: 
PH 12 BLDS 33,52
BEAVERTON OR 97006
WASHINGTON
Status: HUD Accepted
Request Received Date: 04/22/2009
Review Completion Date: Unavailable Name (ID): ARBOR PASS CONDOS (002218)
Address: 
PH 1-4 BL 9-19,29-31
BEAVERTON OR 97006
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 12/09/2008
Review Completion Date: 12/09/2008 Name (ID): ARBOR PASS CONDOS (02218A)
Address: 
ALL PHASES
BEAVERTON OR 97006
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 06/21/2010
Review Completion Date: 06/21/2010 Name (ID): ARBOR PASS CONDOS (02218A)
Address: 
BEAVERTON OR 97006
WASHINGTON
Status: HUD Accepted
Request Received Date: 06/21/2010
Review Completion Date: Unavailable Name (ID): AUTUMN RESERVE (000450)
Address: 
CONDOMINIUMS PHASE 5
HILLSBORO OR 97006
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 06/03/2013
Review Completion Date: 07/16/2013 Name (ID): AUTUMN RESERVE (000455)
Address: 
CONDOMINIUM, PHASE 6
HILLSBORO OR 97006
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 09/15/2013
Review Completion Date: 10/14/2013 Name (ID): AUTUMN RESERVE CONDOMINIUM (000439)
Address: 
PHASE 2
HILLSBORO OR 97006
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 11/26/2012
Review Completion Date: 12/16/2012 Name (ID): AUTUMN RESERVE CONDOMINIUM (000445)
Address: 
PHASE 4, BLDGS 2, 8 & 11
HILLSBORO OR 97006
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 04/09/2013
Review Completion Date: 05/01/2013 Name (ID): AUTUMN RESERVE CONDOMINIUM (000442)
Address: 
PHASE 3
HILLSBORO OR 97006
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 01/16/2013
Review Completion Date: 03/10/2013 Name (ID): AUTUMN RESERVE CONDOMINIUMS (000438)
Address: 
PHASE 1
HILLSBORO OR 97006
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 11/13/2012
Review Completion Date: 12/09/2012 Name (ID): BOONES FERRY (000002)
Address: 
COMMONSCONDOMINIUMS
TUALATIN OR 97062
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 09/24/2010
Review Completion Date: 11/22/2010 Name (ID): BOONES FERRY (000003)
Address: 
COMMONSCONDOMINIUMS
TUALATIN OR 97062
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 09/24/2010
Review Completion Date: 11/22/2010 Name (ID): BOONES FERRY COMMONS (61191A)
Address: 
CONDOMINIUMS
TUALATIN OR 97062
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 09/24/2010
Review Completion Date: 11/22/2010 Name (ID): BOONES FERRY COMMONS (000075)
Address: 
CONDOMINIUMS
TUALATIN OR 97062
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 09/24/2010
Review Completion Date: 11/22/2010 Name (ID): BRIGHTFIELD VILLAGE CONDO (000600)
Address: 
8817 SW BRIGHTFIELD CIRCLE
BEAVERTON OR 97223
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 06/28/2020
Review Completion Date: 08/12/2020 Name (ID): BRITETREE CONDOMINIUMS (001248)
Address: 
ALOHA OR 97007-0000
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 04/04/2005
Review Completion Date: Unavailable Name (ID): CANTERBURY HEIGHTS (01899E)
Address: 
PH 8 BLDS 3,4 30
PORTLAND OR 97224
WASHINGTON
Status: HUD Accepted
Request Received Date: 06/17/2008
Review Completion Date: Unavailable Name (ID): CANTERBURY HEIGHTS (01899G)
Address: 
PH 9 BLDS 1,2,31,32
TIEGARD OR 97224
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 09/02/2008
Review Completion Date: 10/05/2014 Name (ID): CANTERBURY HEIGHTS CONDOS (01899A)
Address: 
PH 2 BLDS 7,8,10,14
TIGARD OR 97224
WASHINGTON
Status: HUD Accepted
Request Received Date: 11/20/2006
Review Completion Date: Unavailable Name (ID): CANTERBURY HEIGHTS CONDOS (01899D)
Address: 
PH 6 BLDG 15, 16, 24,& 25
PORTLAND OR 97224
WASHINGTON
Status: HUD Accepted
Request Received Date: 12/13/2007
Review Completion Date: Unavailable Name (ID): CANTERBURY HEIGHTS CONDOS (001899)
Address: 
PH 1, PH 5
PORTLAND OR 97224
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 10/02/2014
Review Completion Date: 10/02/2014 Name (ID): CANTERBURY HEIGHTS CONDOS (01899C)
Address: 
PH 4 BLDS 17-19
PORTLAND OR 97224
WASHINGTON
Status: HUD Accepted
Request Received Date: 06/19/2007
Review Completion Date: Unavailable Name (ID): CANTERBURY HEIGHTS CONDOS (01899F)
Address: 
PH 7 BLDS 26-28
PORTLAND OR 97224
WASHINGTON
Status: HUD Accepted
Request Received Date: 07/21/2008
Review Completion Date: Unavailable Name (ID): CANTERBUY HEIGHTS (01899B)
Address: 
PH 3, BLDGS 11-13 & 20
TIGARD OR 97224
WASHINGTON
Status: HUD Accepted
Request Received Date: 01/30/2007
Review Completion Date: Unavailable Name (ID): CANYON COURT (000493)
Address: 
CONDOMINIUM
BEAVERTON OR 97005
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 10/06/2016
Review Completion Date: 12/20/2016 Name (ID): CENTRAL PARC @ BETHANY VILLAGE (000553)
Address: 
15050 NW CENTRAL DR.
PORTLAND OR 97229
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 09/11/2018
Review Completion Date: 08/06/2019 Name (ID): CHERRY WOODS CONDOMINIUMS (000583)
Address: 
17700 SW BOONES FERRY RD
TUALATIN OR 97062
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 09/10/2019
Review Completion Date: 09/22/2019 Name (ID): COURTYARD @PROGRESS (01731E)
Address: 
PH 6 BLDS 21-23
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 11/22/2005
Review Completion Date: Unavailable Name (ID): COURTYARD @PROGRESS RIDGE (01731B)
Address: 
PH 3 BLD 9-12
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 02/09/2005
Review Completion Date: Unavailable Name (ID): COURTYARD @PROGRESS RIDGE (01731D)
Address: 
BLD 1-20
BEAVERTON OR 97007
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 09/18/2005
Review Completion Date: 03/07/2016 Name (ID): [email protected] RIDGE (01731C)
Address: 
PH 4 BLDG 13-16
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 04/14/2005
Review Completion Date: Unavailable Name (ID): [email protected] RIDGE (01731A)
Address: 
PH 2 BLDS5-8
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 11/22/2004
Review Completion Date: Unavailable Name (ID): [email protected] RIDGE (001731)
Address: 
PH 1 BLG 1-4
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 10/18/2004
Review Completion Date: Unavailable Name (ID): COURTYARDS AT SPRINGVILLE (002055)
Address: 
128 UNITS BLDGS A-H
PORTLAND OR 97229
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 02/19/2008
Review Completion Date: 03/31/2018 Name (ID): CREEKSIDE (002002)
Address: 
CONDOMINIUMS
BEAVERTON OR 97003
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 09/25/2007
Review Completion Date: 08/31/2015 Name (ID): CREEKSIDE @PROGRESS RIDGE (02002C)
Address: 
PH 5 BLDS 19-21
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 10/27/2008
Review Completion Date: Unavailable Name (ID): CREEKSIDE AT PROGRESS RIDGE (000414)
Address: 
PHASE 6 & PHASE 7
BEAVERTON OR 97007
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 03/21/2011
Review Completion Date: 04/04/2011 Name (ID): [email protected] RIDGE (02002B)
Address: 
PH 4 BLDS 17,18,22
BEAVERTON OR 97006
WASHINGTON
Status: HUD Accepted
Request Received Date: 08/04/2008
Review Completion Date: Unavailable Name (ID): [email protected] RIDGE (02002A)
Address: 
PH 3 BLDS 23-25
BEAVERTON OR 97006
WASHINGTON
Status: HUD Accepted
Request Received Date: 07/21/2008
Review Completion Date: Unavailable Name (ID): DEODAR (001055)
Address: 
87TH AVENUE
TIGARD OR 97223-0000
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 08/10/2016
Review Completion Date: 08/14/2016 Name (ID): ELMONICA CONDOMINIUMS (60702A)
Address: 
2460 SW 187TH AVENUE
BEAVERTON OR 97005
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 05/30/2007
Review Completion Date: Unavailable Name (ID): ENCLAVE CONDOS (002353)
Address: 
PH 1
BEAVERTON OR 97006
WASHINGTON
Status: HUD Accepted
Request Received Date: 06/17/2009
Review Completion Date: Unavailable Name (ID): FANNO POINTE CONDO (001658)
Address: 
PH 001
TIGARD OR 97233
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 01/15/2004
Review Completion Date: Unavailable Name (ID): FANNO POINTE CONDOS (01658A)
Address: 
PH 002
TIGARD OR 97233
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 01/15/2004
Review Completion Date: Unavailable Name (ID): GRANT PARK (002522)
Address: 
CONDOMINIUM
HILLSBORO OR 97124
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 11/23/2010
Review Completion Date: 11/22/2015 Name (ID): HEIGHTS @ PROGRESS RIDGE (01830D)
Address: 
PH 5, BLDG 28-30, 40
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 10/22/2006
Review Completion Date: Unavailable Name (ID): HEIGHTS @ PROGRESS RIDGE (01830A)
Address: 
BLDS 25,33,34,35
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 03/22/2006
Review Completion Date: Unavailable Name (ID): HEIGHTS @ PROGRESS RIDGE (01830C)
Address: 
BLDS 27,31,38,39
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 04/30/2006
Review Completion Date: Unavailable Name (ID): HEIGHTS @PROGRESS RIDGE (01830B)
Address: 
BLDS 26,32,36,37
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 04/05/2006
Review Completion Date: Unavailable Name (ID): HEIGHTS AT PROGRESS RIDGE (001830)
Address: 
PH 1 BLDS 21,23,24,44
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 10/27/2005
Review Completion Date: Unavailable Name (ID): HERON CREEK CONDOS (002405)
Address: 
PH1-4 BLS1-11,13,14,28-30
HILLSBORO OR 97123
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 09/02/2009
Review Completion Date: 09/03/2019 Name (ID): HIGHLANDS @PROGRESS RIDGE (01863C)
Address: 
PH 4, BLDG 4
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 08/27/2006
Review Completion Date: Unavailable Name (ID): HIGHLANDS @PROGRESS RIDGE (001863)
Address: 
BLDS 1,9,10
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 04/02/2006
Review Completion Date: Unavailable Name (ID): [email protected] RIDGE (01863A)
Address:
BLDS 5-8 PH 2
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 04/27/2006
Review Completion Date: Unavailable Name (ID): [email protected] RIDGE (01863B)
Address:
PH 3 BLDS 2,3
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 08/06/2006
Review Completion Date: Unavailable Name (ID): IMPERIAL TERRACE CONDO (001232)
Address:
TIGARD OR 97224-0000
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 01/31/2001
Review Completion Date: Unavailable Name (ID): LAKEVIEW @ PROGRESS RIDGE (02392A)
Address:
PH 2
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 09/08/2009
Review Completion Date: Unavailable Name (ID): LAKEVIEW @ PROGRESS RIDGE (002392)
Address:
PH 1 BLDS 6-8
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 08/18/2009
Review Completion Date: Unavailable Name (ID): LAKEVIEW @PROGRESS RIDGE (02392B)
Address:
PH 3
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 11/17/2009
Review Completion Date: Unavailable Name (ID): LAKEVIEW AT PROGRESS (61078A)
Address:
RIDGE
BEAVERTON OR 97007
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 06/27/2010
Review Completion Date: 07/11/2010 Name (ID): LOFTS AT 45 CENTRAL (000546)
Address:
17933 NW EVERGREEN PWY
BEAVERTON OR 97005
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 06/06/2018
Review Completion Date: 06/11/2018 Name (ID): LYNANN PARK (000464)
Address:
CONDOMINIUM
BEAVERTON OR 97005
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 02/24/2015
Review Completion Date: 03/10/2015 Name (ID): MADISON PLACE CONDOS (002065)
Address:
PHASE 1
ALOHA OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 03/12/2008
Review Completion Date: Unavailable Name (ID): METZGER PARK (000559)
Address:
10000 SW HALL BLVD
TIGARD OR 97224
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 10/21/2018
Review Completion Date: 11/04/2018 Name (ID): MOORCROFT STATION CONDOMINIUMS (000433)
Address:
PORTLAND OR 97123
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 08/02/2012
Review Completion Date: 09/18/2012 Name (ID): MURRAY CREST (001124)
Address:
PHASE 1
BEAVERTON OR 97005-0000
WASHINGTON
Status: HUD Accepted
Request Received Date: 09/23/2007
Review Completion Date: Unavailable Name (ID): MURRAYHILL WOODS (000547)
Address:
9275 SW 146TH TER
BEAVERTON OR 97007
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 07/19/2018
Review Completion Date: 08/28/2018 Name (ID): NOTTINGHILL (001538)
Address:
CONDOMINIUM
HILLSBORO OR 97123
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 09/04/2002
Review Completion Date: 09/04/2002 Name (ID): ORCHARD HILL CONDOMINIUM (001334)
Address:
PH 1
TUALATIN OR 97062-0000
WASHINGTON
Status: HUD Accepted
Request Received Date: 11/08/2009
Review Completion Date: Unavailable Name (ID): ORCHARD HILL CONDOS (01334A)
Address:
CONDO
TUALATIN OR 97062
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 03/17/2010
Review Completion Date: 09/11/2016 Name (ID): ORENCO TOWNSITE CONDOS (001622)
Address:
HILLSBORO OR 97124
WASHINGTON
Status: HUD Accepted
Request Received Date: 08/05/2003
Review Completion Date: Unavailable Name (ID): OVERLOOK @ TIMBERLAND (002499)
Address:
PHASE 1-7
PORTLAND OR 97229
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 03/10/2015
Review Completion Date: 03/10/2015 Name (ID): REESE SQUARE CONDOS (002436)
Address:
BEAVERTON OR 97006
WASHINGTON
Status: HUD Accepted
Request Received Date: 10/07/2009
Review Completion Date: Unavailable Name (ID): REX HILL CONDOS (000545)
Address:
PO BOX 23099
TIGARD OR 97281
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 05/23/2018
Review Completion Date: 06/11/2018 Name (ID): RIVER TERRACE EAST (000561)
Address:
PHASE 1 – 4
BEAVERTON OR 97007
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 12/05/2018
Review Completion Date: 08/06/2019 Name (ID): ROYAL GARDENS CONDOMINIUM (000509)
Address:
11992 SW ROYALTY CT
KING CITY OR 97224
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 02/13/2017
Review Completion Date: 02/16/2017 Name (ID): SCHOLLS POINTE (000415)
Address:
CONDOMINIUM
BEAVERTON OR 97007
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 03/30/2011
Review Completion Date: 04/06/2011 Name (ID): SCHOLLS POINTE (001808)
Address:
CONDOMINIUM
BEAVERTON OR 97007
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 07/28/2005
Review Completion Date: 07/28/2005 Name (ID): SEQUOIA VILLAGE (000486)
Address:
CONDOS
HILLSBORO OR 97124
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 08/03/2016
Review Completion Date: 08/16/2016 Name (ID): SEXTON CREST (000468)
Address:
CONDOS
BEAVERTON OR 97007
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 07/26/2015
Review Completion Date: 07/26/2015 Name (ID): SEXTON CREST CONDOS (01754D)
Address:
PH 5 BLDS 14-16
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 10/26/2005
Review Completion Date: Unavailable Name (ID): SEXTON CREST CONDOS (01754C)
Address:
PH 4 BLDS 1-13,17
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 09/18/2005
Review Completion Date: Unavailable Name (ID): SEXTON CREST CONDOS (01754A)
Address:
PH 2 BLDS 5-7
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 02/03/2005
Review Completion Date: Unavailable Name (ID): SEXTON CREST CONDOS (01754B)
Address:
PH 3 BLDG 8-10
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 05/09/2005
Review Completion Date: Unavailable Name (ID): SEXTON CREST CONDOS (01754G)
Address:
PH8 BLDG 25-27
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 05/10/2006
Review Completion Date: Unavailable Name (ID): SEXTON CREST CONDOS (01754E)
Address:
BLDS 1-20
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 02/13/2006
Review Completion Date: Unavailable Name (ID): SEXTON CREST CONDOS (001754)
Address:
PH 1 BLD 1-4
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 01/06/2005
Review Completion Date: Unavailable Name (ID): SEXTON CREST CONDOS (01754H)
Address:
PH 9 BLDS 28-30
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 06/07/2006
Review Completion Date: Unavailable Name (ID): SEXTON CREST CONDOS (01754F)
Address:
PH 7 BLDS 21-24
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 03/14/2006
Review Completion Date: Unavailable Name (ID): SEXTON PLACE CONDOS (001595)
Address:
PH 001
BEAVERTON OR 97007-0000
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 04/21/2003
Review Completion Date: 04/27/2003 Name (ID): SEXTON PLACE CONDOS (01595A)
Address:
PH 002
BEAVERTON OR 97007-0000
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 06/02/2003
Review Completion Date: 06/03/2003 Name (ID): SEXTON PLACE CONDOS (01595B)
Address:
PH 003
BEAVERTON OR 97007
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 09/17/2003
Review Completion Date: Unavailable Name (ID): SEXTON PLACE CONDOS (01595C)
Address:
PH 004
BEAVERTON OR 97007
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 11/05/2003
Review Completion Date: Unavailable Name (ID): SUMMERFIELD CONDOMINIUMS (000513)
Address:
15685 SW 116TH AVE
TIGARD OR 97224
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 03/07/2017
Review Completion Date: 03/14/2017 Name (ID): SUMMIT @ PROGRESS RIDGE (000487)
Address:
PH 4, CONDOMINIUM
BEAVERTON OR 97007
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 03/14/2016
Review Completion Date: 08/21/2016 Name (ID): SUMMIT @ PROGRESS RIDGE (01738C)
Address:
PH 4
BEAVERTON OR 97007
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 03/14/2005
Review Completion Date: 08/15/2016 Name (ID): SUMMIT AT PROGRESS RIDGE (01738D)
Address:
PH 5 BLDG 1-3
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 05/25/2005
Review Completion Date: Unavailable Name (ID): SUMMIT AT PROGRESS RIDGE (01738A)
Address:
PH 2 BLG 7-9,15
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 12/08/2004
Review Completion Date: Unavailable Name (ID): SUMMIT AT PROGRESS RIDGE (001738)
Address:
PH 1 BLDGS 5,6,16,17
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 11/01/2004
Review Completion Date: Unavailable Name (ID): SUMMIT AT PROGRESS RIDGE (01738B)
Address:
PH 3 BLGS 10-12,14
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 01/04/2005
Review Completion Date: Unavailable Name (ID): TANASBOURNE PLACE (01847F)
Address:
CONDOMINIUM
BEAVERTON OR 97006
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 03/12/2008
Review Completion Date: 01/31/2016 Name (ID): TANASBOURNE PLACE CONDO (01847C)
Address:
PH4-5,BLD9,10,12,13,17-19
BEAVERTON OR 97006
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 08/23/2006
Review Completion Date: 08/23/2006 Name (ID): TANASBOURNE PLACE CONDOS (001847)
Address:
PH 1 BLDS 5-8
BEAVERTON OR 97006
WASHINGTON
Status: HUD Accepted
Request Received Date: 01/17/2006
Review Completion Date: Unavailable Name (ID): TANASBOURNE PLACE CONDOS (01847E)
Address:
PHASES 7
BEAVERTON OR 97006
WASHINGTON
Status: HUD Accepted
Request Received Date: 12/27/2007
Review Completion Date: Unavailable Name (ID): TANASBOURNE PLACE CONDOS (01847B)
Address:
BLDS 20-22 PH 3
BEAVERTON OR 97006
WASHINGTON
Status: HUD Accepted
Request Received Date: 07/17/2006
Review Completion Date: Unavailable Name (ID): TANASBOURNE PLACE CONDOS (01847D)
Address:
PH 6 BLDS 11,14,16
BEAVERTON OR 97006
WASHINGTON
Status: HUD Accepted
Request Received Date: 11/05/2006
Review Completion Date: Unavailable Name (ID): TANASBOURNE PLACE CONDOS (01847A)
Address:
BLDS 1-4 PH 2
BEAVERTON OR 97006
WASHINGTON
Status: HUD Accepted
Request Received Date: 04/27/2006
Review Completion Date: Unavailable Name (ID): TANASBROOK CONDO (001799)
Address:
PH 1
BEAVERTON OR 97006
WASHINGTON
Status: HUD Accepted
Request Received Date: 06/27/2005
Review Completion Date: Unavailable Name (ID): TANASBROOK CONDOMINIUMS (000419)
Address:
(ALL PHASES)
BEAVERTON OR 97006
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 07/04/2011
Review Completion Date: 07/06/2011 Name (ID): TERRA LINDA PARK CONDOMINIUMS (000534)
Address:
1900 NW 143RD AVE
PORTLAND OR 97229-4349
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 02/22/2018
Review Completion Date: 03/06/2018 Name (ID): THE CARRIAGES AT AUTUMN CREEK (000128)
Address:
PHASE 4
HILLSBORO OR 97006
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 09/16/2012
Review Completion Date: 09/24/2012 Name (ID): THE CARRIAGES AT AUTUMN CREEK (000325)
Address:
PHASE 1
HILLSBORO OR 97006
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 11/29/2010
Review Completion Date: 03/08/2011 Name (ID): THE CARRIAGES AT AUTUMN CREEK (000434)
Address:
PHASE 4
HILLSBORO OR 97006
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 09/16/2012
Review Completion Date: 09/24/2012 Name (ID): THE CARRIAGES AT AUTUMN CREEK (000188)
Address:
CONOMINIUM, PHASE 6
HILLSBORO OR 97006
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 08/29/2013
Review Completion Date: 10/02/2013 Name (ID): THE CARRIAGES AT AUTUMN CREEK (000446)
Address:
CONDOMINIUM PHASE 5
HILLSBORO OR 97006
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 04/10/2013
Review Completion Date: 05/01/2013 Name (ID): THE CARRIAGES AT AUTUMN CREEK (000428)
Address:
PHASE 2
HILLSBORO OR 97006
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 05/03/2011
Review Completion Date: 02/14/2012 Name (ID): THE CEDARS AT TIMBERLAND (000424)
Address:
PHASE 4
PORTLAND OR 97229
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 09/05/2011
Review Completion Date: 10/25/2011 Name (ID): THE CEDARS AT TIMBERLAND (000022)
Address:
PHASE 2
PORTLAND OR 97229
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 02/03/2011
Review Completion Date: 03/06/2011 Name (ID): THE CEDARS AT TIMBERLAND (81100A)
Address:
CONDOS
PORTLAND OR 97229
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 08/24/2010
Review Completion Date: 01/23/2011 Name (ID): THE CEDARS AT TIMBERLAND (000392)
Address:
PHASE 3
PORTLAND OR 97229
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 03/16/2011
Review Completion Date: 03/27/2011 Name (ID): THE CEDARS AT TIMBERLAND (000430)
Address:
PHASE 5
PORTLAND OR 97229
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 03/11/2012
Review Completion Date: 03/18/2012 Name (ID): THE CEDARS AT TIMERLAND (000444)
Address:
CONDOMINIUM
PORTLAND OR 97229
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 08/24/2010
Review Completion Date: 01/23/2011 Name (ID): THE CROSSING @TANASBOURNE (01984B)
Address:
ALL PHASES
BEAVERTON OR 97007
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 09/02/2008
Review Completion Date: 02/13/2018 Name (ID): THE HEIGHTS @ PROGRESS (01830E)
Address:
RIDGE, PH 6, BLDG 22-43
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 01/18/2007
Review Completion Date: Unavailable Name (ID): THE OVERLOOK AT TIMBERLAND (000432)
Address:
PHASE 7
PORTLAND OR 97229
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 06/26/2012
Review Completion Date: 08/01/2012 Name (ID): THE OVERLOOK AT TIMBERLAND (000422)
Address:
PHASES 1-6
PORTLAND OR 97229
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 08/22/2011
Review Completion Date: 10/02/2011 Name (ID): THE OVERLOOK AT TIMBERLAND (000441)
Address:
PHASE 8
PORTLAND OR 97229
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 02/04/2013
Review Completion Date: 03/10/2013 Name (ID): THE QUINTET (001294)
Address:
6605 W. BURNSIDE ST
PORTLAND OR 97210-0000
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 09/29/2015
Review Completion Date: 09/29/2015 Name (ID): THE VILLAS AT AUTUMN CREEK (000427)
Address:
PHASE 5
HILLSBORO OR 97006
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 01/25/2012
Review Completion Date: 02/07/2012 Name (ID): THE VILLAS AT AUTUMN CREEK (000416)
Address:
PHASE 2
HILLSBORO OR 97006
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 04/04/2011
Review Completion Date: 05/08/2011 Name (ID): THE VILLAS AT AUTUMN CREEK (000116)
Address:
PHASE 6
HILLSBORO OR 97006
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 05/16/2012
Review Completion Date: 06/12/2012 Name (ID): THE VILLAS AT AUTUMN CREEK (000425)
Address:
PHASE 3 & 4
HILLSBORO OR 97006
WASHINGTON
Status: Accepted With Conditions
Request Received Date: 04/26/2011
Review Completion Date: 12/07/2011 Name (ID): THEVILLASAT (000106)
Address:
AUTUMNCREEKPHASE1
HILLSBORO OR 97006
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 12/07/2010
Review Completion Date: 12/13/2010 Name (ID): TIBERLAND RESERVE (002008)
Address:
PH 3
PORTLAND OR 97229
WASHINGTON
Status: HUD Accepted
Request Received Date: 09/25/2007
Review Completion Date: Unavailable Name (ID): TIMBERCREST (000552)
Address:
14655 SW 76TH AVE
TIGARD OR 97224
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 09/10/2018
Review Completion Date: 01/23/2019 Name (ID): TIMBERLAND FALLS (61087A)
Address:
CONDOMINIUM PHASE 9
PORTLAND OR 97229
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 07/25/2010
Review Completion Date: 07/27/2010 Name (ID): TIMBERLAND FALLS CONDOS (02037B)
Address:
PH 8 BLDS B4,B7
PORTLAND OR 97229
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 10/07/2009
Review Completion Date: 10/07/2009 Name (ID): TIMBERLAND FALLS CONDOS (002037)
Address:
PHASES 1, 2, 3, 4, 5
PORTLAND OR 97229
WASHINGTON
Status: HUD Accepted
Request Received Date: 12/27/2007
Review Completion Date: Unavailable Name (ID): TIMBERLAND FALLS CONDOS (02037A)
Address:
PH 6,7BLS C1,C11,D3,D8,D1
PORTLAND OR 97229
WASHINGTON
Status: HUD Accepted
Request Received Date: 07/21/2008
Review Completion Date: Unavailable Name (ID): TIMBERLAND FALLS TOO (02204A)
Address:
PH 2 BLDS 6,11,12
PORTLAND OR 97229
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 03/03/2009
Review Completion Date: 03/03/2009 Name (ID): TIMBERLAND FALLS TOO (002204)
Address:
PH 1 BLDS 7,9,10
PORTLAND OR 97229
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 11/19/2008
Review Completion Date: 11/19/2008 Name (ID): TIMBERLAND FALLS TOO (02204B)
Address:
PH 3 BLDS 2,3,13
PORTLAND OR 97229
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 09/02/2009
Review Completion Date: 09/02/2009 Name (ID): TIMBERLAND RESERVE (01944A)
Address:
PHASE 4
PORTLAND OR 97229
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 12/18/2007
Review Completion Date: 06/23/2020 Name (ID): TIMBERLAND RESERVE (001944)
Address:
PH ASES 1, 2
PORTLAND OR 97229
WASHINGTON
Status: HUD Accepted
Request Received Date: 12/27/2007
Review Completion Date: Unavailable Name (ID): TIMBERLAND RESERVE CONDOS (01944C)
Address:
PH 6 BLDS 1,19,28
PORTLAND OR 97229
WASHINGTON
Status: HUD Accepted
Request Received Date: 11/24/2008
Review Completion Date: Unavailable Name (ID): TIMBERLAND RESERVE CONDOS (01944B)
Address:
PH 3,5 BLDS 7-9,2-5
PORTLAND OR 97229
WASHINGTON
Status: HUD Accepted
Request Received Date: 07/21/2008
Review Completion Date: Unavailable Name (ID): TIMBERLAND RESERVE CONDOS (01944D)
Address:
PH 7,8 BLDS 20,26,27
PORTLAND OR 97229
WASHINGTON
Status: HUD Accepted
Request Received Date: 08/18/2009
Review Completion Date: Unavailable Name (ID): TIMBERLAND RESERVE CONDOS (01944E)
Address:
ALL PHASES
PORTLAND OR 97229
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 06/09/2010
Review Completion Date: 05/19/2015 Name (ID): TOUCHSTONE TOWNHOMES (002125)
Address:
AT WASHINGTON SQUARE PH 1
PORTLAND OR 97223
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 07/30/2008
Review Completion Date: 07/30/2008 Name (ID): TRAVERTINE CONDOS (002466)
Address:
PH 1,2
HILLSBORO OR 97124
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 11/17/2009
Review Completion Date: 04/22/2020 Name (ID): TREE HILL PARK (001947)
Address:
ALSO TROUTDALE
WOOD VILLAGE OR 97060
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 01/23/2007
Review Completion Date: 02/11/2018 Name (ID): VILLAGE AT FOREST GLEN (001199)
Address:
CONDOS
BEAVERTON OR 97008
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 06/22/2015
Review Completion Date: 06/22/2015 Name (ID): VILLAGE CONDO (000554)
Address:
16010 SW AUDUBON ST
BEAVERTON OR 97003
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 09/20/2018
Review Completion Date: 10/18/2018 Name (ID): VILLAGE CONDOMINIUMS (002137)
Address:
PH 1
BEAVERTON OR 97006
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 08/20/2008
Review Completion Date: 09/11/2018 Name (ID): WEST PARK AT BETHANY (000551)
Address:
CONDOMINIUM
PORTLAND OR 97229
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 08/30/2018
Review Completion Date: 09/26/2018 Name (ID): WOODHAVEN CROSSING (000491)
Address:
CONDOS
SHERWOOD OR 97140
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 09/12/2016
Review Completion Date: 09/22/2016

Source: vahomeloancenters.org

2021 VA Funding Fees, Loan Limits & Terms: Interview with Mason Buckles


Tim Lucas

Posted on: January 1, 2021

MilitaryVALoan.com sat down with VA mortgage professional Mason Buckles (NMLS #176104) to talk about the ins and outs VA funding fees, loan limits, and allowable VA loan term lengths.

MVL: What exactly is a VA funding fee and why does VA require it?

Mason: The VA Funding Fee is paid directly to the Department of Veterans Affairs and is the vehicle by which they can guarantee this no-money-down loan program. This fee is paid so that VA eligible borrowers can enjoy loan benefits of VA Lending such as no monthly PMI payments and reduced VA to VA refinance charges.

MVL: Do borrowers have to pay the funding fee in cash?

2013 VA Funding Fee Q&A

Interview with Mason Buckles about the 2018 VA home loan funding fee.

Mason: No. Borrowers have the option of either paying the funding fee in full out of pocket or financing the total sum into their total loan amount or any portion thereof.

Request a free VA home loan quote here.

MVL: Can a seller help pay for the VA funding fee?

Mason: A seller can pay the entire funding fee through a seller concession or credit however the cost cannot be split via seller credit and financing. There are limits on the total percentage amount a seller can contribute or credit the borrower at closing.

Related article: Buying a home with a VA loan.

MVL: What are some of the most common factors for funding fees and what types of borrowers do they apply to?

Mason: Here are a couple charts that detail the various funding fee amounts. The percentage relates to the loan amount, not the home’s value or purchase price.

Purchase – First Time Use

Down Payment Active Duty/Retired Guard/Reserve
$0 Down 2.3% 2.3%
5-10% Down 1.65% 1.65%
10% or More 1.4% 1.4%

Purchase – Additional Use

Down Payment Active Duty/Retired Guard/Reserve
$0 Down 3.6% 3.6%
5-10% Down 1.65% 1.65%
10% or More 1.4% 1.4%

(Example: 15 yr VA transaction: $0 down, $204,300 loan amount including 2.3% Funding Fee, 3.25% interest rate, 3.697 APR)

Check your VA eligibility.

MVL: Is anyone exempt from the VA funding fee?

Mason: YES

You do not have to pay the VA funding fee if you are a:

  • Veteran receiving VA compensation for a service-connected disability, OR
  • Veteran who would be entitled to receive compensation for a service-connected disability if you did not receive retirement or active duty pay, OR
  • Surviving spouse of a Veteran who died in service or from a service-connected disability.

MVL: What’s the best way for someone to find out what funding fee they have to pay?

Mason: The best way to find out your specific amount is to contact an experienced loan originator for details. Speak to a VA loan officer to check you funding fee amount.

MVL: What happens to the funding fee on a purchase loan for someone who has used their VA loan benefit in the past?

Mason: It is increased to the Additional Use Percentages as referenced in the table provided above.

MVL: Does the subsequent use rule apply for someone who refinances with a VA streamline refinance (IRRRL)?

Mason: No, the funding fee for an IRRRL Refinance loan is currently set at .50 percent.

MVL: Is the funding fee refundable if the buyer refinances or sells the property later on?

Mason: No. The funding fee is non-refundable.

MVL: What is a VA loan limit? Can a buyer open a VA loan for greater than the VA loan limit?

Mason: As of January 1, 2020, VA-eligible borrowers can get any size loan with no down payment. There are no official limits.

But remember, you’ll still have to qualify for the mortgage.

Read more about home buying with a VA loan here.

MVL:  How often do VA loan limits change? Are there any changes coming up?

Mason: The VA loan limits are typically reviewed annually. The most recent changes went into effect January 1, 2020.

MVL: Most people realize they can get a 30 year VA loan, but can someone obtain a loan for a 15 year term? What about a 40 year VA loan?

Mason: VA does offer a 15 year term, however, a 40 year term is not offered at this time.

(Example 15 yr VA transaction: $0 down, $204,300 loan amount including 2.3% Funding Fee, 3.25% interest rate, 3.697 APR)

MVL: Any additional words of wisdom for someone trying to understand funding fees, loan limits, or loan term lengths?

Mason: The best advice is to identify and work with an experienced VA lender. VA loans, while simple in execution, do require a higher level of scrutiny by both your loan originator and the lender’s underwriter themselves. An experienced loan originator should be able to thoroughly explain all facets of VA Lending including the funding fees, underwriting and appraisal requirements, and non-allowable loan costs as well as efficiently close your loan in a timely fashion.

Mason Buckles (WA MLO 176104 and NMLS #176104) is a licensed loan originator with Cobalt Mortgage (WA CL 35653, NMLS 35653) in Kirkland, WA. He has been in the mortgage industry since 2001 and a recipient of Seattle Magazine’s Five Star Mortgage Professional award. Outside of the office, Mason enjoys coaching his son’s basketball team, boating, and traveling.

(To check licensing status of a mortgage loan originator, visit the NMLS website.)

Source: militaryvaloan.com