Washington State's Educator-First Mortgage Broker
Rates and APRs shown are sample/average figures updated daily by Edge Home Finance for illustration purposes. Actual rate and APR depend on credit profile, loan amount, down payment, term, and lender fees. Click any product to pre-fill the calculator below. Not a commitment to lend. John P. Cobain · NMLS #374881 · Equal Housing Lender.
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Personalized Mortgage Experience
I've spent 30 years helping Washington State families buy homes — first-time buyers, veterans, self-employed borrowers, and everyone in between. My approach has always been the same: educate first, sell never. As a mortgage broker, I shop multiple lenders to find you the best rate and the right program for
your situation. If you're buying in Tacoma, Lakewood, Gig Harbor, Spokane, or anywhere across Washington State, let's have a real conversation — no pressure, no jargon.
The Home Loan Process
Mortgage Pre-Approval
Get pre-approved from one of our Loan Officers to see how much you can afford.
House Shopping
Work with a trusted Real Estate Agent to find a home you would like to move into.
Loan Application
Complete your home loan application to get the lending process started.
Don't take my word for it
Mortgage Programs
Mortgage programs built for Washington State buyers - from Tacoma and Gig Harbor to Spokane and everywhere in between.
Home Loan Options
Our experienced mortgage advisors will walk you through the best mortgage loan program that will fit your specific scenario.
Conventional Home Loans.
FHA Home Loans.
USDA Home Loans.
VA Home Loans.
Frequently Asked Questions
How often can I refinance my mortgage?
There's no set limit — you can refinance as many times as it makes financial sense to do so. What I
always tell people is that the right time to refinance is when the numbers genuinely work in your favor, not
just because rates moved a little. I'll help you run the break-even analysis so you know exactly what you'd
save and how long it takes to recoup closing costs. That's the only way to make a truly informed decision.
Can I buy a home if I don't have money for a down payment?
You might have more options than you think. VA loans allow zero down payment for eligible veterans and
active-duty service members. USDA loans offer zero down for buyers in qualifying rural and suburban areas
across Washington State — many communities around Tacoma, Spokane, and the Olympic Peninsula qualify. There are also Washington State down payment assistance programs that can cover some or all of your down payment on FHA and conventional loans. Let's look at what applies to your situation specifically.
How do I know which mortgage is right for me?
That's exactly the conversation I like to have before anything else. Every buyer is different — your credit,
your income, your down payment, your goals — and the right program depends on all of those factors
together. I specialize in VA loans, first-time homebuyer programs, FHA, USDA, jumbo, and Non-QM
financing, so I have a wide range of options to work with. My job is to lay out what's available, explain the real
differences, and let you make the call. No pressure either way.
How long will the loan process take?
A typical purchase loan takes around 30 days from application to closing, though it can move faster with
good preparation. VA loans have an additional appraisal step that can add a little time. USDA loans include a
secondary review by the USDA itself, which also extends the timeline slightly. I'll set honest expectations at
the start based on your specific loan type and keep both you and your realtor updated throughout — no one
should ever feel like they're in the dark about where things stand.
Will I qualify for a home loan?
The only real way to know is to have a conversation and look at your actual situation together. I've helped
a lot of buyers who came in thinking they couldn't qualify and walked away with a path forward. Credit,
income, down payment, employment history — there are a lot of variables, and sometimes one small
adjustment changes everything. I'll give you an honest assessment and if now isn't the right time, I'll tell you
that too, along with what it would take to get there.
Why do people refinance their mortgages?
The most common reasons are to lower their interest rate, reduce their monthly payment, or shorten their
loan term. Some homeowners refinance to access equity for home improvements or to consolidate debt.
Buyers who started with an FHA loan sometimes refinance into a conventional loan once they've built 20%
equity — which eliminates FHA mortgage insurance and can meaningfully lower their payment. Whatever the
reason, I'll help you run the numbers so the decision makes sense on paper before you commit to anything.
How much money will I have to pay upfront to buy a home?
It depends on the loan program and your situation. VA loans can be zero down for eligible veterans.
USDA loans are zero down in qualifying areas. FHA loans require as little as 3.5% down, and some
conventional programs go as low as 3%. On top of the down payment, you'll have closing costs — typically
2–3% of the loan amount, though some can be rolled in or covered by seller concessions. Down payment
assistance programs in Washington State can also help cover upfront costs for qualifying buyers. We'll look
at all of it together.
Can I get a mortgage after bankruptcy?
Yes — bankruptcy doesn't permanently close the door on homeownership. Each loan program has
defined waiting periods after a bankruptcy discharge. FHA typically requires two years after a Chapter 7. VA
loans are generally two years as well. Conventional loans are typically four years. The waiting periods after a
Chapter 13 can be shorter if you've been making payments consistently. Once you've cleared the waiting
period and rebuilt some credit, there's often a real path forward. Let's talk about where you are and what the
timeline looks like.
Should I lock my interest rate now or wait?
I track rates every day — multiple times a day, actually — because they move constantly based on
economic data, Fed decisions, and bond market activity. My honest answer is: if the rate available today
makes the payment work for your budget, locking now eliminates the risk of it going higher. Waiting is a
gamble. Rates can improve, but they can also move against you quickly. I'll give you my read on where
things are and what I'm seeing in the market, and then you make the call. That's what I'm here for.
Most Recent Blog Updates
Five VA Loan Myths Costing Washington Veterans Thousands of Dollars and the Real Numbers Behind Each
The Misinformation That Is Quietly Costing Veterans Real Money
If you are a veteran or active duty service member in Washington state near JBLM, Fairchild, Whidbey, or Bremerton there is a good chance someone has told you something about VA loans that simply is not true. That misinformation is costing veterans across the state thousands of dollars in unnecessary PMI, higher rates, and benefits they did not know they qualified for.
John Cobain at Edge Home Finance has been doing this for 30 years and closes approximately 45 VA loans per year as a branch. Here are the five biggest myths with real numbers from real files.
Myth One: Sellers Do Not Want VA Offers
There is a kernel of reality behind this one which is why it persists. VA has minimum property requirements that the home must meet at appraisal. On a home with deferred maintenance, roof issues, or obvious safety concerns those requirements can create real friction. On a home in rough shape VA can be a harder sell.
But here is what most people do not tell veterans. If the property is in good condition none of that matters. VA offers compete just fine on homes in reasonable shape and John Cobain's clients close on their first choice homes regularly.
Two practical pieces of advice. Your agent matters significantly. A good buyer's agent knows how to position a VA offer and lead with how qualified the buyer is while also connecting the seller to the human element of a veteran family putting down roots in the Pacific Northwest. Sellers and listing agents respond to that. If your agent is not actively selling you alongside your offer you may have the wrong agent.
Be strategic about which homes you target. Homes with obvious deferred maintenance, unpermitted work, or significant condition issues are harder for any loan type not just VA. Choose homes in reasonable condition and this myth stops being your problem.
Myth Two: VA Loans Take Forever to Close
Two or three years ago there was some truth to this. VA appraisal turn times were slower and that could push closing dates. The VA has made real updates to appraisal timelines since then. John Cobain's average VA close is now around 30 days, comparable to conventional.
He recently closed a VA purchase in 19 days. The loan was ready. The sellers were the ones who did not want to close early.
The one place this myth still has partial truth is the ultra-fast close scenario. If a competitive offer requires a 14-day close, conventional has a slight edge because conventional allows rush appraisals and VA does not. But for the standard 30-day close that almost every purchase contract calls for VA is right there with conventional. If anyone tells you they cannot accept a VA offer because it takes too long to close that is outdated information.
Myth Three: The VA Funding Fee Makes VA Worse Than Conventional
This is John Cobain's favorite myth to address because it is pure math and the math consistently favors VA.
Yes the funding fee exists. First-time VA users putting nothing down pay 2.15 percent of the loan amount. Subsequent use is 3.3 percent. On a $500,000 home that is roughly $10,750 for a first-time buyer. That number sounds significant.
Here is what almost nobody explains. You do not write a check for the funding fee. It rolls into the loan. You finance it. And many veterans are exempt from the funding fee entirely because of a service-connected disability rating or surviving spouse status. Veterans are leaving real money on the table because nobody told them to ask about this.
Now the actual math comparison. On a $500,000 home the VA option with no down payment, funding fee rolled in, and current VA rates running approximately 0.625 percent lower than conventional produces a monthly payment around $2,981 with zero monthly mortgage insurance. The conventional option with 5 percent down costs $25,000 out of pocket, carries a higher interest rate, and adds approximately $180 per month in PMI for a total monthly payment around $3,144.
VA is $163 per month cheaper even including the funding fee. Over five years that is approximately $10,000 in savings. Add the $25,000 you kept by not making a down payment and the total five-year advantage is approximately $35,000. At any loan-to-value above 80 percent VA wins decisively because you are avoiding mortgage insurance and getting a better rate.
Myth Four: You Can Only Use a VA Loan Once
This is completely false and the misunderstanding costs veterans the ability to build real wealth over a career.
First-time VA users with full entitlement have essentially no cap on purchase price. Zero down on a $500,000 home, a million-dollar home, or higher if income supports it.
What if you already have a VA loan and want to keep the first home as a rental? You can use VA again through what is called bonus entitlement or second-tier entitlement. In King, Pierce, and Snohomish counties the conforming loan limit is approximately $1.09 million and total VA entitlement is 25 percent of that figure which is approximately $266,000. When you used VA on the first home you used 25 percent of that loan amount as entitlement. The remaining entitlement multiplied by four gives you your new zero-down purchasing power.
Here is a real scenario. A veteran who bought a $400,000 home used $100,000 of entitlement and has $166,000 remaining. That remaining entitlement supports buying another home up to $664,000 with zero down while keeping the first home as a rental generating income. That is generational wealth building through a benefit that was already earned.
When the first VA-financed home is sold and the loan paid off entitlement is fully restored. Some veterans have used the VA benefit four, five, or six times over their lifetime.
Myth Five: VA Appraisals Are Stricter and Will Kill Your Deal
VA minimum property requirements sound intimidating because of the official name and the government acronym. What they actually require is straightforward. The property has to be in overall reasonable condition and there cannot be any safety or health hazards.
In practice what gets flagged on VA appraisals in the South Sound is consistent. Roof condition if a roof is at end of life or has obvious damage. Older decks without proper railings. Peeling paint on homes built before 1978 because of lead paint concerns. These are things any home inspector would flag and any buyer with common sense would want addressed.
For listing agents working with VA offers the practical advice is simple. Walk the property before accepting a VA offer and think like an appraiser. Holes in walls or floors, missing railings on stairs or decks, peeling exterior paint. Ten minutes of walkthrough can prevent a week of appraisal complications.
One More Benefit Worth Knowing: The IRRRL
After closing with VA the benefit keeps working. If rates drop the VA Interest Rate Reduction Refinance Loan allows veterans to refinance into a lower rate in many cases without income documentation, without credit documentation, and without a new appraisal. VA calls it a streamline refinance and that is exactly what it is.
The Bottom Line After 30 Years
If you are VA eligible and not putting 20 percent or more down VA is the best loan option for you. Zero down payment. No monthly mortgage insurance. Interest rates running approximately 0.625 percent below conventional right now. More flexible qualifying through residual income analysis that gives credit for what you have left after bills rather than just a debt-to-income percentage. The ability to use the benefit multiple times. And a funding fee that is waived entirely for veterans with a service-connected disability rating.
Every dollar of PMI being paid on a conventional loan is money that should not be going there. Every rejection based on sellers not liking VA was based on outdated information. And every time someone said the funding fee was expensive without showing the actual math they were not explaining the benefit correctly.
You earned this. Use it right.
John Cobain is a mortgage broker at Edge Home Finance with 30 years of experience serving Washington homeowners and approximately 45 VA loans per year as a branch. Veterans and active duty service members near JBLM, Bremerton, or anywhere in Washington can reach John Cobain for real numbers, real math, and a complete breakdown of what the VA benefit can actually do for their specific situation. NMLS 374881.
Sources
VA.gov
MilitaryOneSource.mil
MortgageNewsDaily.com
ConsumerFinancialProtectionBureau.gov
WashingtonStateHousingFinanceCommission.org
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