VA Loans
What Are VA Loans?
As a military-involved individual, it’s often difficult to know where to start when buying a home. For example, you may have used the military’s basic housing allowance to live on base your whole career. Finally owning a property of your own might seem intimidating or confusing in this situation.
However, affordability or complexity shouldn’t be an obstacle for those who’ve served our country. VA loans exist to remove the obstacles and put you in a home you love.
What Are VA Loans?
VA loans are government loans backed by the Veterans’ Affairs Administration and handled by private lenders. The government provides loan guarantees, allowing private lenders to offer down payment-free mortgages or have lower credit score requirements. These loans also offer more competitive interest rates than other mortgages.
Multiple loan types fall under the umbrella of VA loans. A qualifying individual can acquire a conventional VA loan, VA refinance loans, VA jumbo loans, and more. At First Bank, we offer conventional and refinance loans to our military customers.
Who Can Apply?
VA loans are open to active duty service members, National Guard members, veterans, and military spouses whose soldier died during duty or is disabled.
More specifically, normal military servicemembers must have served 90 consecutive days during wartime or 181 consecutive days during peacetime. National Guard members must have more than six years of service to qualify. You’ll need to show your lender a certificate of eligibility (a document proving your or a spouse’s military service) to receive the loan.
Learn more about VA loan eligibility requirements here.
What Are the Benefits?
VA loans provide many benefits to qualifying individuals:
- 0% down payment
- Competitive interest rates
- No monthly mortgage insurance
- Waived lending fees
If you qualify, it might be time to claim these benefits. You’ve defended our homes, and now you deserve a home to call your own. Get started on your VA loan application today!
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