Qualifying Veterans, active military, and eligible surviving spouses have earned the right to take advantage of VA’s home lending programs. The primary benefit is the ability to borrower up to 100% of the property value (purchase or cash out refinance) at extremely competitive rates, with no mortgage insurance.
Program highlights include:
Being able to purchase a home without a down payment is something very few loan programs offer.
VA loans allow for 100% financing – including the purchase price, plus closing costs, prepaid expenses, and discount points.
Not only is there no requirement for a down payment, but there is also no need for expensive Private Mortgage Insurance (PMI).
PMI is required by most conventional loans with less than 20% down or FHA loans regardless of the down payment amount.
If you are considering buying a home and have questions about VA financing, we would love the opportunity to help.
Please call one of First Federal Bank’s VA loan specialists at 1-877-455-4677 or simply click the “apply now” button below and one of our VA Loan specialists will call you and review your options.
The Streamline refinance, or Interest Rate Reduction Refinance Loan (IRRRL), allows Veterans to lower your interest rate by refinancing your existing VA loan. By reducing the interest rate, the Veteran’s monthly mortgage payment will also decrease.
These rate reduction loans are often done with “no money out of pocket” by allowing borrowers to include all related costs in the new loan or by offering the new loan at an interest rate high enough to enable the lender to pay the costs for the Veteran.
This refinance type is relatively easy and usually can be completed and closed quickly, due to the fact that homeowners are refinancing from one VA Loan product to another. The process is “streamlined” removing the need for an appraisal, asset verification, income qualification, as well as many other documents associated with a typical mortgage.
Please call one of First Federal Bank’s VA loan specialists at 1-877-455-4677 or simply click the “apply now” button below and one of our VA Loan specialists will call you and review your options.
The VA’s Cash-Out Refinance Loan allows you, as a qualified veteran, the opportunity to borrow against 100% of your appraised value to pay off debt, make home improvements, pay for school, or for other qualified reasons.
With the Cash-Out refinance, you have the opportunity to borrower up to 100% of your appraised value and turn the equity in your home into cash.
The VA loan guaranty program does not impose a maximum loan limit. VA allows for 100% financing up to the VA guarantee.
VA loan limits vary by county. For most counties as of 2020, this guarantee ranges between $510,400.00 and $765,600.00. This amount varies depending upon whether you live in a “high cost area” or not.
Please call one of First Federal Bank’s VA loan specialists at 1-877-455-4677 or simply click the “apply now” button below and one of our VA Loan specialists will call you and review your options.
Since opening its doors in 1962, First Federal Bank continues to aspire to be a step above the rest. With the slogan Big Enough to MATTER… Small Enough to care, First Federal Bank employees treat each and every loan document like it is their very own. The manner in which we deliver our products is as important to us as the products themselves.
Our staff consists of experienced mortgage banking professionals who are committed to providing extraordinary customer service, plus the convenience of a personal touch to every loan. First Federal Bank can provide you with the best innovations in the mortgage industry because we offer a variety of loan program options to meet your needs.
First Federal VA Home Loans provides links to web sites of other organizations in order to provide visitors with certain information. A link does not constitute an endorsement of content, viewpoint, policies, products or services of that web site. Once you link to another web site not maintained by First Federal VA Home Loans, you are subject to the terms and conditions of that web site, including but not limited to its privacy policy.
Click the link above to continue or CANCEL
