ABOUT VA HOME LOANS
The VA Loan is a mortgage loan issued by approved lenders and guaranteed by the U.S. Department of Veterans Affairs (VA). The program was created in 1944 by the United States government to help returning service members purchase homes without needing a sizable down payments or perfect credit. This benefit program has guaranteed more than 22 million VA loans to help veterans, active duty military members and their families purchase and refinance their homes.
What are the benefits of using your VA entitlement to obtain a VA guaranteed loan through First Federal Bank?
0% Down – VA loans are one of very few 0% down home loans available in the market today.
No PMI – VA Loans are guaranteed by the Department of Veterans. This guarantee provides Banks like First Federal Bank the ability to lend without the requirement for Private Mortgage Insurance (PMI); regardless of the loan to value (loan amount as a percentage of the appraised value). This saves the veteran countless dollars every month they might otherwise waste on PMI through other lending options.
Competitive Interest Rates – VA’s guaranty not only gives lenders like First Federal Bank the comfort and safety to lend without requiring a down payment or mortgage insurance, but also a higher degree of safety that the loan will perform. This confidence translates into more competitive rates than non-VA loans.
Easier to Qualify – Because the loan is backed by the VA, banks assume less risk and have less stringent qualification standards for VA Loans, making them easier to obtain.
Funding Fees
The VA Funding Fee goes directly to the VA to ensure the program keeps running for future generations of qualified veterans. The fee varies depending on the borrower’s circumstances and does not apply for veterans with service-connected disabilities.
Please call one of First Federal Bank’s VA loan specialists at 1-877-455-4677 or simply click one of the “apply now” buttons below, for either a VA Purchase loan or a VA Refinance loan and one of our VA Loan specialists will call you and review your options.