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Purchasing a home is easier said than done. There are so many steps and terminology it can be overwhelming for anyone. For veterans, there are even more hurdles to jump if they purchase their home with a conventional home loan. Because of the frequent moves that accompany careers in the military, veterans need a home loan process that keeps their unique needs and situations in mind. The VA home loan program was created in 1944 but has evolved with the housing market. But what exactly is a VA Home Loan?
A VA Loan is a specific mortgage supported by the United States Department of Veterans Affairs and sourced from privately approved lenders—like banks and mortgage companies. These loans are designed to make homebuying more accessible for veterans, active-duty service members, and military families. Throughout the loan process, qualified loan advisors assist customers in purchasing, refinancing, and retrofitting their homes.
A major advantage of a VA loan is that it allows eligible veterans to purchase a home without a down payment as well as no monthly Mortgage insurance. Not having to save and invest a significant amount of money upfront means home buyers can have more control over their budget, and most times, purchase a primary home much sooner than they ever thought possible. Borrowers can choose to build wealth for their families, make home improvements, and even save up for their next home purchase since they are likely to move again during their career in the military. A VA home loan can give home buyers space in their budget to afford a home and everything that needs to go inside it.
Another unique quality of VA home loans is the exceptionally competitive interest rates. The VA doesn’t set these rates, allowing home buyers to negotiate them so they can better fit their budget. There are also no prepayment penalties meaning veterans can pay out their loan faster. There is also no monthly mortgage insurance premium, which can help homeowners save a lot of money every month, as well as significant savings over the lifetime of their loan.
VA home loans were designed to help veterans make home ownership easier to qualify for and more affordable. Only approved VA lenders can offer VA home loans, and not all banks have this certification. Our loan advisors know all the ins and outs of VA loan eligibility requirements, the process, and a deep commitment to our mission to serve those who have selflessly served our country. At Armed Forces Bank, veterans don’t have to explain their situation because many of our employees have been in their shoes. After all, over 80% of our team members are affiliated with the military. Want to see if you qualify for a VA home loan? Find a Loan Advisor, and we can start the process for you!
Subject to credit approval. Fees apply. VA funding fee may apply. VA loan qualification guidelines apply.