If you are currently serving active duty or are a veteran of the Armed Services, you may qualify for a VA loan. VA mortgages are guaranteed loans that are made by private lenders to eligible veterans for purchases of owner-occupied properties and for eligible mortgage refinance transactions. VA loans have some very flexible guidelines as well as some of the most competitively priced products on the market, and they are, in many cases, much easier to acquire than a conventional loan.
At First Savings Bank we can help you find the loan program that meets your needs. Contact a VA Loan Expert at 888-407-0010 for a free consultation to see if a VA loan is the right choice for your situation.
VA mortgages benefits include:
- Higher Loan-to-Value financing than conventional loans
- No cash reserves required
- Flexible underwriting guidelines
- Seller contributions of 4% may be allowed including pre-paid items
- No costly mortgage insurance payments each month
VA Loans can be used for:
- The purchase of 1-4 unit, owner occupied homes
- Townhouses and condos in an approved VA project if it qualifies
- Refinancing an existing mortgage including cash-out refinances, adjustable rate mortgage to fixed rate conversions, and rate reduction loans
Use a VA purchase loan to get into your house for a lower monthly payment and better interest rates than a conventional loan. The VA makes it possible to get approved for high loan-to-value financing for a home with no down payment and less-than-perfect credit. Show that you are capable of making payments through income verification and move into your new home as soon as possible.
If you already have a VA loan, now might be the time to refinance to a lower interest rate. A VA refinance can help you save money every month with no out-of-pocket expenses and then use your escrow refund to help pay off other bills. You may be eligible without credit qualifying, job verification, proof of income or an appraisal.
The VA streamline loan offers Veterans the ability to refinance current VA home loans without having to jump through all of the hoops a full qualification loan might entail. This is one of the most popular loans in today’s mortgage market.
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