The FNB Blog

Friday, June 10, 2022 / Categories: Home Ownership, Personal Banking, The FNB Difference

VA Loans: What You Should Know As An Eligible Veteran

Are you a veteran looking to purchase or refinance a home? You may be eligible for a VA loan with excellent interest rates and a $0-downpayment mortgage.

VA loans are a great way for eligible veterans to become homeowners whether you are retired from the military, or still actively serving. That’s why First National Bank has worked so hard to make sure we can offer these loans with competitive rates to take care of our community’s veterans.

So, let’s look at what VA loans have to offer, and what you need to know if you are an eligible veteran.

What Are Veterans Affairs Loans & How To Get Them

VA loans are a great option for eligible veterans looking to mortgage a home. They are 100% loans for veterans to buy homes without an initial down payment. What’s more, VA loans have competitively low-interest rates, limited closing costs, and no need for private mortgage insurance.

Eligible veterans can use VA loans to purchase a property to use as their primary residence or use it to refinance an existing mortgage.

Except for the benefits, VA loans are similar to other mortgage options available. On average, this is the process to qualify:

  1. Prequalify / Get Pre Approved - The first step to getting a VA loan is to find a VA lender like First National Bank to get an estimate of how much you can afford.Lenders will verify your income and financial information to establish a clear picture of your purchasing power.
  2. Offer On a Home - After finding a home, work with your realtor to establish an offer and negotiate the contract with the seller.
  3. VA Appraisal and Underwriting - Your lender will then order a VA appraisal of the home to ensure the property meets fair market value and the VA’s property requirements. This step ensures that the home is safe and ready for move-in at the time of purchasing, and protects veterans from overpaying for a property.

    If you’re getting your loan through First National Bank, local underwriters will evaluate your financial status and related information. Local underwriters understand municipal regulations and the needs of local clients, making the process quick and painless.

    Compare that to the big banks whose underwriters will be slower to understand their clients' needs.

  4. Closing - All that’s left after that is to finalize the paperwork, and pick up the keys to your new home!

At First National Bank, we know the process and will help you through it to get you into your new home with a low-interest mortgage. With us, it’s quick and easy, and you’ll be enjoying life in a new home before you know it.

What Eligible Veterans Get Through First National Bank

In addition to a home loan with no down payment, First National Bank gives veterans a lender that knows and cares about them. We’re committed to helping borrowers meet their needs, and understand that every borrower is different.

As a community bank, we understand the importance of a home loan for local residents. That is why we strive to offer VA loans that offer favorable terms that are better than the big banks. Our loans include local underwriting so you know someone that cares about our community is taking care of you.

Eligible veterans get these competitive benefits through First National Bank’s VA loans.

  • No private mortgage insurance required
  • No prepayment penalties
  • Lower interest rates than other loans
  • VA loan programs that provide more homeownership opportunities

Get Your VA Loan with First National Bank

Are you interested in a veteran loan? FNB is here for you. We offer the best VA loan options in the region. Even better, as a community bank, we value our clients as our friends and neighbors. So, we treat them as such.

Let us serve you for a change. Contact us online, or give us a call at 620-275-6971 to get started.

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