{"id":2534,"date":"2017-05-15T14:17:33","date_gmt":"2017-05-15T19:17:33","guid":{"rendered":"https:\/\/riverbankfinance.com\/blog\/?p=2534"},"modified":"2018-01-29T20:58:49","modified_gmt":"2018-01-30T01:58:49","slug":"loans-for-veterans","status":"publish","type":"post","link":"https:\/\/riverbankfinance.com\/blog\/loans-for-veterans\/","title":{"rendered":"Loans for Veterans"},"content":{"rendered":"

Three years after the Civil War ended, Memorial Day was established to honor our veterans on the last Monday of May every year. But that\u2019s not the only thing the US Government has done for veterans. Started in 1944, the VA Loan program makes the burden of getting\u00a0a mortgage easier for qualifying veterans and <\/span>surviving spouses<\/span><\/a>. <\/span><\/p>\n

No Down Payment Mortgage<\/span><\/h1>\n

One hurdle home buyers often face in getting approved for a mortgage is the seemingly insurmountable down payment. However, if you\u2019ve served our country in the armed services, you don\u2019t need a down payment<\/a>! Traditional mortgages can require up to 20% for a down payment. That is a potentially huge weight off a buyer\u2019s shoulders! <\/span><\/p>\n

It Gets Better for Veterans<\/span><\/h2>\n

VA Loans<\/a> have other added advantages over conventional financing. The loans are backed by the US government. That benefit is especially helpful for veterans with bad credit. A buyer can have a credit score as low as 580 and still get approved. <\/span><\/p>\n

Another benefit of the loan being government-backed is that it doesn\u2019t require private mortgage insurance (unlike FHA loans). Any other kind of loan, with less than a 20% down payment, must have Private Mortgage Insurance. PMI protects the lender in case of a default, but in a VA Loan, the government acts as the insurance.<\/span><\/p>\n

Use our VA Mortgage Calculator<\/a> to estimate monthly payments.<\/p>\n

Sign Up, Soldier!<\/span><\/h1>\n

So how do you get a VA mortgage? The first step is to get a <\/span>Certificate of Eligibility\u00a0from Veterans Affairs<\/a>\u00a0(We can do this for you with a quick phone call), to show that\u00a0<\/span>you are eligible for the program. Once the certification is received by a loan officer and processed (most are instant however manual COE’s can take 5-10 business days), the loan goes for pre-approval. You could qualify for up to a $453,100 loan. Your dream home might be more within reach than you think. <\/span><\/p>\n

Riverbank Finance offers both 15 and 30-year VA Loans. We can review the benefits of both VA\u00a0loan terms to find the right fit for your family. Apply for a VA Loan online or in person at our office. Our offices are also handicap accessible making it easy for disabled vets. <\/span><\/p>\n

VA Refinance Loans<\/span><\/h1>\n

If you already own a home and qualify for a VA Loan, you also can benefit from refinancing through VA Loans<\/a>. Like other VA Loans, this program was set up with easier qualifications and benefits than a traditional loan. For refinancing, this means that you can cash out up to 100% of the value of your home. So if you haven\u2019t taken advantage of VA Loans in the past and have a remodeling project you\u2019ve been putting off, now is the time. These are benefits you earned for serving our country. Use them!<\/span><\/p>\n

We, here at Riverbank, are thankful for our armed service members. We feel honored every time a veteran seeks a loan through our services and strive to make the process as easy as possible.<\/span><\/p>\n\n

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