VA Loans
A Veterans Affairs (VA) home loan is a great benefit to qualified military personnel during and after their service. Midwest BankCentre understands the importance of homeownership for military members and their families, and we are honored to help qualified national guard, reservist, active, and retired military use this product to meet their unique needs. With no money down, no private mortgage insurance, and a competitive rate, VA home loans are a great choice for those who qualify. Let us assist you with your new home loan today.
What is a VA Loan?
The VA Loan Program is a benefit offered by the United States Department of Veterans Affairs that assists active service members, veterans, and eligible surviving spouses in buying a home. VA home loans are issued by private lenders like Midwest BankCentre and are guaranteed in part by the VA. This government-backed mortgage loan allows the private lender to offer more favorable terms.
What are the benefits of obtaining a VA Loan?
No down payment
Potentially lower interest rate
Higher loan limit
No private mortgage insurance (PMI)
Limit on closing costs
Option for seller to pay closing costs
No penalty fee for early payoffs
Possible VA assistance if you have difficulty with the monthly payment
VA home loan guarantee is a lifetime benefit
Types of VA Mortgage Loans
VA Purchase Loan
Helps a service member purchase a home for occupancy at a competitive interest rate.
VA Cash Out Refinance
Allows you to take out home equity in order to pay other debts, fund schooling, or other needs.
Interest Rate Reduction Refinance Loan (IRRRL)
Reduce the interest rate of your current VA home loan through a streamlined refinance.
FAQs
Our FAQs cover important topics such as eligibility requirements, loan benefits, and the application process. Whether you’re purchasing your first home or looking to refinance, we’re here to help you understand how VA loans can work for you. If you have further questions or need personalized guidance, our mortgage specialists are here to assist.
Who is eligible for a VA loan?
VA loans are available for veterans, active duty military, including Army National Guard, reservists, as well as some surviving spouses. Borrowers must meet the lender’s set of criteria, such as income and credit requirements, but the VA does not have a minimum credit score requirement.
Find full eligibility requirements or request Certificates of Eligibility on the VA website. Ask your loan officer for guidance.
Can I use a VA loan more than once?
Yes, it is possible to use a VA loan multiple times, if you meet the eligibility requirements. The VA loan entitlement, which represents the maximum amount the VA guarantees for each borrower, can be restored after the previous loan is paid off and the property is sold. There is also the possibility to utilize what is called “second-tier entitlement,” which enables you to finance using your VA benefits even if you currently have a VA loan. This flexibility allows veterans and eligible borrowers to take advantage of VA loan benefits throughout their lives, making homeownership more accessible
What fees are associated with VA loans?
VA loans typically include a one-time VA funding fee, which varies based on down payment and loan usage, ranging from 1.25% to 3.3% of the loan amount. Other fees, like appraisal, closing costs, and title fees, may also apply, but there is no PMI.
Can VA loans be used to purchase investment properties?
No, VA loans are intended for primary residences and cannot be used to purchase investment or vacation properties.
Apply for a VA Loan Today.
If you are a qualified military member or spouse and are ready to purchase a home, you can start the process today. Once you have a Certificate of Eligibility from the Department of Veterans Affairs, you can apply online or contact one of our mortgage specialists for assistance. We appreciate your service to our country and are honored to help you and your family achieve your dream of homeownership.