(1Rates subject to change; 2APR is Annual Percentage Rate)
As part of the GI Bill in 1944, qualified service members, veterans, and their spouses became eligible to obtain government-backed home loans, to encourage home ownership. It’s a great opportunity for those who have served to enjoy the benefit of their service. The backing of VA home loans by the Department of Veterans Affairs (VA) allows us the ability to offer qualified borrowers $0 down mortgage financing with no private mortgage insurance (PMI) requirement.
Service families can have many changes of address and work histories that reflect their many moves. Such records may give the appearance of a less-than stable credit history for the average citizen but are not uncommon and shouldn’t be detrimental to those in the military.
A VA mortgage loan is for your primary residence, and originates with a mortgage lender, typically your credit union or bank. The person seeking the mortgage must qualify for the loan, meeting minimum loan criteria. The government guarantees the loan, by providing repayment assurance to the lender. This creates a situation in which lenders can offer veterans and active service members favorable rates and terms.
Applying for a mortgage does mean that you will have to meet the lender’s minimum standard for income, debt-to-income ratio, and credit score. ITCU has a long history of making VA loans to veterans and service members, so our Mortgage Specialists understand the needs of our military members and can help you to clarify any questions you may have about the process.
A VA loan has many beneficial aspects that make it attractive. Some of the biggest advantages for those who qualify for this special mortgage are:
Don’t forget to check out the U.S. Department of Veterans Affairs’ VA Home Loans page for up-to-date information about current events that may affect their programs.
We want to be certain that our members have the opportunity to make informed decisions and the Mortgage Lending Experts with ITCU are always available to guide you through the process.
As with all loans, credit and income requirements are part of the application process. Talk with our Mortgage Specialists today to discuss how pre-qualifying for a VA mortgage can make your homebuying process smoother and your bargaining position more robust.
If you are just beginning to explore VA mortgages at ITCU, take a look at the great interest rates we offer and then contact us or use our handy online application to get the mortgage process rolling today.
*Mortgage loans not currently available in the following states: AZ, ID, HI, KS, ME, MN, MO, ND and NY.
**Not a complete list of available options. Click on Personal Rate Quote or speak to one of our mortgage professionals by clicking on Meet Our Loan Officers for more information. Conventional interest rates are based on the purchase of a single family primary residence in Texas for $500,000 with 20% down payment, a loan amount of $400,000, and a qualifying FICO score of 740 or above. Rates are indications only and are subject to change without notice. Rates quoted assume a 0.50% origination fee paid by borrower. Lower rate options may be available. The actual interest rates and fees available to you will be based on your actual credit history and other qualifying criteria and may be different than the rates, points, and fees displayed here. Your actual interest rate will be determined at the time an interest rate lock is completed. Equal housing lender. NMLS ID# 149532
