Looking for VA lenders in Central or Northeast Iowa? Experience better banking at Lincoln Savings Bank. We are your local VA-approved lender with locations in Greene, Nashua, Allison, Aplington, Waterloo, Cedar Falls, Hudson, Lincoln, Reinbeck, Garwin, Tama, Ankeny, Grinnell, Clive, and Des Moines.
What is a VA Loan?
One of the most powerful benefits active-duty military and veterans earn is a VA home loan. These loans can be used to finance the purchase of a home or other home improvement projects like energy-efficient appliances or updates. Today’s VA loans include several money-saving benefits and are generally easier to qualify for than other types of home mortgage loans.
VA Loan Eligibility
You may be eligible for a military VA loan if you served:
- 90 consecutive days on active duty during wartime
- 181 consecutive days on active duty during peacetime
- 6 years in the National Guard or Reserves, or
- You are the surviving spouse of a veteran who died in the line of duty or of a service-connected disability
VA Mortgage Benefits
Benefits may include:
- 100% purchase financing
- No monthly mortgage insurance
- 90% cash-out refinance
- Qualified veterans could receive a $5000 VA grant
- May qualify for $2,500 First-time homebuyer grant
When to Choose a VA Loan
If you’re eligible for a VA home loan, it’s probably your best option because the terms are so favorable. However, the financing process may be a little longer and more stringent, as a VA-approved appraiser must determine the home’s value and make sure that it meets the VA’s minimum property requirements for safety. If you want to complete the mortgage application process with fewer regulations and more speed, consider a conventional loan instead.
Contact an LSB Mortgage Lender Today!
Need help finding the right type of home loan for you? Let our experienced mortgage lending team help! Fill out the form below and one of our home loan experts will reach out to you soon. We offer personalized service and the local expertise that only comes from more than a century of service to your community. Contact us today or visit your nearest Lincoln Savings Bank branch in Northeast or Central Iowa.
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