Financial loan and savings programs exist to help support our honored U.S. veterans. Many of these financing and banking options provide better rates than conventional loans, with some even offering up to 100% financing.
The most popular VA program is a VA home loan.
What is a VA Home Loan?
A VA home loan is a loan provided by a private lender, such as Minster Bank, with the VA guaranteeing a portion of the loan, enabling the lender to provide you a more favorable rate.
VA loan rates are typically lower than rates offered on conventional or FHA mortgages. Most VA loans do not require a down payment, a nice benefit for those purchasing their first home or wanting to leverage their current savings.
Other benefits often include:
- Low down payments
- No private mortgage insurance requirements
- No prepayment penalty
- Less than perfect credit can apply
The VA home loan program had a substantial growth in 2016, with a record of more than 700,000 loans. The rapid growth of the program, which kicked off in 1944, shows veterans are still very much in need of it.
And, veterans are recognizing the VA loan program is one of the best home financing opportunities on the market.
To qualify for a VA home loan, you must be a current or former American service member or an eligible surviving spouse.
What Other Veteran Programs Exist to Help Me Save?
The easiest and most effective way to save is automatically. This is how millions of people save each year by contributing automatically from their paychecks to their retirement programs.
Military Saves, a component of the nonprofit America Saves and a partner in the Department of Defense’s Financial Readiness Campaign, seeks to motivate, support and encourage military families to save money, reduce debt and build wealth. The campaign offers these two tips on how to help you save more:
How to Save Automatically
- Talk to your local bank representative about setting up an automatic transfer for a fixed amount from your checking account to a savings or investment account.
- Ask your HR representative about direct deducts from your paycheck to a retirement or savings account. Each pay period, a specific amount will be deducted from your check and deposited into your chosen account.
What VA Benefits Exist Through Minster Bank?
At Minster Bank, we have several military banking options to assist our honored servicemen and servicewomen, whether you are at home or away. These include:
- Consumer loan discounts
- VA loans
- America Saves, a systematic savings account
- Free checking
- Free online banking and bill pay
- Free mobile banking
- Surcharge-free ATMs
- Investment and retirement planning
You served your country. Now let your country and Minster Bank return the favor.
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