If you or a loved one is a veteran of the U.S. military, you’ll find a variety of financial loan options to help you achieve your goals. Many of these financing and banking options provide better rates than conventional loans, with some even offering up to 100 percent financing.
The most popular VA program is a VA home loan. Learn more about this and other types of veteran loan options below.
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. This allows 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 don’t require a down payment, making them a nice benefit for first-time homebuyers or those wanting to leverage their current savings.
Other benefits can include:
- – Low down payments
- – No private mortgage insurance requirements
- – No prepayment penalty
- – Less-than-perfect credit can apply
The VA home loan program has had substantial growth in recent years. The rapid growth of the program, which kicked off in 1944, shows veterans are still very much in need. 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’s Programs Can Help Me?
The easiest and most effective way to save is by doing it automatically. Millions of people save each year by making direct deposits from their paychecks to their retirement programs.
Military Savesis a component of the nonprofit America Saves and a partner in the Department of Defense’s Financial Readiness Campaign. Its goal is to motivate, support, and encourage military families to save money, reduce debt, and build wealth. The campaign offers these two tips on saving more:
- – Talk to your bank 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 home 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 Minster Bank return the favor.
If you’d like to speak with a Minster Bank representative, don’t hesitate to contact us at your closest location. We’ll be happy to answer any questions you may have or walk you through the process.
Or, if you’d like to learn more about saving money with VA home loans, click below.