Are you a veteran, active-duty service member, or a discharged military personnel member? If so, VA mortgage programs, specially designed for individuals like you, can offer unique benefits and opportunities. Read on to learn more about VA loans, their eligibility requirements, and the different VA programs available at Flanagan State Bank.

VA Loan Eligibility: Are You a Candidate?

The Department of Veterans Affairs (VA) sets the eligibility requirements for VA loans. If you have VA entitlement—meaning you have a specific amount of loan you are entitled to have guaranteed by the VA—chances are you qualify for a VA loan.

Dive into VA Purchase Program

The VA Purchase Program offers numerous advantages to veterans and active military personnel looking to buy a home:

  • Up to 90% financing of the purchase price for qualified buyers
  • A VA Funding Fee is required, which can be included in the loan amount
  • No Monthly Mortgage Insurance
  • Several repayment period lengths are available
  • Low Rates
  • Eligibility for the loan must be established through the VA and DD214
  • Even if you’ve had a VA loan before, you can apply for another one

Explore VA IRRL (Interest Rate Reduction Loan)

This program allows for the streamlined refinance of a current VA mortgage loan. The VA IRRL program is designed to lower the rate or term only, simplifying the process with less paperwork:

  • Cash Out option is not available
  • Several repayment periods are available
  • No Monthly Mortgage Insurance
  • Low Rates

Benefit from VA Cash Out Refinance

This program provides an opportunity to access the equity in your home:

  • Loan amounts up to 100% of the property value may be available, subject to county loan limits
  • Cash-out option is available, though restrictions may apply
  • You can refinance another loan type into a VA loan
  • Low Rates

Do note that the Funding Fee will vary by applicant and type of transaction. Some applicants may be eligible for a waiver of the funding fee per VA, typically based on disability status, but other factors may apply.

At Flanagan State Bank, we have LAPP (Lender Appraisal Processing Program) approval, allowing us to quickly determine your eligibility through online access. If you’re unsure about your eligibility, don’t hesitate to contact us, and we’ll assist you through the process.

Ready to explore these options further? Contact us today for more detailed information and personalized assistance on VA mortgage programs.

Information is subject to change without notice. This is not an offer for an extension of credit or a commitment to lend. Flanagan State Bank is a VA approved lender; Not endorsed or sponsored by the Dept. of Veterans Affairs or any government agency. Flanagan State Bank NMLS 408461.