Skip to main content
_FB_2018-Icons-finalized-cleaned-up_new_FB_2018-Icons-finalized-cleaned-up_newGroup 9
Back
Scroll to top

VA Loans

You’ve served your country. We’ll serve you. We offer a mortgage specifically designed for veterans’ needs.

We want to help veterans get great homes.

If you’re a veteran, you may be eligible for a mortgage loan with First Bank guaranteed by the Department of Veterans Affairs (VA). This special program for veterans makes it easier to finance the purchase of a new home. The VA guarantees repayment of loans made to qualifying veterans, often with no down payment.

Perfect for you if:
  • You have served our country in the armed forces.
  • You’re looking for a home you can afford.
  • You need a mortgage with low or no down payment.

Loan Features

  • Provides financing for qualified veterans, reservists, active duty personnel, or eligible family members.
  • Available in a variety of fixed-rate and adjustable-rate loan options.
  • Low- and no-down payment options.
  • Allows closing costs to come from a gift or grant.
  • Add extra features such as a temporary buydown.

Loan Benefits

  • Provides a wide range of rate, term, and cost options.
  • Doesn’t require monthly mortgage insurance.
  • Provides the potential for minimal out-of-pocket expenses with seller contributions.

Considerations

  • You typically have to pay a one-time VA funding fee that can be financed into the loan amount.
  • You can get financing for your primary residence only.

Terms

    Fixed Rate
  • 100% financing means no down payment needed.
  • Home seller can pay closing costs and discount points (in some cases without limit).
  • Home seller can pay pre-paids, funding fee, and temporary buydown funds up to a maximum of 4%.
  • No cash reserves required for loans up to $417,000 (two months cash reserves are required for loans greater than this amount).
  • Lenient income, debt, and credit qualifications.
  • May be assumed by a qualified purchaser if home is resold.
  • Available for purchases of primary residences only; however, investment properties are permitted on Interest Rate Reduction Refinancing Loans (IRRRLs).
  • No penalty for prepaying your loan.
  • In some cases up to 100% of the home’s value can be refinanced subject to VA guidelines.
    Adjusted Rate
  • 5/1 ARMS qualify at the note rate.
  • 100% financing means no down payment needed.
  • Home seller can pay closing costs and discount points (in some cases without limit).
  • Home seller can pay prepaids, funding fee and temporary buy-down funds up to a maximum of 4%.
  • No cash reserves required for loans up to $417,000 (two months cash reserves are required for loans greater than this amount).
  • Lenient income, debt, and credit qualifications.
  • May be assumed by a qualified purchaser if home is resold.
  • Available for purchases of primary residences only; however, investment properties are permitted on Interest Rate Reduction Refinancing Loans (IRRRLs).
  • No penalty for prepaying your loan.
  • In some cases up to 100% of the home’s value can be refinanced subject to VA guidelines.

Apply online today

Applying for a First Bank mortgage is fast, easy and secure. Before you begin, have the following information on hand.

Financial Information
  • Income
  • Your total assets
  • Monthly expenses
Property Information
  • Estimated purchase price and down payment amount (if buying)
  • Estimated property value and loan amount (if refinancing)
Work with a local mortgage specialist

Loans are subject to credit approval.

For a $200,000 mortgage loan for a term of:

  • 30 years fixed interest rate of 4.75%, with an APR of 4.906%, the monthly payment would be $1,043.29.
  • 15 years fixed interest rate of 4.125%, with an APR of 4.391%, the monthly payment would be $1,491.94.
  • 5 year adjustable rate* of 4.375%, with an APR of 4.527%, the monthly payment would be $ 998.57.
  • 7 year adjustable rate* of 4.5%, with an APR of 4.653%, the monthly payment would be $1,013.37.
  • 10 year adjustable rate* of 4.625%, with an APR of 6.508%, the monthly payment would be $1,028.28

Based on 20% down payment and 1% Origination Fee. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. These payments are based on recent interest rates and can vary based on individual credit.

*Adjustable interest rates and payments are subject to increase after the initial fixed‑rate period (5 years for a 5/1 ARM, 7 years for a 7/1 ARM and 10 years for a 10/1 ARM).

Trending Topics

Best Bank to Open a Checking Account

Are you looking to open a checking account but are having trouble finding the right bank? You shouldn’t have to settle for a bank that doesn’t meet all of your needs. First Bank focuses on the needs of all of our...

Get a Jump-Start with the Best Savings Account for Kids in Florence, SC

The percentage of children in Florence, SC, under the age of 18 (24.2%) ranks higher than the state average (22.0%) and even the national average (22.6%). Given this abundance of young children in the area, it’s important...

Best Savings Account Rates in Albemarle, NC

The Simple Dollar lists 100 Great Tips for Saving Money for Those Just Getting Started. At the top of the list? Finding the best savings account rates. In Albemarle, NC, First Bank has two locations with highly competitive...

Learn Where to Get Short-Term Personal Loans Today

Wondering where to get a short-term personal loan? At First Bank, we offer a selection of loan products that can help you conveniently pay off unexpected expenses or large investments in a shorter period of time. Visit...

Small Business Loans – Jacksonville NC

Recently, Forbes named Jacksonville, NC #25 in cost of business rankings. The thriving business appeal makes Jacksonville a clear choice for entrepreneurs looking to start or expand a small business. First Bank’s...

Mobile Merchant Services in Asheboro, NC

Asheboro, North Carolina, is located in the heart of the state, making it a great place to start and grow a business. Part of growing a successful business is offering your customers convenient ways to pay and managing...

Small Business Loans for Women in North Carolina

If you live in North Carolina and you’re looking for small business loans for women, your local First Bank can help. We offer a variety of small business loans that can help female entrepreneurs start or expand their North...

Checking Account Comparison – Asheville, NC

Learn what to look for when comparing checking accounts and see how First Bank in Asheville, NC stacks up. Before committing to a checking account, it’s important to know what you’re getting yourself into by running a...

Where To Get 20 Year Mortgage Rates

When you’re ready to buy a house, it’s easy to get caught up in all of the excitement of shopping and forget about the financial part. Once you’ve found the perfect house, the first thing you may be wondering is where to...

Best Business Checking Accounts in Asheville, NC

If you own a business, or are looking to start one, you might be worrying about where to put your money, among other things—don’t worry, we understand. At First Bank¹, we are dedicated to helping local businesses...