VA Loans
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.
- 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
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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.
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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.
Applying for a First Bank mortgage is fast, easy and secure. Before you begin, have the following information on hand.
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Income
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Your total assets
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Monthly expenses
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Estimated purchase price and down payment amount (if buying)
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Estimated property value and loan amount (if refinancing)
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).