VETERANS ADMINISTRATION GUARANTEED LOANS
VA guaranteed loans are made to eligible veterans for the purchase of a primary residence, refinance of a current mortgage or construction loans. The Veterans Administration guarantees part of the total loan amount allowing the veteran to obtain a competitive interest rate without having to make a down payment. Currently, veterans can obtain loans up to $359,650 without a down payment, if the property appraises for the contract price.
Benefits of VA Loans
- Equal opportunity for all qualified veterans to obtain a VA loan
- No down payment (unless purchase price is more than the reasonable value of home)
- Ability to finance the VA funding fee (plus reduced funding fees with a down payment of at least 5% and exemption for veterans receiving VA compensation)
- No mortgage insurance premiums
- An assumable mortgage
- Right to prepay without penalty
- For homes inspected by VA during construction, a warranty from builder and assistance from VA to obtain cooperation of builder.
- VA assistance for veterans experiencing temporary financial difficulty
The Veterans Administration will require a Certificate of Eligibility at the time of application. Your Sherman or Howard County Bank lender can assist you in obtaining this certificate, or you may visit www.homeloans.va.gov/eligibility.htm for instructions on obtaining a Certificate of Eligibility for VA home loan benefits.
For more information on VA guaranteed loans at Sherman and Howard County Banks contact Janelle Klassen at 308-754-5400 or your local Sherman or Howard County Bank office.
