VA Loans For United States Service Members
Benchmark Bank provides VA mortgages as a benefit to United States service members, veterans, reservists, and their spouses. These home loans are designed to help provide service members an affordable option to help them in their dreams of home ownership. VA loans are guaranteed by the U.S. Department of Veteran Affairs (VA) to eligible veterans for the purchase of a home.
VA Loan 101 – Learn More About VA Loans
Benefits of VA Loans
- No Down Payment: VA Loans eliminate the need for a down payment from the borrower, which makes the purchasing process drastically easier.
- No Private Mortgage Insurance Needed: Since VA Loans are guaranteed by the US Department of Veteran Affairs, there is no need to purchase private mortgage insurance, regardless of the down payment being made.
- Limited Charges: VA Loans limit the amount a service member can be charged for closing costs on their mortgage, and there are no early pay-off penalties.
VA Loan Requirements
Due to guarantees provided by the Department of Veteran Affairs, many of the requirements for a standard mortgage do not apply to VA Loans. However, a Certificate of Eligibility from the VA must be presented to qualify for a VA loan.
VA loans can be used for any of the following:
- Buying or building a home
- Buying a condominium
- Buying a residential cooperative housing unit
- Repairing, altering, or improving a residence
- Refinancing an existing home loan
- Buying a manufactured home and/or lot
- Funding energy-efficient home improvements