Aesthetics aren’t the only reason borrowers choose to renovate their home. Features like ramps or accessible bathroom fixtures can be difficult to find on the open market. But your needs and your loved ones’ needs don’t have to wait for the economy to turn around, or for you to build your savings. Many veteran borrowers (or their spouses) who qualify for Veterans Affairs (VA) loans might want to consider financing renovations to their home with a veteran personal loan from The Federal Savings Bank.
Understanding the Difference Between a VA Loan and a Veteran Personal Loan
Many lenders offer VA home loans, which are backed by the U.S. Department of Veterans Affairs. These popular loan programs are often a great choice for qualified borrowers who are seeking to purchase a new home, refinance an existing mortgage on their primary residence, or build a new primary residence. VA loans do not, however, typically cover any renovation to existing homes. Fortunately, there’s a solution.
In addition to offering VA home loans, lenders may offer veteran personal loans. These are available for all branches of the Armed Forces (including qualifying National Guardsmen and women) to apply for.
Applying for a veteran personal loan from The Federal Savings Bank can empower you to make the necessary home renovations to accommodate any member of your household with a disability. It may even be possible to apply for a VA home loan to purchase a home you like, and at the same time apply for a veterans personal loan to fund accommodations related to disability.
Empowering Veterans with Discounted Home Lending
As a veteran-owned institution, and with many veterans on staff, aiding the families of those who’ve served our country is at the heart of what we do at The Federal Savings Bank. Consult with a loan officer today and inquire whether you qualify for a better rate or reduced costs on your personal loan. Your loan officer is here to help you plan for funding renovations to your home – take advantage and reach out for a free consultation.
Still looking, or unsure if you qualify? Consult our free Learning Center to learn more about your home lending options.
Subject to credit approval. Terms and conditions may apply. Subject to VA eligibility requirements. Property insurance is required on all loans secured by property.
This article is intended for general informational and educational purposes only and should not be construed as financial or tax advice. For more information on financial planning or investment advice, consult a registered investment advisor or financial planner. For tax advice, please consult a tax professional.
This information is intended for educational purposes only. Products and interest rates subject to change without notice. Loan products are subject to credit approval and include terms and conditions, fees and other costs. Terms and conditions may apply. Property insurance is required on all loans secured by property. VA loan products are subject to VA eligibility requirements. Adjustable Rate Mortgage (ARM) interest rates and monthly payment are subject to adjustment. Upon submission of a full application, a mortgage banker will review and provide you with the terms, conditions, disclosures, and additional details on the interest rates that apply to you individual situation.
