The Federal Savings Bank Federal Savings Bank is veteran - owned bank, with a focus on VA and FHA lending for active duty and retired military and first time home buyers. We believe we offer the Perfect Mortgage Experience, which is our unique combination of outstanding customer service, low mortgage rates, and fast closings. We call it the Perfect Mortgage Experience because for 20 years that’s how our customers have come to know and refer us.
300 N. Elizabeth Street #3E

VA Home Loan Benefits


Document Checklist

Required Documents

  • Last 2 years W-2’s and 1040’s including all schedules
  • If self-employed: Last two years’ corporate tax returns and year-to-date profit & loss statement
  • Past 30 days computerized pay stubs, to include year-to-date earnings
  • 2 months current bank and asset account statements including all pages (no screen prints)
  • Driver’s license or state ID card
  • Purchase Agreement (if applicable)
  • Copy of Cancelled Earnest Money Check
  • Listing Agent: Name and Phone Number
  • Selling Agent: Name and Phone Number
  • Seller’s Attorney: Name and Phone Number
  • Buyer’s Attorney: Name and Phone Number

If Applicable

  • Condominium declarations, bylaws, and budgets
  • Copy of gift check and signed gift letter

If you own additional real estate, please provide the following documentation for each property

  • Copy of current mortgage statements
  • Copy of tax bills
  • Copy of leases
  • Copy of homeowners insurance bills or Agent contact information

Government-backed loans come with significant benefits that open the doors of homeownership to veterans who might otherwise struggle to obtain financing. VA loans require no down payment or private mortgage insurance. They feature competitive rates and terms and allow qualified borrowers to purchase a home with little to no money out of pocket.

  • No Down Payment (0%)
  • No Private Mortgage Insurance

Ability to purchase a home with no down payment or mortgage insurance, and the opportunity to obtain a fixed loan interest rate lower than comparable conventional rates. VA loans are guaranteed by the U.S. Department of Veterans Affairs and allow qualified veterans or active duty personnel to finance up to 100% of the purchase price of their home. Therefore the lender is protected against loss in the event a borrower fails to repay the VA home loan. For that reason, the VA lender can offer a lower interest rate, regardless of the down payment amount, with no mortgage insurance payments.


Conventional Loan

0% down payment

20% down payment


PMI Required

Lower Interest Rates

Higher Interest Rates

Easy Qualification

Standard Qualification

Lower Interest = More Savings

Start Your Application Today
Receive $200 in Closing Cost Credits

Additional Benefits

  • Basic Allowance for Housing - means you can use BAH to pay some or all of your monthly mortgage costs.

  • No Pre-Payment Penalty - The VA Loan allows borrowers to pay off their home loan at any point without having to worry about a pre-payment penalty.

  • No lender fees or points - The Federal Savings Bank charges no lender fees or points to active duty military personnel, reservists and veterans who finance or refinance their home with our VA Home Loan program.

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The Federal Savings Bank provides a wide array of loan products and exceptional customer service to each and every customer.

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The Perfect Mortgage Experience

Our dedicated bankers will walk you through the process from start to finish, guiding you to the perfect mortgage experience.

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Annual Percentage Rate (APR) calculations assume single-family, detached, owner-occupied primary residence; a loan-to-value ratio of less than 75%; a minimum FICO score of 740; and a loan amount of $300,000 for conforming loans or $500,000 for jumbo loans, unless otherwise specified.Annual Percentage Rate (APR) calculations assume no subordinate financing and that the borrower will provide full income documentation. On ARM amortization, the Annual Percentage Rate (APR) calculation assumes an indexed rate (Margin + LIBOR/T-Bill Index) after the initial fixed period of the ARM.Rates may be higher for loan amounts under $300,000 and over $500,000. Please call for details.

Rates are subject to change without notice.Closing Costs assume that borrower will escrow monthly property tax and insurance payments.Subject to underwriter approval; not all applicants will be approved. Fees and charges apply.

Payments do not include taxes and insurance.On refinance transactions, the Annual Percentage Rate (APR) calculations assume a rate and term refinance.Rates based on Illinois property.Mortgage insurance is not included in the payment quoted. Mortgage insurance will be required for all FHA and VA loans as well as conventional loans where the loan to value is greater than 80%.

Restrictions may apply.

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