Whether you’re buying your first home or refinancing your current one, The Federal Savings Bank is here to help veterans make the most of their Veterans Affairs (VA) home loan benefits.
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As a veteran founded, owned, and operated bank, we know your needs because we share them. Whether you’re fresh out of the barracks, growing your family, or stepping into your golden years, you deserve to work with a Department of Veterans Affairs-approved lender who can lead from the front.
That’s why The Federal Savings Bank offers a range of financial products wide enough to meet your unique needs. It’s also why we specialize in VA loans, so veterans and their families can use the benefits they’ve earned.
Here, we’re all one team—your team—with one goal: Help you build a lasting legacy.
Whether you’re looking for a VA home loan, VA loan refinancing, or a veteran personal loan, we have a variety of options for your situation.
Our veteran lending specialists are available in all 50 states to help eligible veterans find a place to call home.
Refinance your VA loan and tap into your home equity to fund the things that matter.
Our veteran Home Equity Loan Program helps you leverage your home equity to achieve your financial goals.
Negotiate a new mortgage better suited to your current needs and position than your original VA loan.
Consolidate credit card debt, fund major purchases, manage emergencies, or simply lay the financial foundation for your next steps.
Straightforward answers to your questions. For more information, contact us!
A VA loan is a mortgage that is insured by the U.S. Department of Veterans Affairs and offered by private lenders. VA loans are designed to help eligible military borrowers purchase or refinance a home with features such as no down payment, no private mortgage insurance (PMI), and competitive interest rates.
VA loan eligibility is based on military service history. Eligible borrowers include certain Veterans, active-duty service members, certain National Guard or Reserve members, and eligible surviving spouses. Eligibility is verified through a Certificate of Eligibility (COE).
You can learn more on our VA loan eligibility page.
In most cases, VA loans do not require a down payment. Eligible borrowers may be able to finance 100% of the home’s purchase price depending on their available entitlement, making VA loans especially attractive for first-time homebuyers.
No. VA loans do not require private mortgage insurance, even with no down payment. This can significantly reduce monthly mortgage payments compared to conventional or Federal Housing Administration (FHA) loans. However, there is a VA funding fee, which can add to recurring costs if financed into the loan.
The VA does not set a minimum credit score requirement. However, individual lenders establish their own guidelines based on credit history, income, and overall financial profile. Borrowers with stronger credit may qualify for better VA loan rates, but many Veterans could potentially be approved without perfect credit.
In addition to service eligibility, borrowers must meet lender requirements related to credit, income, and property standards. The home must be used as a primary residence and meet VA Minimum Property Requirements (MPRs).
For a detailed breakdown, visit our VA loan requirements page.
VA loan rates are often lower than conventional mortgage rates. Because VA loans are insured by the government, lenders assume less risk and can often offer more favorable terms.
You can explore current VA loan rates to see how rates affect affordability.
A Certificate of Eligibility (COE) is a document issued by the Department of Veterans Affairs confirming that a borrower is eligible for a VA loan. The COE also shows available entitlement.
Most lenders can help borrowers obtain a COE as part of the loan application process.
VA loan benefits can be used multiple times, as long as the borrower has sufficient remaining entitlement. In some cases, borrowers may even hold more than one VA loan at the same time.
Yes. Eligible borrowers may use VA financing for higher-priced homes through VA jumbo loans, often without the large down payments required by conventional jumbo loans.
VA loans may be used to purchase:
The property must be used as a primary residence and meet VA property standards.
The VA loan process timeline varies, but many VA loans close within a similar timeframe as conventional loans. Being prepared with documentation and working with an experienced VA lender can help avoid delays.
Learn more about each step on our VA loan process page.
The VA funding fee is a one-time fee that helps offset the cost of the VA loan program. Some borrowers, such as Veterans with service-connected disabilities, may be exempt from paying this fee.
No. VA loans are available to both first-time and repeat homebuyers. Eligibility is based on military service, not prior homeownership.
VA loans offer refinancing options, including Interest Rate Reduction Refinance Loans (IRRRLs) and VA cash-out refinance loans, depending on borrower needs and eligibility.
If you have questions about VA loans, eligibility, or next steps, our team is here to help. We provide personalized guidance based on your financial goals and service history.
If you’re exploring VA loan options, these resources may help:
Our bankers are ready to guide you through every step of the VA home loan journey.
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 your individual situation.
Your mortgage rate will depend on many things, including your credit, finances, and more. Get your customized rate for FREE today.