Skip to Main Content

VA Loan FAQs

Ready for a new home? Our Express Loan Approval tool can help you win a contract bid!

Get started today!

Our Process is Quick & Painless

We make mortgages easy to understand. There are many factors that matter when you want to buy or refinance a property and there is no standard journey, as everyone’s situation is different. However, as a member of the military family, the U.S. Department of Veterans Affairs (VA) has your back – and so do we.

Get to know how VA loans work, how to apply, and more:

As an active-duty service member, reservist, military veteran, or surviving spouse (provided they don’t remarry), you may qualify for a VA mortgage loan. But what is a VA loan? These loans are provided by the U.S. Department of Veterans Affairs. VA lenders like us can help you access this mortgage program, so no more wondering “what is a VA loan?”: get yours now.  Find out what you qualify for.

If you qualify for a VA loan, you are eligible to buy a home with as little as 0% down payment. A VA loan also often provides lower interest rates, and you won’t need to purchase private mortgage insurance (PMI).

It is really easy to know who qualifies for a VA loan: the criteria to determine if you are eligible for a VA loan comes from the U.S. Department of Veterans’ Affairs. If you have been on active duty for at least 90 days or meet the norms set by the VA for Guard and Reserve members, you are most likely eligible.

You are in the right place. The Federal Savings Bank was founded and is still owned and operated by veterans, so we are deeply committed to serve our community and veteran family further. We know what it takes, what you need, and we will gladly walk you through the process. Get started today by getting a prequalification with us.

When you get prequalified or preapproved by The Federal Savings Bank, you are showing the seller, real estate agent and banker that you are a strong buyer. This letter will provide the numbers that will tell you how much of a home you can afford, will help speed up the process and close on your dream home FAST. The Federal Savings Bank will have your finances and credit reviewed, determine if you are eligible for a mortgage loan, and let you know the loan amount you qualify for.

Please keep in mind a VA home loan preapproval is not a commitment. It is delivered to you for informational purposes and does have an expiration date after it has been issued. Consult your mortgage banker for the most accurate information on the duration of your pre-approval.

Once you find your dream home, we will begin to process your formal loan application. We will verify assets, income, liabilities and other relevant information. Please remember rates and discount points may change in the meantime and the figures shown in the preapproval letter may change once you find your dream home.

Rates are one of the main factors that will determine how much money you will pay every month on your mortgage. When you secure a loan, you may determine if the rate is fixed or if you prefer an Adjustable-Rate Mortgage (ARM). When you apply for a VA mortgage, your loan is provided by the VA, so your interest rates are often lower compared to those secured through other non-VA loans. Don’t delay, secure a pre-approval now.

Our team of VA mortgage experts is committed to helping you find the loan that better fits your needs and offers competitive rates for those eligible for a VA loan. We will help you compare rates and have tools that help you make the right decision.

This is how we determine your rate:

  • We analyze the current market conditions (the reason why interest rates change daily!)
  • We see which loan you are applying for (purchase, refinance, jumbo, construction, etc.)
  • We analyze your credit score – the higher, the better!
  • We factor in the duration of the loan

You can! Conventional and FHA loans are good options, but VA mortgage loans often have lower interest rates, especially if you have enough money for a down payment. You will often have to pay for private mortgage insurance if the down payment provided represents less than 20% of the market value of the home.

You can, as we update our rates daily. But remember the market may change abruptly in your favor or not from one day to another. We strive to offer competitive rates for our military family, but we never know what the future holds and can’t tell how rates will behave after tomorrow. If you think the current rate suits your needs, don’t wait it out!

They are not! They are two different types of loans, with different objectives: in a refinance, you already own a home (which is a big deal and needs to be factored in) and want better rates. During a VA mortgage purchase, you do not own a home yet, so we take other factors into account to calculate your rate and get you in a home.

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.

Gold House Icon

Are you ready to take the next step?

Get in touch with our VA experts whether you want to buy a home or refinance your existing one!

I want my VA Loan quote!