Here’s how our home loan process works.
Talk to one of our Veteran Loan Specialist.
Review the options that are available to you
Choose the option that best fits your needs
The Federal Savings Banks understands your needs better than anyone else.
Representative Available 24/7 to Better Serve Troops Overseas
Or call us at (866) 870-4650
Interested in learning move about VA Loans, visit our Learning Center.
We have helped thousands of military families find their homes, including our own! We are a bank founded, owned, and operated by veterans who have been in your shoes and know your needs may be bigger than a home, which is why we provide an array of financial products for you that go beyond homeownership. Is your family growing? Are you on your 4th PCS? Moving out of the barracks for the first time? We have you covered – get your VA loan!
The Federal Savings Bank offers VA loans to help active military, veterans, and their families achieve the dream of homeownership. As a veteran-owned business, we understand your unique needs, and are ready to help you get what you deserve.
Frequently Asked Questions (FAQ)
A VA purchase loan is a mortgage backed by the U.S. Department of Veterans Affairs, designed to help eligible veterans, active-duty service members and certain military spouses buy a home.One of its biggest advantages is that it typically requires no down payment or private mortgage insurance (PMI). The loan is issued by private lenders, like The Federal Savings Bank and partially guaranteed by the VA, which helps you get more favorable terms and interest rates.
Eligibility depends on your military service history and discharge status. Generally, you’re eligible if you served at least 90 days during wartime, 181 days during peacetime or 6 years in the National Guard or Reserves. You’ll need a Certificate of Eligibility (COE), which confirms your VA entitlement. The Federal Savings Bank can help you obtain your COE and confirm your eligibility during the loan process.
Yes. One of the most valuable benefits of a VA Loan is that it allows you to buy a home with zero down payment, meaning you can finance 100% of the home’s value. This makes it easier for veterans to become homeowners without needing to save for years. However, you’ll still need to cover closing costs, unless the seller agrees to contribute or you finance them into the loan.
Yes, the VA charges a one-time funding fee to help sustain the loan program. This fee varies based on your down payment (if any), the type of VA loan, and whether it’s your first time using the benefit. For a typical first-time purchase with no down payment, the funding fee is 2.15% of the loan amount. This fee can usually be rolled into your loan, so you don’t have to pay it upfront out of pocket.
The VA doesn’t set a minimum credit score, but lenders typically require a score of at least 620. The Federal Savings Bank looks at the full picture of your financial situation (not just your score) so even if you’ve had credit challenges in the past, you may still qualify.Our team works closely with veterans to help them understand their options and how to strengthen their application.
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.
