For those who have served our country, INB looks forward to serving you by getting you into the home of your dreams.
INB can help servicemembers, veterans and eligible surviving spouses become homeowners with a VA loan backed by the Department of Veterans Affairs. A VA loan is a mortgage option provided by private lenders like INB, but the VA guarantees a portion of the loan.
Some benefits you can see with a VA loan include:
- No down payment required by the VA
- Competitive interest rates
- Limited closing costs
- No need for private mortgage insurance (PMI)
How Do I Qualify for a VA Loan?
Your eligibility for specific home loan benefits depends on your length of service or service commitment, duty status and character of service.
Give us a call to see if you’re eligible for a VA loan!
How Does a VA Loan Work?
INB follows VA standards when making VA-backed home loans.
Step #1: INB loan application
“The first thing we obtain for a VA loan is an application to be submitted just like any other type of loan program we review,” says Corey Kates, INB Assistant Vice President of Mortgage Lending and Veteran Mortgage Advisor. “However, after that, it all changes. The golden ticket for obtaining a VA loan is what is called the Certificate of Eligibility. We can’t prequalify a Veteran for a loan until that COE is in our hands.”
Step #2: Veteran Documentation
The Certificate of Eligibility comes from the Department of Veterans Affairs and confirms you qualify for the VA home loan benefit. Request a Certificate of Eligibility here.
We’ll also need your DD214 if applicable, which is your Certificate of Release or Discharge from Active Duty. Request your DD214 here.
Step #3: Loan Underwriting and Appraisal
Once we have the right documentation in hand, we can move forward with the loan process. We will look at your credit score and get an updated home appraisal. An appraisal makes sure that the value of your property lines up with the price you’re paying for it.
If you’ve heard that VA appraisals may be different than other appraisals, here’s why: the appraisal looks for “safety items,” such as chipping paint, railings missing from stairs, leaking pipes, exposed wiring, the condition of the roof and more.
This means that appraisals do sometimes come back “subject to” or asking the seller to make repairs or additions.
There are also a very limited number of VA appraisers in the area, so often times these appraisals do take longer to get back. Don’t worry – it doesn’t necessarily indicate a problem with the home!
Step #4: Homeownership
Once that process is complete, then comes the fun part: getting the keys to your new home!
At INB, we are grateful for your service. To get our veterans into homes, we’ve restructured our entire VA loan process, and we have several mortgage lenders who stay updated on new VA guidelines.
As a small thank you for your sacrifices, we hope we can help you walk through the door of your dream home. Give us a call or come see us today!
Natalie Dodson NMLS# 574151
Corey Kates NMLS# 1652367