What’s a VA Loan?
Veterans Affairs (VA) home loans are provided by private lenders like INB, but the VA guarantees a portion of the loan. This means that the Department of Veterans Affairs will or stand behind a portion of the loan you get from INB.
Benefits of a VA loan include:
- No down payment required by the VA
- Competitive interest rates
- Limited closing costs
- No need for private mortgage insurance (PMI)
With a VA-backed loan, INB can help servicemembers, veterans and eligible surviving spouses become homeowners.
How Do I Qualify for a VA Loan?
Your length of service or service commitment, duty status and character of service determine your eligibility for specific home loan benefits.
INB follows VA standards when making VA-backed home loans. 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.
The next document you will need is called the Certificate of Eligibility (COE), which confirms you qualify for the VA home loan benefit.
Request a Certificate of Eligibility here.
Once we have your COE 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.
Types of VA Loans
Purchase Loan. Ready to buy a new home? As a veteran, you may be eligible for a VA-backed purchase loan.
Interest Rate Reduction Refinance Loan (IRRRL). If you have an existing VA home loan, you may be eligible for an IRRRL to help reduce your monthly payments or stabilize them.
Cash-out Refinance Loan. You may be eligible for a VA-backed cash-out refinance loan to get cash out of your home equity.
Native American Direct Loan (NADL) program. If you’re a Native American veteran or a veteran married to a Native American, you may be eligible for a NADL to buy, build or improve a home on federal trust land.
Ready to Become a Homeowner?
INB looks forward to working with our servicemen and women and their families. Give us a call today at 217-747-5500 to see if you’re eligible for a VA loan or to start the process of getting into your dream home.