At NEFCU, we respect all of the work our military members do for our communities, and we encourage them to consider us for a Veterans Assistance (VA) Loan for purchasing a primary residence.
What is a VA Loan?
A VA Loan is a mortgage loan that is guaranteed by the US Department of Veterans Affairs to current and former miliary service members who qualify. The program is for veterans, members currently enlisted, reserve members, and some of the surviving spouses of deceased, missing, and POW service members.
The purpose of the program is to offer affordable home loans to veterans with no down payment requirement. The Department of Veterans Affairs establishes the guidelines for lenders to abide by for applicant qualification. The rules also determine which financial institutions may and may not offer VA Loans.
What makes a VA Loan stand out?
Some of the common features of a VA Loan are
- No down payment
- Limited closing costs
- Competitive interest rates (click here for rates)
- No Private Mortgage Insurance required
How to apply
For more information on eligibility for our VA Loans, call our local Mortgage team at 866.80.LOANS or visit us online at nefcu.com. Our loan officers will talk to you about your individual needs and goals and help you find the best fit for your budget.