You served your country as a member of the military. Now let your country take care of you and your family with special mortgage financing just for veterans. The unique advantages of VA loans reward veterans for their service and sacrifice on behalf of the United States. Blackhawk Bank offers Illinois and Wisconsin VA loans for both veterans and active military members.
What Is a VA Loan?
VA home loans are guaranteed by the U.S. Department of Veterans Affairs and offered by participating approved lenders. This guarantee allows us to provide you with beneficial loan terms. VA home loans allow eligible veterans and active military personnel to realize their home buying dreams and help existing VA homeowners with money-saving refinance options.
VA Loan Benefits
Advantages of purchasing a home with a VA loan include:
- No penalty fee if you pay the loan off early
- No private mortgage insurance requirements
- Less than perfect credit can apply
- No required down payment
- No private mortgage insurance
- Competitive interest rates
- Approval with less than perfect credit
- Both purchase and cash-out refinance programs
- A qualification within two years of a bankruptcy or foreclosure
Unlike closing costs for a traditional loan, which can be up to 10 percent of the total purchase amount, a VA loan is subject to a one-time funding fee of just 2.15 percent of the loan amount. This percentage is reduced to 1.25 percent for those who have a down payment of at least 10 percent.
Who is Eligible For a VA Home Loan?
- Active-duty military
- Reservists and members of the National Guard
- Some surviving spouses of veterans
These eligibility requirements are unique to VA home loans. In addition to past or present military service, standard home loan criteria such as your credit score and income will also play a role in your eligibility.
VA Home Loan Certificate of Eligibility
In order to apply for a VA-sponsored loan, you will need to obtain a Certificate of Eligibility (COE). Your COE verifies to lenders that you meet the requirements necessary to obtain a VA-sponsored loan. Applying for a COE is straightforward and can be done online, through the mail or through Blackhawk's Mortgage Team.
Active duty military personnel and current National Guard members or Reservists who have never been Federal active service must present a current statement of service in order to obtain a COE.
Veterans and current or former National Guard members and Reservists that have been activated for Federal active service will need to present a DD Form 214 confirming their past service.
Let one of our experienced VA mortgage professionals help you navigate the VA loan process. You can apply online or visit one of our several convenient locations to apply in person.