Cash Management 
Cash Management (Soft Token Required) ACH Originators and Merchant Capture Deposits
Cash Management (Soft Token Required) ACH Originators and Merchant Capture Deposits Cash Management (Soft Token Required) ACH Originators and Merchant Capture Deposits
November 26, 2024
At Citizens First Bank, we’re proud to help veterans and service members achieve their homeownership dreams through the VA loan program. This specialized loan option, backed by the U.S. Department of Veterans Affairs (VA), offers several benefits that make buying a home easier and more affordable. If you’re a veteran, active-duty service member, or surviving spouse, a VA loan could be the perfect solution to help you step into homeownership. Here are five ways a VA loan can simplify the homebuying process:
One of the most significant advantages of a VA loan is that it allows you to purchase a home with no down payment. Typically, homebuyers need to put down 5% to 20% of the home’s purchase price to secure a conventional mortgage. However, with a VA loan, you can finance 100% of the home’s purchase price. This means you won’t need to save for a large down payment, making homeownership more accessible, especially for first-time buyers or those who may not have significant savings.
VA loans often come with lower interest rates than conventional loans, which can lead to significant savings over the life of the loan. These reduced rates help make your monthly mortgage payments more affordable and can save you thousands in interest costs over time. At Citizens First Bank, our team is dedicated to helping veterans take advantage of these competitive rates to make homeownership more financially manageable.
Unlike conventional loans, VA loans do not require Private Mortgage Insurance (PMI), even with no down payment. PMI is typically required for loans where the borrower puts down less than 20% of the home’s price, and it can add a significant cost to monthly payments. By not having to pay for PMI, you’ll keep more money in your pocket, which can make a big difference when budgeting for your new home.
When it comes to securing a loan, credit scores play a major role. Fortunately, VA loans offer more flexible credit requirements compared to conventional mortgages. The VA doesn’t set a minimum credit score, which allows veterans with less-than-perfect credit to still qualify for home financing. At Citizens First Bank, we understand that veterans may face financial challenges due to their service, and we’re committed to working with you to find the best possible loan options that suit your unique situation.
Closing costs can be a substantial part of buying a home, but VA loans often come with lower closing costs than conventional loans. Additionally, the VA limits what lenders can charge for certain fees, which can further reduce the amount of money you’ll need to pay upfront. In some cases, sellers can even pay for part of the closing costs, making it easier to finalize the purchase without significant out-of-pocket expenses. At Citizens First Bank, we’re here to help you understand and minimize these costs to make your home-buying experience as smooth as possible.
As a veteran, you’ve earned the benefits of a VA loan, and at Citizens First Bank, we’re committed to helping you take full advantage of them. Whether you’re a first-time homebuyer or refinancing an existing mortgage, our team of experienced mortgage professionals is here to guide you through every step of the process. We’ll help you navigate the application, ensure you meet eligibility requirements, and find the best financing options to suit your needs.
If you’re ready to explore how a VA loan can make homeownership easier, don’t hesitate to reach out to one of our mortgage lenders at Citizens First Bank. We’re here to help you achieve your dream of homeownership with less stress and more savings.
Citizens First Bank – Member FDIC and Equal Housing Lender
