Univest offers lending solutions designed specifically for active and retired military personnel. Veteran Administration (VA) loans are insured through the Veteran’s Administration and assists eligible applicants in purchasing a home or refinancing an existing home loan.
Benefits of VA loans:
- 100% financing with no mortgage insurance
- Low or no down payment
- Fixed- and adjustable-rate loan options
- Competitive interest rates
- An assumable loan
- Flexible income, debt and credit requirements
- Closing costs are as good as or lower than other financing types
- No prepayment penalty
- Can be used more than once
- Current maximum single-family loan amount is $453,100 with full eligibility in this area
Who is eligible for a VA loan?
Any persons with an active or retired military status can be eligible for a VA loan. Surviving, unmarried spouses of a veteran who died in service or because of service-related disabilities are also eligible.
How to use a VA loan:
- To purchase a 1-4 unit family home, townhouse or condominium unit in a VA approved project
- New home construction
- Refinance an existing home loan up to 90% of the reasonable value of the property established by the VA
- Refinance an existing VA loan to reduce the interest rate