Financial Education

VA Loans & More

Post written by Becky Pederson, Real Estate Loan Officer, Missoula 

What do you think about when you hear VA (Veterans Administration) loan? For me, it’s a way to help out fellow Veterans.

I feel greatly humbled to be in a position where I’m able to help veterans, like myself, achieve the goal of homeownership. Whenever I’m helping a fellow veteran, I like to let them know about all the home financing options available for them to consider. They’re often surprised to learn there are more resources and options available for Veterans wanting to buy a home than just a VA loan.

Benefits of VA Loan Programs

The benefit of VA loan programs is they don’t require a down payment or mortgage insurance.

The funding fee associated with VA loans is dependent on whether a Veteran receives monthly disability from the VA, and if so, the interest rate on your loan program may be even lower. But wait! There are more home financing options available!

Montana Housing offers several wonderful programs to help out first time home buyers.

The Montana Veterans' Home Loan Program offers a low rate home loan program for Veterans in addition to the down payment assistance programs they offer.

One of my favorite grants available for Veterans to use is the Dream Makers Grant. The grant provides a 2:1 match of your savings. This means if you save up to $2,500, the grant will match it with $5,000. You could have a total of $7,500 to use as a down payment for a new home!

There are several more programs available for Veterans, but there is no need to feel overwhelmed when buying a new home or refinancing. Stockman Bank has a team of home lending officers ready to simplify the process, and make home buying or refinancing less stressful and more rewarding.

Now that you have an idea of what is out there, here are a couple helpful tips about VA loans:

1) When applying for a VA loan, you’re going to need your DD214, member copy 4.

I always thought that I would never lose my DD214, but I did. So, if you don’t have it, you will have to request one from the VA. This can take up to 4 weeks depending on where you have to get it.

2) Find out if you are eligible for a VA loan. Work with someone who understands the ins and outs of the VA home loan process. There are certain things you will need to know before you begin shopping for a home.

I strongly believe being a homeowner improves the quality of life for anyone. Being a homeowner improves your overall financial well-being, and provides a sense of belonging and structure. Your home is a place where you can make it your own.

If you are looking to buy or refinance a home, contact us to help you get started on the road to home ownership today!