VA Loans

features

A VA loan can potentially be a low-cost mortgage loan that comes in several options:

• VA Home Loan: A VA home loan offers a standard set of benefits.
• VA Jumbo Loan: The VA jumbo loan is appropriate for veterans and military members who require a loan that exceeds conforming limits.
• VA Cash-Out Refinance Loan: A VA cash-out refinance loan may allow military members to convert home equity into cash.
• VA Rate Refinance Loan: Eligible members can use a VA rate refinance loan to refinance their home to potentially pay a lower interest rate or to increase their mortgage term.

Benefits

Woodsboro Bank’s VA loans hold numerous benefits for military members and veterans:

• In many cases, VA loans are reusable for future home purchases.
• There is no penalty for early payoff.
• A down payment may not be necessary in certain instances.
• Houses purchased with VA loans must meet minimum safety standards.

You may apply for a VA loan if you have served more than 181 days of active service during peacetime or 90 consecutive service days during wartime. You may also apply if you served with the National Guard or Reserves* or are the spouse of a military member who lost their life while on duty or because of a disability sustained while in service.

*For Veterans, National Guard members, and Reserve members, minimum active-duty service requirements depend on when the member served. Visit the U.S. Department of Veterans Affairs website.