Omaha VA Home Loans
Omaha VA Home Loans for Veterans in Omaha and across Nebraska
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What is a VA Home Loan?
A VA (Veterans Affairs) home loan is a mortgage loan available to veterans, active-duty service members, and eligible surviving spouses. VA loans are provided by private lenders, such as banks and mortgage companies, and are guaranteed by the U.S. Department of Veterans Affairs (VA). This guarantee allows lenders to offer more favorable terms and conditions to borrowers.
There are many lenders who portray themselves as partnering with VA to protect and serve Veterans and active-duty military, but many of these lenders charge higher rates and fees than are necessary. At Shotbolt Mortgage we’re a true advocate for VA eligible borrowers and consistently offer better terms than any lender in the area. We want you to get the service, and recognition you deserve.
Inquire TodayBenefits of VA Home Loans
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1
No Down Payment
One of the most significant benefits of a VA home loan is the ability to purchase a home without a down payment. This can make homeownership more accessible for veterans and service members who may not have substantial savings.
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2
Competitive Interest Rates
VA loans often come with competitive interest rates, which can be lower than those available for conventional loans. This can result in significant savings over the life of the loan.
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3
No Private Mortgage Insurance (PMI)
Unlike conventional loans, VA loans do not require borrowers to pay for private mortgage insurance (PMI). This can save borrowers hundreds of dollars each month.
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4
Flexible Credit Requirements
VA loans have more lenient credit requirements compared to conventional loans. This flexibility can help veterans and service members with less-than-perfect credit obtain financing.
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5
Closing Cost Limits
The VA limits the amount borrowers can be charged for closing costs, which can help reduce the out-of-pocket expenses associated with buying a home.
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Assumable Loans
VA loans are assumable, meaning that if you sell your home, the buyer can take over your existing loan, provided they qualify. This can be an attractive feature to potential buyers.
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Foreclosure Avoidance Advocacy
The VA provides assistance to borrowers who may be facing financial difficulties and potential foreclosure. They offer resources and support to help veterans stay in their homes.
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8
Refinance Opportunities
VA loans offer various refinancing options, including the Interest Rate Reduction Refinance Loan (IRRRL), also known as a VA Streamline Refinance, which can help borrowers reduce their interest rate or change their loan terms with minimal paperwork and no appraisal required.
Eligibility Requirements
To be eligible for a VA home loan, you must meet one or more of the following criteria:
- You are an active-duty service member or veteran who has served a minimum period of active duty.
- You are a member of the National Guard or Reserves with sufficient service history.
- You are an eligible surviving spouse of a veteran who died in service or as a result of a service-connected disability.
- You meet other specific service requirements as determined by the VA.
How to Apply
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1
Obtain a Certificate of Eligibility (COE): The first step in applying for a VA home loan is obtaining a COE from the VA, which proves your eligibility.
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2
Choose a VA-Approved Lender: Work with a lender that is experienced in VA loans and can guide you through the process.
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Pre-Approval: Get pre-approved for a loan to determine your budget and show sellers that you are a qualified buyer.
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4
Find a Home: Work with a real estate agent to find a home that meets your needs and budget.
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Complete the Loan Process: Your lender will guide you through the remaining steps, including appraisal, underwriting, and closing.
Jack Shotbolt
President - Certified Mortgage Planner
Lic.# 10196
17310 Wright Street, Suite 104
Omaha, Nebraska 68130
Why contact Shotbolt Mortgage to learn more?
VA home loans offer numerous benefits to qualified borrowers, making homeownership more accessible and affordable for veterans, active-duty service members, and eligible surviving spouses. If you believe you may be eligible, consider exploring your options and taking advantage of the benefits provided by a VA home loan.
At Shotbolt Mortgage we take tremendous pride in offering top-notch service along with aggressive rates and terms on our VA loans each day. No hidden fees, no bait and switch, we respect our Veterans and active-duty military, it’s just as simple as that.
Inquire TodayAnswers to Your Questions...
What is a VA home loan, and who is eligible?
A VA home loan is a mortgage backed by the U.S. Department of Veterans Affairs, designed to help veterans, active-duty military personnel, and certain members of the National Guard and Reserves purchase a home. One of the key benefits of a VA loan is that it allows eligible borrowers to buy a home with no down payment and no private mortgage insurance (PMI), which makes it an attractive option for those who qualify. Eligibility typically requires a Certificate of Eligibility (COE), which can be obtained through the VA or with assistance from a mortgage broker like me. If you’ve served in the military or are currently serving, I can help you determine if you qualify and guide you through the process.
What are the benefits of a VA home loan compared to a conventional loan?
VA home loans offer several advantages over conventional loans. The most notable is the ability to purchase a home with no down payment, making it easier for veterans and service members to become homeowners. Additionally, VA loans do not require private mortgage insurance (PMI), which can save you hundreds of dollars each month compared to a conventional loan. VA loans also typically offer more favorable interest rates and more flexible credit requirements, making it easier for veterans with less-than-perfect credit to qualify. As your mortgage broker, I can help you explore these benefits and secure the best VA loan terms available.
Can I use a VA home loan more than once?
Yes, you can use a VA home loan more than once, as long as you continue to meet the eligibility requirements. Veterans can restore their VA loan entitlement after paying off the previous loan or selling the home that was purchased using the VA loan. Additionally, there are no limits on how many times you can use the VA home loan benefit, provided you have enough entitlement remaining and meet the required guidelines. If you’ve already used your VA loan benefits in the past, I can help you determine if you’re eligible to use them again and how best to navigate the process.
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