Last week, you learned that there are several different types of loans that you may take an interest in if you are currently seeking assistance to purchase a home. The three most common loan types are conventional loans, FHA loans, and VA loans. You learned that conventional loans are not backed by the government and are considered to be risky for lenders. You also learned about FHA loans.
This week, as we conclude this two-part series, you will be introduced to VA loans. At the conclusion of this installment, you will be provided with information on how to contact Somerville National Bank for a home loan that is ideal for your situation.
A VA loan is a special type of loan that is directly guaranteed by the Veterans Administration (VA). This is a loan that is only available to certain individuals. It is made available by lenders that have been approved by the Veterans Administration. As a result of the guarantee by the VA, if a borrower fails to repay the lending institution that issued the loan, the Administration guarantees complete repayment to that financial facility. To qualify for this type of loan to purchase a home, one or more of the following qualifications must be met:
- The Borrower Must be a Member of the Armed Forces of the United States
- The Borrower Must be a Veteran of the Armed Services of the United States
- The Borrower Must be Considered a “Reservist” or a Member of the National Guard
- The Borrower Must be an “Eligible” Surviving Spouse
One of the most beneficial aspects of obtaining a VA loan is the fact that these loans may be guaranteed without having to put money down. Additionally, there is no outlined requirement for obtaining private mortgage insurance.
Obtaining Your Loan
Now that you have been introduced to conventional loans, FHA loans, and VA loans, it is quite likely that you have determined which loan is most appropriate for your individual needs. Somerville National Bank currently offers all of these loans. You may visit one of our 6 locations in order to further discuss the loan options at your disposal. Our friendly staff is standing by to assist you. Below, you will find each of our locations outlined:
1131 N. Barron
Eaton, Ohio 45320
600 S. Barron
Eaton, Ohio 45320
197 South Main
Somerville, OH 45064
48 North Main Street
Camden, OH 45311
5200 College Corner Pike
Oxford, OH 45056
Hamilton Ohio Location
75 N Brookwood Ave
Hamilton, OH 45013
A home is one of the largest investments that you will ever make. Most individuals that elect to purchase a home require a loan. Somerville National Bank offers many types of loans. The three most common are the conventional loan, the FHA loan, and the VA loan. We want to see you get into the home of your dreams! One of these loans will help you do just that!