Veterans Path to Homeownership Starts Here

6/27/2016 12:30:00 PM
Veterans Path to Homeownership Starts Here

North Shore Bank is proud to help veterans get in to a home. Start by meeting with one of our Mortgage Loan Professionals who can walk you through your options, including VA and VALOR loans.

VA Loans

If you are a veteran, reservist, active-duty personnel, or surviving spouse of a veteran, you can apply for a Veterans Administration loan with us, a qualified VA lender. Take advantage of your right to apply for a VA loan to get into your new home or refinance your current loan.
  • Available to veterans, reservists, active-duty personnel, and surviving spouses of veterans, based on military entitlement
  • No down payment*
  • No cash reserves
  • Reduced closing costs
  • No monthly mortgage insurance premiums
  • VA funding fee may be financed
  • 1-4 unit primary residences with restrictions

VALOR Conventional Home Loan

The Veterans Affordable Loan Opportunity Rate (VALOR) is a conventional loan program that offers a reduced home loan interest rate exclusively for qualified veterans. This Wisconsin Housing and Economic Development Authority (WHEDA) Advantage fixed-rate mortgage is priced below WHEDA’s standard conventional market rate. VALOR is a limited program and mortgage funds are available on a first come, first served basis.

Features and Benefits

  • Reduced 30-year fixed interest rate
  • No VA loan funding fee
  • 100% financing when paired with WHEDA Easy Close Advantage
  • Reduced or no mortgage insurance options available
  • First-rate, local loan servicing by WHEDA
Program Requirements
  • Must be a qualified veteran with Form DD-214 indicating honorable discharge or release. NOTE: VA Certificate of Eligibility does not replace Form DD-214
  • Cannot be used with a Mortgage Credit Certificate (MCC)
  • First-time homebuyer requirement is waived
  • 620 minimum credit score
  • Only a conventional appraisal report is required
  • Income limits and purchase price limits apply
  • Property must be owner occupied for the life of the loan
Getting started is easy. Connect with a North Shore Bank Mortgage Loan Professional in your area to learn more about the programs, and let us help you purchase a new home.
*Up to 100% financing (based on VA lending limits) may be available for purchase loans and up to 90% for cash-out refinances. Loans over $417,000 require a down payment. Gift funds or bond programs for closing cost assistance are allowed. Restrictions may apply. Please contact your Mortgage Professional for complete details. Features are based on VA limits.

Related Blog Posts

Should You Downsize?

Looking at the advantages and disadvantages of moving into a smaller home Full story...

In Support of Marquette High School Students Bright Future

Full story...

Talking to Young Children About Money

There are many ways to approach good saving and spending habits with your kids. Full story...