Veterans Path to Homeownership Starts Here

06/27/2016

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.

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