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Buying a Home with a VA Loan

(VETERANS ADMINISTRATION)

VA loans are partially insured by the U.S. Department of Veterans Affairs (VA) and are a valuable benefit for military veterans and active servicemen and women. This federal insurance enables lenders to offer easier qualifying guidelines and low down payment options.

HIGHLIGHTS OF A VA LOAN
  • VA Purchase loans allow eligible Veterans 100% Home Financing. Most veterans and service members will not need a down payment.
  • VA loans have a funding fee but do not have traditional Monthly Mortgage Insurance Premiums.
  • VA loans do not have a maximum loan; however, based on the eligibility of a VA loan, the maximum it currently allows you to borrow is up to $510,400 in Mississippi.
  • Typically qualifying veterans are allowed to reuse this benefit.
  • Typically you are able to qualify with a lower credit score and more debt compared to conventional loans.
  • Sellers can contribute up to 4% of the sales price toward allowable closing costs.
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VA loans require a VA funding fee collected at closing. The fee varies with the amount of the down payment and is higher with no or low down payments. The VA funding fee is nonrefundable. Loans subject to credit and property approval. Visit www.benefits.va.gov/benefits for VA eligibility requirements. Terms and conditions apply. This is not a commitment to lend. Credit is subject to approval. Programs, rates, terms and conditions are subject to change without notice.

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100 SOUTH BROADWAY STREET

MCCOMB, MS 39648

800.678.5648

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First Bank is not responsible for and has no control over the subject matter, content, information, or graphics of the web sites that have links here. Please contact us with any concerns or comments. This content does not constitute legal, tax, accounting, financial or investment advice. You are encouraged to consult with competent legal, tax, accounting, financial and/or investment professional based on your specific circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information. You are invited to apply. Your receipt of this material does not mean you have been pre-qualified or pre-approved for any product or service. Please consult your tax advisor, as neither First Bank, its affiliates, nor their employees provide tax advice.


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First Bank MS NMLS# 421801     |     FAIR LENDER     |     FAIR HOUSING

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First Bank MS Corporate Office NMLS# 421801

100 South Broadway McComb, MS 39648

P.O. Box 808 McComb, MS 39648

800.678.5648  |    Mortgage@firstbankms.com

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First Bank MS NMLS# 421801     |     FAIR LENDER     |     FAIR HOUSING

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