As an approved lender for the VA Home Loan Guarantee Program, Bank of England can offer service members, veterans, and eligible surviving spouses favorable terms on all types of home mortgage products. And if you don't meet the qualifications for a VA loan, FHA loans offer similar advantages, including lower down payment requirements.
Benefits and Considerations
Low or No Down Payment
VA mortgage loan requires little or no money down at closing - a valuable benefit that's unique to the VA home loan program.
Lower Monthly Payments
Because the VA guarantees a portion of your loan, you won't need to pay mortgage insurance premiums - a significant monthly savings.
Simplified Approval Process
VA loans were designed to offset common financial challenges faced by military families and veterans, and to simplify the approval process.
We realize that VA mortgages may not be right for everyone, and encourage you to gather and review the VA mortgage information and discuss your specific needs with your family members and your financial, legal, and tax advisors. Bank of England Mortgage Professionals are dedicated to helping you throughout this process and are available to answer any of your questions.
Requirements and Qualifications
To be eligible for a VA loan, you must be an active-duty or retired member of the armed forces with at least:
90 days of consecutive service during wartime, or
181 days of service during peacetime, or
6 years of service in the National Guard or reserves.
Spouses of service members who died in the line of duty or as the result of a service-related disability.
You will need a Certificate of Eligibility from the VA to show that you meet these requirements
Your mortgage loan originator can help you obtain this certificate.