VA Loans
If you’re a current or former member of the U.S. military, you may qualify for a VA loan, offering a simpler path to homeownership with more flexible terms than conventional mortgages.
What Are VA Loans?
VA loans, guaranteed by the Veterans Administration (VA), help active-duty members, veterans, and eligible surviving spouses purchase a home with benefits like no down payment and lower closing costs. Orrstown Bank is proud to offer VA loans for home purchases and refinancing.
Purchase Loans and Cash-Out Refinancing
VA loans are available for both home purchases and refinancing existing mortgages. The general lending VA Loan Requirements Include:
- 100% financing for eligible veterans up to $417,000; loans over $417,000 may require a down payment.
- 90% loan-to-value for cash-out refinances up to $417,000.
- Must have a valid Certificate of Eligibility (COE), good credit, sufficient income, and meet military service requirements.
VA Interest Rate Reduction Refinance Loan (IRRRL)
Already have a VA loan? You may qualify for an IRRRL to lower your rate. This is available for refinancing existing VA loans, with minimal requirements.
Who Is Eligible?
To qualify for a VA loan, you must be one of the following:
- Active-duty military or reservist
- Veteran with an honorable discharge
- National Guard member
- Surviving spouse of a veteran
- Cadet, midshipman, or officer at NOAA
Service requirements include 90 days of wartime or 181 days of peacetime service, or six years in the Reserves or National Guard. Most lenders, including Orrstown Bank, require a minimum FICO score of 620.
Benefits of VA Loans:
- No Down Payment: 100% financing available.
- No Mortgage Insurance: Unlike most loans with low down payments, VA loans do not require private mortgage insurance.
- Lower Closing Costs: The VA limits lender fees, reducing your upfront costs.
- No Pre-payment Penalties: Sell or refinance at any time without early-exit fees.
Why Choose Orrstown Bank?
Orrstown Bank offers competitive VA loan rates in Pennsylvania and Maryland, along with personalized service. As a community bank, we provide a high-touch, transparent process to make your home loan experience smooth and stress-free.
Get Started Today
Ready to learn more? Contact an Orrstown Bank loan officer or fill out our online form to start the VA loan process.
Important Notice: Interest Rates and Maximum Loan-to-Value may be based on Credit Score, Property Type, Occupancy, Purpose, Investor, Insurer, Loan to Value and other factors. Additional investor, insurer and Orrstown Bank criteria/conditions apply to all products. Information provided is for illustrative general use only and does not contain all qualification and automated underwriting approval requirements. Orrstown Bank reserves the right to change this information at any time. Meeting any of the criteria does not constitute a commitment to lend.
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