One of the Best VA Home Loan Lenders – VA Approved Lender #are


VA Loans

As one of the nation’s best VA home loan lenders, NASB offers great rates on safe and affordable loan products, including FHA and VA home loans. We will help you determine if you are eligible for VA financing and, if you qualify, we will provide you with quick and hassle-free VA loan approval.

VA Approved Lenders

Earning the privilege to lend to our brave men and women is an honor we take seriously here at North American Savings Bank. VA-approved lenders adhere to the highest standards of financial practice and NASB works extra hard to ensure a comprehensive loan experience for military personnel. We are dedicated to giving you great customer service, but don’t just take our word for it. Read the thousands of reviews written by our customers.

What is a VA Home Loan?

VA home loans are guaranteed by the U.S. Department of Veterans Affairs (VA) who allows qualified Veterans or Active-Duty personnel to finance up to 100% of the purchase price of their home. The VA Loan Guaranty Service is the organization within the VA that administers the home loan program. The VA loan program was designed to offer home loan financing to qualified American Veterans, Reservists and Active-Duty personnel and/or their surviving spouses.

VA home loans are only available for eligible U.S. military personnel, Reservists, National Guard Members, Veterans, and their spouses. The purpose of the VA home loan program is the same as that of its FHA counterpart; to enable affordable home ownership. As with the FHA, the VA does not actually lend money, but instead the federal government guarantees the loans made by lenders such as banks, savings and loans, or mortgage companies.

What are the Benefits?

No Lender Fees or Points

NASB charges no lender fees or points to active duty military personnel, reservists and veterans who finance or refinance their home with a NASB VA Home Loan. When comparing rates, be sure to check if our competitors are charging lender fees or points, such as a 1% origination fee, loan processing surcharges, underwriting fees or other hidden costs. This will require less cash for you to close on a new home and result in lower monthly payments when financing with NASB.

Streamlined Refinance Program

VA home loans offer you the ability to refinance in the future at a substantially reduced cost. The VA Streamline Refinance. or what is commonly referred to as the IRRRL (Interest Rate Reduction Refinance Loan). allows qualified VA borrowers to refinance to a lower rate of interest or reduced term. Additionally, qualified VA borrowers may not have to obtain a new appraisal or re-qualify for a new VA loan.

What are the Requirements?

VA Home Loan Eligibility

There are several detailed qualifications for VA home loan eligibility that depend on your military status and experience. Generally speaking, those who are eligible for VA home loans include: Veterans of the U.S. Military, Active-Duty personnel, Reservists or National Guard members, and some surviving spouses. For a detailed list of qualifications, please visit the Department of Veterans Affairs website. You can also visit our pre-qualification page to learn more.

VA Home Loan Requirements

Even though you may be eligible for a VA home loan based on your service, there are also certain lending qualifications that must be met in order to be approved for a VA home loan. NASB will consider the following when evaluating your VA home loan application:

Employment Verification – We need proof of two years of steady employment; preferably with the same employer.

  1. Income – The last two years of income should be either at the same level or higher.
  2. Credit Score – Your credit report should have less than two 30-day late payments in the last two years, and show a minimum credit score of 620.
  3. Bankruptcy – You must be at least two years past any bankruptcy discharge date, and have perfect credit since the discharge.
  4. Foreclosures – Any foreclosure must be at least two years old, and you must have perfect credit following the foreclosure date.
  5. Inspection Appraisal – The home you are purchasing or refinancing will be subject to inspection and appraisal to determine the marketability and verify the current market value will be sufficient collateral to secure the loan.

Other conditions may apply; contact a NASB VA home loan consultant for more information.

Loan Limits

The VA home loan program imposes a maximum amount in which they will finance up to 100%. That limit is $417,000 in most counties, however a VA loan is eligible for 100% financing all the way up to $729,750 if the Veteran lives in a high-cost county. Each high cost county has their own limit so please ask your loan consultant for more details.

Eligible Veterans may borrow up to 100% of the purchase price of the home, without mortgage insurance being required. Compared to a conventional or FHA loan, a VA home loan can save you thousands of dollars over the life of the loan just by eliminating the need for home mortgage insurance. To learn more about VA loan limits visit the Department of Veteran’s Affairs VA Home Loan Limits page .

It is also possible to finance more than the designated VA county loan limit if you are willing to put a percentage of money down as a down payment. Please ask your loan consultant for more details.

Apply for a VA Home Loan

So how do you apply for a VA home loan? The first step in applying for a VA home loan is verifying your eligibility for the VA home loan program. NASB is happy to assist you in this process, and can help you obtain your certificate of eligibility (COE), which is required prior to your application for a VA home loan. You may also visit the VA website to obtain your certificate of eligibility and view their requirements for proof of military service.

Once you obtain your certificate of eligibility you may apply for a VA home loan. NASB is one of the top 25 VA home lenders in the nation. We sell direct to Ginnie Mae – the government entity that backs the VA loan program – which only 1% of lenders do. This ensures we have some of the most lenient guidelines of any VA lender. NASB also offers some of the most competitive VA loan rates in the country and we do not charge any lender, bank, or origination fees on any VA loan we originate. Most other VA lenders charge a 1% lender or origination fee and it is common for NASB to be able to save you thousands of dollars compared to our competition.

Once the application is complete, your Loan Consultant will work on pre-approving you and walking you through your VA home loan options. Prior to committing to NASB or depositing fees for a credit report and appraisal, NASB will provide a “Good Faith Estimate” outlining a firm quote that includes all of our fees and lender controlled costs, as well as an accurate estimate of supplementary home loan costs such as title insurance, recording fees, and transfer taxes.

About NASB

NASB is a federally regulated savings bank supervised by the Office of the Comptroller of the Currency, a department of the U.S. Treasury. As a supervised Federal Savings Bank, NASB is subject to annual on-site examinations for safety and soundness, and compliance. These annual examinations ensure NASB is operating in a prudent manner to ensure the financial security of depositors as well as to ensure NASB is serving all of its customers ethically and in compliance with all applicable laws and regulations governing its financial services.

All NASB Loan Consultants are registered under the S.A.F.E. Act and are thoroughly trained in VA home mortgage lending and compliance. Each Loan Consultant must complete annual mortgage lending and compliance training, and meet or exceed testing requirements to maintain their eligibility to serve our customers.

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