VA guaranteed loans are made by lenders, such as Troy Bank and Trust and guaranteed by the U.S. Department of Veteran Affairs (VA) to eligible veterans for the purchase of a home. The guaranty means the lender is protected against loss if you fail to repay the loan. In most cases, no down payment is required on a VA guaranteed loan.
Other benefits of a VA loan include:
Closing costs comparable and sometimes lower - than other financing types.
No private mortgage insurance requirement.
Right to prepay loan without penalties
Counseling and assistance may be available to veteran borrowers having financial difficulty or facing default on their loan.
Although mortgage insurance is not required, the VA charges a funding fee to issue a guarantee to a lender against borrower default on a mortgage. The fee may be paid in cash by the buyer or seller, or it may be financed in the loan amount.
Veterans can apply for a VA loan with Troy Bank and Trust. A Certificate of Eligibility from the VA must be presented to the us in order to qualify for the loan.
MEMBER FDIC
Rates vary daily and are subject to change without notice.
All loans are subject to credit approval, verification, and collateral evaluation. Initial decision is subject to you meeting specific underwriting requirements and final approval will be based upon you satisfying those requirements. Loans originated by Troy Bank and Trust Company.
This information is provided for illustrative purposes only and does not constitute an application. This notice does not guarantee loan approval, nor is it an offer or commitment to make a loan to you on the above terms. The APR, fees, and closing costs are all estimates based on Troy Bank and Trust Companys normal and customary fees and typical tax and insurance costs in the stated property's vicinity.
Troy Bank & Trust Company, Inc (NMLS 409724) 1000 Hwy 231 S P. O. Box 967 Troy, AL 36081-3105
