VA Loans

VA Loans Have Great Benefits for Those Who Have Served

For all that you have given to your country, you deserve a fair opportunity to purchase a home you love. VA loans, insured through the U.S. Department of Veteran’s Affairs, are an affordable home loan option for servicemembers and certain others who have served their country. At Boise River Lending, we proudly offer private VA loans with great terms and 0% down payment for clients. If you are considering purchasing a home in Boise, Meridian, Twin Falls, or surrounding Treasure Valley and Magic Valley, contact us to get started.

A Type of Government-Backed Loan

VA loans were developed to help veterans and their families achieve the dream of owning a home without jumping through many hoops. While they are backed through the federal government, they are fully funded through private investors like Boise River Lending. Because they are federally insured, VA loans are a type of nonconventional loan, as are FHA (federal housing administration) and USDA (U.S. Department of Agriculture) loans.

The Benefits of VA Loans

The benefits of VA loans include:

  • No required down payment or closing costs
  • No required private mortgage insurance (PMI)
    • While traditional loans typically require a client pay PMI unless they put down at least 20%, the government insures FHA loans with no down payment.
  • Competitive interest rates that are typically lower than traditional loans
  • No pre-payment penalties for clients who pay off their loans before term
  • Loan value up t $424,100 for a traditional VA loan
  • The ability to purchase a home, condominium, manufactured home or lot or for home improvements or refinancing

The benefits of VA loans are hard-earned by those who are eligible for them. Only federally approved lenders, like Boise River Lending, can offer this type of financing.

Eligibility for VA Loans

Unlike FHA loans and USDA loans, which are available to most consumers with minimal requirements, VA loans – and their benefits – are only available to certain people. These include:

  • Veterans who served during World War II, the Korean War, the Vietnam War, the Gulf War (with certain service requirements that we can explain further)
  • Veterans who served during peacetime (with certain service requirements)
  • Current active-duty service personnel
  • Selected reservists or members of the National Guard
  • Un-remarried spouses of veterans who died during service or from a service-related disability and remarried spouses of a certain age
  • A spouse of a servicemember who was MIA or POW
  • Certain other non-military citizens who served the armed forces or in certain organizations that support the military

To receive VA loan home financing insured through the federal government, you will have to first obtain a Certificate of Eligibility (COE). A broker with Boise River Lending can guide you through this process and through all the other steps to determine eligibility and apply for your loan.

We Care About Those Who Have Served

The team at Boise River Lending feels honored to be able to provide home financing to veterans, servicemembers and their families. If you fall within this honorable category and are considering purchasing a home, contact us today. We have served clients in Boise, Meridian, Twin Falls, and surrounding Treasure Valley and Magic Valley, ID, for more than 20 years. We have the expertise and the dedication you deserve when it comes to VA loans.