VA Loans
Current service members, veterans and reservists are eligible for VA home loans that feature no down payments and no private mortgage insurance requirement.
We're serving those who have served us.
No penalty fee if loan is paid off early
No private mortgage insurance requirements
Less than perfect credit can apply
Financial assistance options
You served your country. Now let your country return the favor with special financing just for veterans.
VA Loan Benefits
VA loans are designed to provide long-term home financing to qualified veterans and, in some cases, their surviving unmarried spouses. In many instances, their interest rates can be better than other conventional loans.
As a VA mortgage lender in Oklahoma, BancFirst helps eligible veterans and service members buy a home with no down payment and no private mortgage insurance, with guidance from local mortgage loan officers who know the VA loan process.
Who is Eligible For A VA Loan?
- Active-duty military
- Veterans
- Reservists and members of the National Guard
- Some surviving spouses of veterans
These eligibility requirements are unique to VA loans. In addition to past or present military service, standard home loan criteria like your credit score and income will also play a role in your eligibility.
Certificate of Eligibility
In order to apply for a VA-sponsored loan, you will need to obtain a Certificate of Eligibility (COE). Your COE verifies to lenders that you meet the requirements necessary to obtain a VA-sponsored loan. Applying for a COE is straightforward and can be done online, through the mail or through a lender.
Active duty military personnel and current National Guard members or Reservists who have never been activated for Federal active service will need to present a current statement of service in order to obtain a COE.
Veterans and current or former National Guard members and Reservists that have been activated for Federal active service will need to present a DD Form 214 confirming their past service.
How the VA Home Loan Process Works
Step 1: Get your Certificate of Eligibility. Request your COE online, by mail or through your BancFirst mortgage loan officer to confirm your VA loan eligibility.
Step 2: Get pre-qualified. Pre-qualification shows what price range you can afford and makes your offer more attractive to sellers.
Step 3: Find your home and make an offer. Work with a real estate agent to shop for homes and complete a purchase agreement. Learn more about the home purchase process.
Step 4: Appraisal and underwriting. A VA appraisal confirms the home’s value and that it meets VA property requirements while your loan is reviewed for approval.
Step 5: Close on your new home. Sign your loan documents at a title company and get the keys to your new home.
Get Pre-Qualified For A VA Loan
VA loans reward veterans for their service and sacrifice on behalf of our country in a number of ways. Let one of our experienced VA financing professionals help you navigate the VA loan process. Get started today.
To learn more or to apply for a home mortgage loan, submit an online
application, contact us or visit one of our branches in Oklahoma.
VA Loan FAQs
No. Eligible veterans, service members and reservists can buy a home with a VA loan and no down payment. VA loans also don’t require private mortgage insurance, which helps keep your monthly payment lower.
Yes, borrowers with less than perfect credit can apply. Along with your military service, your credit score and income are reviewed as part of the standard home loan approval process.
The VA funding fee is a one-time fee paid to the Department of Veterans Affairs to help fund the VA home loan program. The amount depends on your down payment and whether you’ve used a VA loan before, and it can usually be rolled into your loan. Some borrowers, including veterans who receive VA disability compensation, are exempt.
Yes. Homeowners with a VA loan may be able to refinance to lower their rate or take cash out of their home’s equity. Learn more about mortgage refinancing.
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