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VA loans are a type of mortgage loan available to active service members, veterans and their families. These loans are administered through the United States Department of Veterans Affairs, otherwise known as the VA. VA loans often allow veterans to purchase a home with no down payment and can make it easier for service members to afford the cost of a home. VA loan lenders may also offer other related services, such as insurance or personal loans.

We’ll get right to it: Truliant Federal Credit Union is the best overall credit union for getting a car loan, while Capital One Auto Loans is the best overall bank for auto loans. In this post, we also go into which financial institution is the best for military members (Navy Federal Credit Union) and which […]

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BB&T is one of the largest and oldest banks on the east coast. Personal loans from BB&T are offered to both members and nonmembers, but you will have to visit a branch to close one out. If that’s not a problem, then there are plenty of options to choose from. Debt consolidation, home, auto and recreational loans are just some of the personal loans available to borrowers and all for competitive rates. However, BB&T is in the process of merging with SunTrust bank to form Truist, and these offerings may change in the future.

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VA loans are special types of mortgage available to active service members, veterans and their families. These mortgages are administered through the United States Department of Veteran Affairs (VA). The aim of VA loans is to make purchasing a home easier for service members as there is no need for a down payment.

Since 1944, VA loans have helped over 22 million military members purchase homes. Since the government backs VA loans, the rates you pay are much better than that of a traditional loan. This means that military members can save significant costs on purchasing a home.

While VA loans don’t require mortgage insurance, a one-time VA loan funding fee is required instead. This VA funding fee can be paid either upfront or rolled into the mortgage.

Are you one of the 73.5 million Americans living in a community managed by a homeowner association (HOA)?

If you’re paying for HOA insurance as part of your dues and also paying for a homeowner’s policy, you might wonder whether both are necessary. If you decide to drop one of those coverages, you’ll be exposing yourself to risks. Here’s why.

What is HOA insurance?

Homeowner’s associations need their insurance to cover common areas like clubhouses, swimming pools, fitness centers and walking paths.

The premiums are paid by the members of the association (payments from their dues). The policy benefits everyone because it allows the association to get those amenities repaired and back in operation if they’re ever damaged by a storm, fire or another covered event.

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When talking about the requirements for buying a home, chances are that you’ve heard the 20% down payment requirement rule. Conventional loans often require a 20% minimum down payment in order to secure. Without it, you either won’t get approved for the loan or will pay for pricey private mortgage insurance to obtain it.

With an FHA home loan, though, that 20% rule doesn’t apply. With these types of government-backed loans, you can buy a house with as little as 3.5% down. The loose lending parameters for FHA loans mean that many more people can qualify to buy a home, even if they can’t meet the traditional downpayment or credit guidelines.