VA Loans

VA Loans: Earned-Not Given

VA loans provide a unique opportunity to make many veterans’ home ownership dreams become reality. At Capital City Mortgage, we specialize in helping veterans, active-duty military personnel, and surviving spouses obtain affordable financing for buying or refinancing their homes. As mortgage brokers, we offer some of the best pricing for government-backed loans, making the home-buying process more accessible and cost-effective.

Whether you’re based in Lincoln, NE, or Omaha, NE, we’re here to help you navigate the VA loan process and secure the best deal possible.

What is a VA Home Loan?

A VA home loan is a mortgage program backed by the U.S. Department of Veterans Affairs (VA), designed to help military veterans and their families secure home financing. Unlike traditional loans, VA loans come with exceptional benefits, such as no down payment, lower interest rates, and no private mortgage insurance (PMI).

These loans are offered by approved lenders—including mortgage brokers like Capital City Mortgage—but are guaranteed by the VA, which allows lenders to offer more favorable terms. If you’re eligible for a VA loan, you can take advantage of these cost-saving benefits and achieve your homeownership goals.

Key Benefits of a VA Home Loan

VA loans offer several distinct advantages that make them an attractive choice for those who’ve served in the military. Here are the key benefits that come with a VA home loan:

1. No Down Payment Required

One of the most significant barriers to homeownership is the down payment, which can be as high as 20% of the home’s purchase price for conventional loans. With a VA home loan, you can typically buy a home with no down payment. This benefit allows you to move into a home without the burden of saving thousands of dollars for a down payment.

2. Lower Interest Rates

VA loans usually offer lower interest rates than conventional mortgages, which can lead to significant savings over the life of the loan. The lower rate means that you’ll pay less in interest each month, helping you save thousands over time.

3. No Private Mortgage Insurance (PMI)

Most traditional loans require private mortgage insurance (PMI) if the borrower puts down less than 20%. PMI can add hundreds of dollars to your monthly payments. VA loans, however, do not require PMI, saving you money every month.

4. Flexible Credit & Income Requirements

VA loans are more forgiving than traditional loans when it comes to credit scores and debt-to-income ratios. Even if you’ve had credit challenges in the past, you may still qualify for a VA loan. Lenders consider your overall financial picture, which means you can have less-than-perfect credit and still be approved.

5. No Prepayment Penalty

Unlike some loan types, VA loans don’t have a prepayment penalty. If you want to pay off your loan early or make extra payments to reduce your loan balance faster, you can do so without incurring fees. This flexibility can help you pay off your mortgage more quickly and save money on interest.

6. VA Streamline Refinance (IRRRL)

If you currently have a VA loan, you can refinance with a VA Interest Rate Reduction Refinance Loan (IRRRL), often referred to as a streamline refinance. This program allows you to reduce your interest rate with minimal paperwork and without an appraisal. It’s a simple and cost-effective way to lower your monthly payments.

7. Help with Foreclosure Prevention

The VA offers assistance to veterans who are struggling to make their mortgage payments. If you find yourself facing financial hardship, the VA has programs to help avoid foreclosure and keep you in your home.

Who is Eligible for a VA Home Loan?

VA loans are available to veterans, active-duty service members, and surviving spouses who meet specific eligibility requirements.

Eligibility is determined by obtaining a Certificate of Eligibility (COE), which can be requested from the VA or your lender. We can help you obtain this document quickly to move forward with the loan application process.

How to Apply for a VA Home Loan in Nebraska

At Capital City Mortgage, we make applying for a VA loan in Lincoln, NE, and Omaha, NE easy. Here’s a simple breakdown of the process:

Step 1: Determine Eligibility

We’ll help you determine whether you meet the eligibility requirements for a VA home loan. Once your eligibility is confirmed, we can assist you with obtaining your Certificate of Eligibility (COE).

Step 2: Get Pre-Approved

A pre-approval gives you a better idea of how much you can afford and makes you a more competitive buyer. We’ll review your financial details, including your income, credit, and debts, and provide you with a pre-approval letter that you can take to your realtor.

Step 3: Find Your Dream Home

Once you’re pre-approved, you can begin searching for your new home. We can refer you to trusted real estate agents in Lincoln and Omaha to help guide you through the home-buying process.

Step 4: Loan Processing & Appraisal

After you’ve chosen your home, we’ll begin the loan processing, which includes coordinating the VA appraisal. The appraisal ensures the home meets VA standards and is worth the loan amount.

Step 5: Closing

Once your loan is approved, we’ll schedule your closing. During the closing, you’ll sign the paperwork and finalize the transaction. Afterward, you’ll receive the keys to your new home!

Why Choose Capital City Mortgage?

As a local mortgage broker, we offer personalized service to veterans and active-duty military members in Lincoln, Omaha, and the entire State of Nebraska. 

Get Started Today!

If you’re a veteran, active-duty service member, or surviving spouse, you’ve earned the benefits of a VA home loan. Let Capital City Mortgage help you take advantage of zero down payment, low interest rates, and no PMI to achieve your dream of homeownership.

Contact us today for more information or to get started on your VA loan application. We proudly serve veterans in Lincoln, NE, and Omaha, NE.