Every year on November 11, throughout the country we celebrate the men and women who serve in the U.S. armed forces. These service members, past and present, make considerable sacrifices to ensure Americans have a safe and secure future, and safety is preserved throughout the world. At First American Bank, we acknowledge the brave dedication of these men and women.
Home Loans for Heroes program
This year, First American Bank is proud to launch our Home Loans for Heroes program just in time for Veterans Day. This is an exciting opportunity designed to benefit veterans, active service members, and more.
To ease the burden of all the expenses that come with buying a new home, Home Loans for Heroes offers a $349 mortgage closing cost credit* to applicants who successfully qualify for a first mortgage. While this program does include active-duty military and veterans, we are also extending it to medical staff and firefighters, and the rest of our everyday heroes.
First American Bank’s VA loan solutions
First American Bank aims to provide mortgages that make purchasing a home easier for our American heroes. A VA loan is backed by the U.S. Department of Veterans Affairs and helps to ensure that military personnel, active and non-active, have access to low-cost mortgage options.
Your loan with First American Bank requires little to no down payment and is easier to manage due to low interest rates and reduced closing costs. What’s more, there are no bank origination fees when submitting a loan application. And, if you finish paying your loan early, there are no prepayment penalties.
Our commitment to military personnel goes even further. First American Bank is proud to employ veterans throughout our lending team. Our loan officers work with you to understand your financial situation and provide tailored financial solutions. We can walk you and your family through the VA loan options and the application process, and help you qualify. Although we are based in Illinois, Florida, and Wisconsin, we lend out of state (excluding Texas, Hawaii, and Alaska) because we recognize that many active service members are required to settle throughout the U.S.
VA loans offer advantages over FHA loans
When purchasing a new home, a VA loan from First American Bank can be a more attractive financing solution than a typical Federal Housing Administration (FHA) home loan.
| Criteria | FHA Loan | VA Loan from First American Bank |
|---|---|---|
| Applicant eligibility | General public | Active-duty service members, National Guard and Reserve, veterans and some surviving spouses |
| Down payment requirement | Minimum down payment of 3.5% of the loan amount | No down payment |
| Bank origination fees | Maximum 1% of the principal amount | None |
| Interest rates | Low | Low |
| Prepayment penalties | None | None |
| Mortgage insurance premium requirement | Required | Not required |
| Government insurance / funding fees | 1.75% of loan amount | VA funding fee: As low as 2.3% of the loan amount for first-time borrowers |
Start with First American Bank
At First American Bank, we believe that buying a place to call home should be easy—especially for those who have given everything to ensure the freedom of all Americans. Our dedicated loan officers are proud to offer heroes and their families the assistance they need to build the future they deserve. Click here to apply for a VA home loan with the financial experts at First American Bank.
