VA Loan at Atlantic Union Bank

Atlantic Union Bank's VA Loan is designed to help eligible veterans, active-duty service members, National Guard and Reserve members, and certain surviving spouses achieve homeownership with confidence and convenience. Backed by the U.S. Department of Veterans Affairs guarantee, our VA mortgage offering focuses on affordability, flexible underwriting, and straightforward service — so you can focus on the next chapter of your life rather than the paperwork.

Key Benefits

• No down payment required in many cases, preserving cash for moving expenses, renovations, or emergency savings.
• Competitive interest rates that often beat conventional financing options for comparable credit profiles.
• No private mortgage insurance (PMI), which can result in significant monthly savings compared to conventional loans.
• Flexible credit requirements and consideration of compensating factors for applicants with limited credit history.
• Assistance for refinancing through options like the VA Interest Rate Reduction Refinance Loan (IRRRL) to lower monthly payments or convert adjustable rates to fixed rates.
• Lifetime benefit — you can use your VA loan benefit multiple times, subject to entitlement and eligibility rules.

Who Is Eligible?

Eligibility for a VA Loan typically includes veterans, current active-duty service members, members of the National Guard and Reserves, and certain surviving spouses. Atlantic Union Bank will help you understand your specific entitlement and documentation requirements. We make the eligibility verification process clear, guiding you through obtaining a Certificate of Eligibility (COE) and assembling the documentation lenders need.

What You Can Finance

VA Loans at Atlantic Union Bank may be used to finance a variety of property types and purposes:

• Purchase of a primary residence, including single-family homes, condos (in VA-approved projects), and certain multi-unit properties where you occupy one unit.
• VA-backed refinancing options to reduce interest rates, shorten loan terms, or transition to a fixed-rate mortgage.
• Purchase or construction of a new home, where permitted by VA rules and bank policies.

Application and Approval Process

Atlantic Union Bank streamlines the VA loan process with clear steps and an experienced team:

1. Prequalification: We review income, assets, and credit to provide an initial estimate of loan amount and affordability.
2. Certificate of Eligibility: We guide you to obtain your COE and confirm entitlement with the VA.
3. Loan application: Submit required documents including pay stubs, tax returns, asset statements, and military discharge paperwork where applicable.
4. Underwriting: Our underwriters evaluate the loan with VA guidelines in mind and may request additional information as needed.
5. Closing: Once approved, we coordinate closing logistics and ensure you understand all loan terms, closing costs, and any applicable VA funding fee details.

Costs and Fees

While VA Loans typically eliminate the need for private mortgage insurance and often reduce out-of-pocket down payment costs, borrowers should expect customary closing costs and, in many cases, a VA funding fee. Atlantic Union Bank provides transparent disclosures and works with you to minimize and explain costs. In some situations, sellers or other parties may pay allowable closing costs to further reduce your cash required at closing.

Why Choose Atlantic Union Bank?

• Veteran-focused service: Our staff is experienced with VA rules and committed to serving military families with respect and efficiency.
• Local decision-making: Regional underwriting and localized expertise help speed decisions and adapt to community housing markets.
• Personalized guidance: We tailor solutions to your financial goals — whether buying your first home, relocating, or refinancing to save money.
• Transparent communication: Expect clear explanations of loan features, timelines, and responsibilities throughout the mortgage lifecycle.

Common Questions

Can I use a VA Loan more than once? Yes. VA benefits can be used multiple times, subject to entitlement and current VA rules.

Do I have to make a down payment? Many borrowers qualify for 100% financing, but specific circumstances or property appraisal results can affect down payment requirements.

What is the VA funding fee? The funding fee helps offset program costs and varies by service status, down payment amount, and whether it is a first-time or subsequent VA loan use. In some cases, exemptions apply.

Preparing to Apply

To speed your application, gather proof of military service, recent pay statements, bank and asset statements, and tax returns if applicable. Atlantic Union Bank's mortgage team will provide a checklist tailored to your situation and answer questions at every step.

Final Note

A VA Loan at Atlantic Union Bank aims to make homeownership more accessible and affordable for those who have served. With specialized knowledge of VA lending, competitive terms, and a commitment to personalized service, we strive to make your mortgage experience clear, efficient, and supportive — so you can focus on making your house a home.

Address Bank: Richmond, Virginia
Bank: Atlantic Union Bank
Headquarters: Richmond, Virginia
Products: Mortgages
Type: Va Loan