VA Loan in First Citizens BancShares
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VA Loan from First Citizens BancShares
First Citizens BancShares offers VA Loan solutions designed to honor the service of veterans, active-duty service members, reservists, and eligible surviving spouses. Our VA mortgage program provides an accessible pathway to homeownership with advantages tailored to military borrowers, combining competitive financing terms, flexible underwriting, and dedicated support through each stage of the mortgage process.
Why choose a VA Loan with First Citizens BancShares?
- Designed for military borrowers: The VA Loan program is specifically structured to benefit those who have served or are serving in the U.S. armed forces, offering protections and advantages not typically available in conventional mortgage products.
- Potentially no down payment: Qualifying borrowers may be able to purchase a home without making a down payment, subject to VA entitlement and lender underwriting.
- No private mortgage insurance (PMI): VA Loans generally do not require PMI, which can lower monthly housing costs compared with conventional loans that require mortgage insurance when the down payment is less than 20%.
- Competitive interest rates: First Citizens BancShares works to provide competitive fixed and adjustable rate options, helping veterans secure manageable long-term financing.
- Flexible credit considerations: Our underwriting takes into account the unique circumstances of military life, aiming to offer reasonable solutions when credit events relate to service-related relocations or deployments.
- Refinance options: Available programs may include interest rate reduction refinance loans (IRRRLs), cash-out refinances, and purchase refinances to help reduce payments, shorten loan terms, or access home equity.
Key features
First Citizens BancShares’ VA Loan program includes a range of features to support the home buying and refinancing needs of eligible borrowers:
- Purchase loans: Financing for buying a primary residence, with competitive underwriting and the potential for low or no down payment.
- Refinance alternatives: Streamlined refinance options intended to lower your interest rate or monthly payment, as well as cash-out refinancing to access equity for other financial needs.
- Assumable mortgages: VA Loans are often assumable by a buyer who meets the VA and lender requirements, which can be an attractive feature for future resale.
- Funding fee flexibility: The VA funding fee may be financed into the loan amount, subject to VA rules, and certain borrowers (e.g., veterans with service-connected disabilities) may be exempt from the fee.
- Occupancy requirement: VA Loans are intended for primary residences; borrowers should plan to occupy the property as their principal home according to program guidelines.
Eligibility and documentation
Eligible borrowers typically include veterans, active-duty service members, National Guard and Reserve members who meet service requirements, and certain surviving spouses. Eligibility is verified through the Department of Veterans Affairs via a Certificate of Eligibility (COE) or other acceptable documentation.
Common documentation requested during the application process may include:
- Certificate of Eligibility or documentation supporting VA entitlement.
- Proof of income and employment history.
- Credit history and related explanations for unique circumstances.
- Property information and appraisal as part of the VA appraisal process.
First Citizens BancShares’ loan officers can help clarify the specific documents needed and assist applicants through the COE verification and loan submission steps.
Benefits for military families
VA Loans are structured to provide meaningful benefits to military families. Eliminating the typical PMI requirement and offering low-or-no down payment options can make homeownership more attainable. Streamlined refinance options make it easier to reduce monthly payments as market rates change, and flexible underwriting can better accommodate the realities of military service, such as PCS moves, deployment-related gaps, or temporary changes to income.
How the application process works
- Prequalification: Begin with a confidential prequalification to estimate how much you may borrow and to review general program eligibility.
- Obtain your COE: Confirm your VA eligibility. Our team can explain the documentation required and help coordinate the verification process.
- Loan application: Submit a formal mortgage application with required income, asset, and credit information.
- Property appraisal and underwriting: A VA appraisal ensures the property meets minimum property requirements while underwriting assesses the complete loan package.
- Closing: Once approved, finalize the loan terms and complete closing documents to take ownership of the property or refinance your existing mortgage.
Customer support and guidance
First Citizens BancShares is committed to providing personalized service to veterans and their families. Our lenders understand the nuances of VA financing and are available to answer questions, review options, and support borrowers through every step of the mortgage experience. We aim to make the process transparent and manageable, helping you choose the loan structure that best fits your financial goals.
Important considerations
While VA Loans offer many advantages, there are important factors to consider. Loan approval is subject to credit review, property eligibility, and VA program rules. The VA funding fee and other closing costs may apply — some fees may be financed into the loan amount where permitted. Occupancy rules require the property to serve as your primary residence. Loan limits, entitlement availability, and specific underwriting requirements can vary, so borrowers should consult with a loan officer to understand how the program applies to their situation.
Get started
If you are a veteran, active-duty service member, reservist, or eligible surviving spouse considering a VA Loan, First Citizens BancShares stands ready to assist. Our team will walk you through eligibility verification, explain loan options, and help you make an informed decision about purchasing or refinancing a home. Experience a mortgage process designed to recognize and support your service.
All loan products are subject to credit approval and program guidelines. Terms and conditions apply. Please contact a First Citizens BancShares mortgage specialist to learn more about available VA Loan options and the specific requirements that may affect your eligibility and loan terms.
Address Bank: Raleigh, North Carolina, U.S.
Bank: First Citizens BancShares
Headquarters: Raleigh
Products: Mortgages
Type: Va Loan
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