VA Mortgages

What is it? / When should you choose it? / What options are available? / "No hassle" DCU servicing

Rate Information / How To Apply / Payment Protection / Need Help With Insurance / Buying or Selling a Home?

What is a VA Mortgage?

A VA Mortgage is a home loan, provided by a mortgage lender, guaranteed by the U.S. Department of Veterans Affairs. This program helps veterans obtain mortgages by protecting the lender against loss. If a veteran qualifies, they can obtain a mortgage guaranteed to a maximum of $240,000, based on the appraised value of the property, with no down payment.

What are the benefits of a VA Mortgage? – For qualified borrowers, a VA Mortgage will allow you to borrow for the full value of the home with no down payment. While the veteran will pay closing costs, these costs are held to reasonable and customary amounts by regulation.

What are the disadvantages of a VA Mortgage? – Because there is no down payment required, the rate on these mortgages tends to be higher than conventional mortgages made with a down payment. Because the federal government is involved, there is more paperwork for you to fill out (more than that required for an ordinary mortgage). In addition, you may not have as many mortgage product options within the VA loan guarantee.

Who can obtain a VA Mortgage? – The Veterans Administration will guarantee a no down payment, 100% financing mortgage on a home if you are in one of the following classes:

An eligible veteran of the US Army, Navy, Air Force, Marines, or Coast Guard
An eligible reservist of the above or a member of the Army National Guard or Air National Guard
An unmarried spouse of a deceased veteran
An eligible individual with service in certain organizations such as midshipmen and cadets at service academies, officers of the National Oceanic and Atmospheric Administration, officers of the Public Health Service among others
Qualified individuals who are purchasing a VA foreclosed home

Visit the government's VA Loans web site for more on eligibility requirements and required forms.

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When is a VA Mortgage the right choice?

This program is designed to help veterans get into a home with less cash up front. However, if you've saved enough cash to put at least 5% down on your home, you'll have a far greater range of mortgage choices. Many of them may be more economical for you with lower rates than a VA Mortgage. Our Mortgage Specialists can discuss your options with you so you can pick the program that best fits your personal needs.

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What VA Mortgage options are available at DCU?

At DCU, you can borrow for up to 30 years at a fixed rate. Select here for current rates on VA Mortgages.

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No Hassle DCU Servicing

When you choose DCU servicing for your mortgage, you'll only deal with us for the life of your loan. We'll handle all your payments, escrow, and questions. You'll have access to your mortgage account through PC Branch, Easy Touch Telephone Teller, and DCU ATMs for getting information and making electronic payments.

Most important, you'll never have to worry about late or missing payments if your mortgage is sold.

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How to Apply

Apply for your VA Loan online – Available in all 50 states.

Apply at any DCU branch – For the branch nearest you, visit our DCU Branch Location page.

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For Current Rates or More Information

Our up-to-date Mortgage rates are available on our web site, at any DCU branch, or by calling the Information Center at 800.328.8797.

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Payment Protection

Ease your loan payments, protect your family, and safeguard your credit rating. Payment Protection offered by Digital Federal Credit Union helps relieve the financial stress and worry related to making loan payments when your life takes an unexpected turn. To learn more about how Payment Protection works, select here.

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Need insurance on your home?

DCU Insurance offers insurance with the personal service you deserve. So whether you have Homeowners Insurance or need it, DCU Insurance could be the right choice for you.

Remember that any insurance required as a condition of the extension of credit by the credit union need not be purchased from DCU Insurance but may, without effecting the approval of the application for credit, be purchased from an agent or insurance company of the member's choice. Insurance products are not deposits of Digital Federal Credit Union (DCU) and are not protected by the NCUA. They are not an obligation of or guaranteed by the credit union and may be subject to risk. Insurance is offered by DCU Financial Insurance Services, LLC, an affiliate of DCU. Business conducted with DCU Insurance is separate and distinct from any business conducted with the credit union. Any questions or concerns regarding this relationship may be addressed to the Office of Consumer Affairs.

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Buying or Selling a Home?

DCU Realty is a full-service real estate agency serving home buyers and sellers in Massachusetts and New Hampshire. Our team of certified buyer agents can show you any home on the market - with no out of pocket cost to you. Put a licensed DCU Realty professional on your side before you start your home buying process so you can get the best home on the market at the best price.

Need to sell your home? DCU Realty has several plans to help you get full market value in the least amount of time.

Moving anywhere in the U.S.? DCU Realty's FREE Relocation Service will interview and refer a reputable real estate agent and other service providers to you - at no cost to you.

For more information on any of these great new services, give us a call at (888) 832-8929 or visit www.dcuhomes.com.

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Digital Federal Credit Union
220 Donald Lynch Boulevard
PO Box 9130
Marlborough, MA 01752-9130
508.263.6700 • 800.328.8797