VA Loans
First Commonwealth Bank is here to support the veterans in our community. If you live in
Pennsylvania or Ohio, our veteran affairs loan options will connect you with the financing you need to purchase a new home or renovate your current home. Speak with our mortgage team today to capitalize on all the benefits of a VA loan.
What Is a VA Loan?
A VA loan is a financing option for veterans, active-duty military personnel and surviving
spouses. The U.S. Department of Veterans Affairs guarantees these loans through private lenders like First Commonwealth Bank to ensure those who serve our country have access to affordable housing.
The guarantee means that the U.S. government will repay up to 25% of the loan if you're unable to. Thanks to the government's guarantee, we're able to provide some of the most competitive rates and terms, as well as options like zero-down-payment lending.
As of 2020, the Department of Veterans Affairs has lifted the limit for VA loans, meaning the government will insure loans of any amount over $144,000. The limit-free policy applies to borrowers who have a default-free history and no other active VA loans.
What Advantages Do VA Loans Offer?
The U.S. government ensures numerous benefits through VA home loans. These benefits are available for life, meaning you can use them multiple times. A VA loan can help you:
Borrow without a down payment.
- Access the most competitive interest rates.
- Reduce your closing costs.
- Eliminate the need for Private Mortgage Insurance (PMI).
- Refinance an existing loan with a lower interest rate.
- Pass your interest rate to your buyer when you sell.
Do I Qualify for a VA Loan?
After World War II, the 1944 GI Bill of Rights made VA loans available to any veteran, active-duty service member or military spouse. You'll need to obtain a VA certificate of eligibility as confirmation. From there, we'll schedule an appraisal to estimate the home's value, collect your financial information and review your credit history. The U.S. government's guarantee makes it easier to qualify for one of our VA loans.
How Do I Apply?
You can secure a VA loan by completing a simple online application or by making an
appointment with a local First Commonwealth Bank representative. In the meantime, our
mortgage calculator can help you understand how much you can afford to borrow and what you can expect to pay each month.
VA Loan Options
As your community bank, we're here to help in all of life's moments, like buying that perfect place to call home or refinancing to help you save in the long run. We are especially grateful for Veterans, and work to make sure that you have the best VA loan option for your unique financial situation. By partnering with a member of our mortgage team, we'll find the best VA loan for you.
Apply for a Mortgage or Submit a Pre-Qualification Request a Rate
VA Loan Features
- Insured by the U.S. Department of Veteran's Affairs
- 100% financing available when you buy1
- Downpayment not required1
- Purchase or Refinance options are available for eligible Veterans
Mortgage Resources
We're here to help you throughout the entire process.
Mortgage Checklist - what to be mindful of before starting the mortgage process
5 Pitfalls to Avoid - practical tips for being best positioned for your mortgage
Apply for a VA Loan In Ohio or Pennsylvania
At First Commonwealth Bank, we're committed to thanking those who served our country by providing easy access to competitive VA loans. Our financial experts will ensure you receive the maximum support when you purchase your next home. We encourage you to apply for a mortgage today or request an appointment for more on our VA loan offerings.
1 Some exclusions apply and will be explained during the application process.