VA, FHA & USDA Home Loans
Federally-backed mortgage loan programs are partially insured by the associated agency and issued by an approved lender like us. Learn more about the federal mortgage programs we offer at American National Bank:
- VA Home Loans: Get up to 100% financing (no down payment) with no mortgage insurance requirement. Available to eligible veterans, active service members, and surviving spouses.
- FHA Home Loans: Open to all qualified buyers and a favorite among first-time homebuyers. Offers more flexible credit requirements and lower down payment options. Also requires mortgage insurance for the life of the loan.
- USDA Home Loans: For low- and moderate-income home buyers in certain rural and suburban areas. Up to 100% financing available.
When To Apply For A Federally-Insured Mortgage
If you are eligible for a VA Mortgage Loan, it’s an affordable way to buy a home without having to pay mortgage insurance premiums in exchange for not having a down payment. Similarly, USDA Mortgage Loans are great for eligible buyers or homeowners who would otherwise not be able to buy, build, or renovate a home. And, as mentioned, FHA Mortgage Loans are popular among younger and first-time buyers because they permit people with a slightly lower than average credit score to qualify for home loans and the lower down payment option also makes it more affordable to buy your first home.
Alternatives To Federal Mortgage Programs
If you are not a veteran or servicemember, and don’t want to pay the mortgage insurance premiums associated with FHA and USDA loans, consider a Conventional Loan instead. Available with a fixed or adjustable interest rate, the Conventional Mortgage is a classic choice for homebuyers.
Why choose American National Bank as your mortgage lender?
With local, knowledgeable mortgage bankers, you benefit from quick turnaround times by people who know the market. American National’s tradition of community banking dates back over a century to our founding in 1909. We believe being local is more than just having an office in the community. It's about looking out for our customers with better banking options and quick, local decisions. Whatever type of home financing you’re looking for, we are here to help you achieve your goals. We know that it’s not just about getting a mortgage; it’s about building the life you want. With multiple banking locations in Virginia and North Carolina, we are proud to be your community's hometown mortgage lender.