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Serving Those Who Serve Our Country
Veterans Administration (VA) Loans
At a Glance
Available to veterans, service members, and eligible surviving spouses
No down payment or PMI required
Fees and closing costs are limited
If you are serving, or have served, in the military, you may qualify for a loan backed by the U.S. Department of Veterans Affairs to purchase or build a new home.
Nearly 90% of VA-backed loans are made with no down payment, making it easier for veterans, service members, and eligible spouses to afford a home without a sizeable down payment. And because the loan is backed by the U.S. government, no mortgage insurance is required.
While a VA loans can be a good fit for first-time home buyers, you don’t have to be one to qualify, but the loan must be for your primary residence, not a second home or investment property.
Mortgage Rates
*Offers are subject to credit approval. REG = Regular Rate. APR = Annual Percentage Rate. Read Full Disclosures.
Benefits of a VA Loan
- No down payment required
- No private mortgage insurance (PMI) required
- Closing costs capped at 1% of your loan amount
Qualifications for a VA Loan
- Must be currently on active military duty, or
- Be an honorably discharged veteran who met the minimum service requirements
- Served a minimum of 90 consecutive active days during wartime or 181 consecutive active days during peacetime, or
- Served for more than six years in the National Guard or Selective Reserve
If you’re the spouse of an MIA service member, or one who died in the line of duty or from a service-related disability, you may also qualify for a VA loan. In order to apply, you need to obtain a VA Certificate of Eligibility , or COE. A COE is required to apply for a VA loan.
Wondering what your monthly payments might look like?
Estimate my paymentContact an Advisor
Not sure yet? No problem. Our Loan Advisors will help answer your questions and walk you through every step of the loan process.
Frequently Asked Questions
Yes, homeowner’s insurance is required for everyone who has a mortgage. As stated in your mortgage contract, you need to maintain adequate homeowner’s coverage at all time to protect your interest and the collateral interest.
Simply complete an online application! Complete your information to the best of your knowledge and an experienced mortgage loan originator will contact you to discuss your options.
Most tax collectors do not provide information electronically. If your tax collector doesn’t provide the information we will contact you and request that you send the bills in to Mortgage Servicing.
Your Homeowners Insurance agent should send your annual statement to us automatically. If you change insurance providers please let us know immediately so we can update our records and avoid missed invoices.
Still have questions? Take a look at our Tools & Resources.
*Preapproval is based on non-verified information and is not a commitment to lend. Final loan approval and amount are based upon all income and asset information.
Quick Close Guarantee
Citadel’s Quick Close Guarantee offers assurance to customers purchasing a home with a Citadel mortgage that the loan will close on or before the contract closing date agreed to by an authorized Citadel Mortgage Loan Officer, or the customer will receive $5,000 cash back, subject to the following criteria.
Eligibility: To be eligible for Citadel’s Quick Close Guarantee, the customer must (1) maintain an account with Citadel Credit Union (“Citadel”) that is in good-standing or individuals who become a new Citadel customer; (2) complete a Citadel mortgage application online, by telephone, or in-person; (3) provide all supporting documentation (including any income or asset verification materials) required by Citadel to render a lending decision in a timely manner, with each document being thoroughly completed, as well as any fully executed disclosures; (4) provide Citadel with a fully-executed purchase agreement which includes all pages, addendums, and required signatures by all parties; (5) request a loan for an amount less than the maximum of 97% LTV; (6) request a loan for an amount greater than the minimum of $50,000 and lower than the maximum of $2,000,000; and (7) meet all of Citadel’s current underwriting standards.
Closing Date: The contract closing date must be at least 21 calendar days after our receipt and acceptance of a completed mortgage application, all supporting documents, and a fully-executed purchase agreement. This offer is only available for new, residential first-lien loan applications submitted directly to Citadel. Only home purchases that are under Agreement of Sale and have a completed loan application received by Citadel on or after April 1, 2023 are eligible to participate in Citadel’s Quick Close Guarantee. Submissions received after this date, or the program end-date are not eligible to participate in the Program. For any property that receives an initial appraisal that is subject to repairs/completion, a final inspection will be required. Citadel guarantees closing within 7 business days of receipt of a satisfactory final inspection. The $5,000 cash back will be paid in the form of a deposit to a Citadel account, post-closing. Citadel’s Quick Close Guarantee will not apply in any of the following cases: (1) changes to the original closing date as documented in the original purchase agreement provided to Citadel; (2) changes in the loan amount, loan product, or other terms requested by the borrower(s) within 10 days of closing; (3) closing date extensions due to a delay in completion of any new home construction, improvements, or repairs being made to the subject property; (4) failure by any party, including the builder, seller, or buyer to meet the sales agreement terms and requirements, including any seller-related delays; (5) Easy Refinance, VA and FHA loans; (6) delays caused by 3rd parties other than Citadel required service providers; (7) delays due to any force majeure events such as severe weather or disaster events. Citadel’s Quick Close Guarantee offer expires October 31, 2023. Citadel reserves the right to amend, withdraw, or terminate the Citadel Quick Close Guarantee at any time and without prior notice. Any awards transferred at or outside closing in excess of the value of the underwriting fees may be considered miscellaneous income received from Citadel and we may be required to send you, and file with the IRS, a Form 1099-MISC (Miscellaneous Income) or Form 1042-S (Foreign Person’s U.S. Source Income Subject to Withholding) for the year in which you participate and are awarded the benefits of this program. You are responsible for any tax liability related to participating in the program. Please consult your tax advisor if you have any questions about your personal tax situation. All home lending products are subject to credit and property approval. Rates and program Terms & Conditions are subject to change without notice. Citadel’s Quick Close Guarantee is only available to Citadel customers residing in PA, NJ, DE and MD. Other restrictions and limitations may apply.
Conventional Purchase
Rate expressed as Annual Percentage Rate (APR), and is subject to change without notice. Offer can be withdrawn at any time. APR shown is for first-lien position loans up to 97% Loan-To-Value (LTV) on single-family owner-occupied properties in PA, NJ, MD, and DE. Various APRs and terms are available. Loans will require borrower to purchase title insurance and appraisal. Lender fees will apply. LTVs above 80% must escrow taxes. LTVs below 80% may escrow taxes at request of homeowner. Offer is subject to credit approval, income verification and appraisal. Existing mortgage loans must be current and have no late payments in the last 12 consecutive months. Property insurance is required. If the collateral is determined to be in an area that has special flood areas, flood insurance will be required as well. Property cannot be a co-op or mobile home. Other restrictions may apply. *Rate as of .
Traditional Mortgage
Fixed Rate Mortgage Terms
Rate expressed as Annual Percentage Rate (APR), and is subject to change without notice. Offer can be withdrawn at any time. APR shown is for first-lien position loans up to 95% Loan-To-Value (LTV) on single-family owner-occupied properties in PA, NJ, MD, and DE. Various APRs and terms are available. Loans will require borrower to purchase title insurance and appraisal. Lender fees will apply. LTVs above 80% must escrow taxes. LTVs below 80% may escrow taxes at request of homeowner. Offer is subject to credit approval, income verification and appraisal. Existing mortgage loans must be current and have no late payments in the last 12 consecutive months. Property insurance is required. If the collateral is determined to be in an area that has special flood areas, flood insurance will be required as well. Properties currently listed for sale are not eligible. Property cannot be a co-op or mobile home. Other restrictions apply on cash-out mortgage loans. Rate as of .
Adjustable Rate Mortgage (ARM)
An Adjustable Rate Mortgage (ARM) means that your payment may change in the future. Citadel ARM mortgages have a fixed rate for a period of time, then rates can adjust semi-annually. The fixed rate period varies based on the ARM loan you select and is shown right in the name of the ARM loan. Citadel offers two ARM loans: a SOFR 7/6 ARM and SOFR 10/6 ARM. The ARM numbers, “7/6”, show how long the initial fixed rate lasts and how often the rate can change afterward.
For Example:
• A 7/6 ARM has a fixed interest rate until the 84th month (7 years) and can change every 6 months after.
• A 10/6 ARM has a fixed interest rate until the 120th month (10 years) and can change every 6 months after.
What is a SOFR ARM?
SOFR is Secured Overnight Financing Rate, and is a referenced rate established to replace LIBOR (London Interbank Offered Rate). The Secured Overnight Financing Rate (SOFR) is a broad measure of the cost of borrowing cash overnight collateralized by Treasury securities.
How is my rate calculated?
The initial fixed interest rate is based on interest rate, loan amount, and total term of the loan when your loan is closed. This is the discounted rate and lasts for 7 or 10 years depending on the ARM loan selected.
The Adjustable Interest Rate is based on an interest rate index plus a margin. All of our Citadel ARM mortgage interest rates are based on the 30-Day Average SOFR rate, rounded to the nearest 0.125% (currently .08%). More information about this index is available at SOFR Averages and Index Data - FEDERAL RESERVE BANK of NEW YORK (newyorkfed.org). Our current margin is 2.750%.
How can my Interest Rate change?
Your interest rate can adjust when the initial fixed interest rate period ends, and every 6 months thereafter. Your interest rate will never increase or decrease more than 5 percentage points during the first adjustment, and 1% with each adjustment after the first, over the life of the loan.
