There are more than 25.5 million Veterans and service personnel eligible for VA Financing. The VA Loans offer many advantages. Keep in mind that VA Loans are only for Veterans who served active duty and have a discharge other than dishonorable after serving a minimum of 90 days during wartime or a minimum of 181 continuous days during peacetime. There is a six-year requirement for the National Guard and Reservists that meet certain criteria.
The VA Loan is one of the only programs remaining that does NOT require a Down Payment and does NOT charge monthly PMI (Private Mortgage Insurance). It also offers a Fixed Rate that in most cases is lower than a Conventional Loan. The Closing Costs can be paid by the Seller.
It is always best to get Pre-Qualified/Approved for the loan before looking at homes. This important step will help avoid frustration and costly mistakes. After providing the lender with the information needed, they will tell you how much you qualify for and you can begin looking at homes in your approved price range.
Application Checklist
If you do not have a Real Estate Agent, we will help you find one. We will provide you with a Pre-Approval letter to present with your offer, this shows the seller you are serious and can close quickly.
For a Veteran that already has a VA Loan, there are a few different ways to lower the interest rate and payments by refinancing. The VA Streamline Refinance is sometimes referred to as an IRRL (Interest Rate Reduction Loan). It lowers the current interest rate, requires less documentation and has minimal costs. The Cash-Out Refinance option permits a Veteran with equity in their home to access and use it to pay off other high interest debts, make home improvements, pay college expenses, etc.
With home prices and interest rates at record lows it has never been a better time to purchase a new home or refinance a high interest mortgage loan and begin saving money each month. Our NC Team specializes in VA Loans, call us or complete the on-line application.
We look forward to talking to you soon.
