You serve or have served our country, and now you deserve to be rewarded for your hard work. Rob Yo The Mortgage Pro is dedicated to helping veterans or active duty service members realize the dream of home ownership with a VA Loan. The VA Loan program is specifically designed to provide you with the opportunity to purchase a home with favorable loan terms and conditions. If you have questions, we work with clients in North Carolina, South Carolina, and Virginia.
North Carolina, South Carolina and Virginia are home to many active duty military and veterans, with several bases, including Fort Lee, Pope Air Force Base in Fayetteville, US Army Fort Bragg in Fayetteville, Fort Story, Seymour Johnson Air Force Base in Goldsboro, Fort Jackson, USMC Camp Lejeune in Jacksonville NC, and Cherry Point Naval Air Depot in Havelock.
What is a VA Loan?
VA Loans are provided through the US Veterans Administration, and provides American veterans and active military with the opportunity to buy a home. The VA guarantees home mortgages made by approved lenders such as Rob Yo The Mortgage Pro. We are proud to be able to provide veterans in North Carolina, South Carolina, and Virginia with some of the most competitive rates available on a VA Loan.
VA Mortgages are unique compared to other home loans. Unlike other mortgage programs, they have no requirements for PMI or monthly mortgage insurance payments. Instead of PMI, VA Loans are financed in part through a small guaranty fee that is part of the closing. Furthermore, VA Loans are often less expensive on a monthly basis because you are not paying extra for monthly mortgage insurance.
VA Loans also have no down payments. By acquiring a VA Mortgage, you can get into your home without making any down payment! Because this part of the home loan is covered, the upfront cost of buying a home may be less than placing a security deposit on a rental house or apartment. With the amount of financing covered by the VA, it may even be cheaper than renting on a monthly basis! If you are a veteran in NC, SC, or VA, contact Rob Yo The Mortgage Pro to start the process of buying your own home.
VA Loan Eligibility
Whether you are eligible for a VA Loan will depend on your service status. Most active-duty military, veterans, reservists and spouses will be eligible to apply. Veterans that meet minimum active duty requirements are eligible to apply immediately. Active duty members of the military will need to complete at least six months of service before they are eligible to apply for a VA Home Loan. Members of the National Guard and reservists will become eligible after six years, or after 181 days after being called to active duty.
Before you apply for a VA Loan, you must acquire a Certificate of Eligibility (COE). This is required to avoid delays in the application process. If you do not have a Certificate of Eligibility or are unsure how to acquire one, contact Rob Yo The Mortgage Pro today.
Typically, for most other loan programs, lenders require borrowers to have a credit score of 620 or better. The VA does not have this minimum requirement. This means that depending on your own financial situation, lenders are more likely to be flexible. It is important to note that although you may be approved with a lower credit score, you might also be charged a higher interest rate. You will also need to provide W2s and recent pay stubs, as well as documentation covering various assets such as checking accounts, savings accounts and financial investments.
Benefits of VA Loans
There are many benefits of a VA Loan, which is by the design of the Veterans Administration.
- You do not have to pay private mortgage insurance, or PMI
- Many loans have 100% financing (as long as the appraised value does not exceed the sale price) or 20% on your second mortgage
- No pre-payment penalties
- Disabled veterans are exempt the the VA Upfront Mortgage Insurance Premium, also known as the "Funding Fee"
- 2.3% Funding Fee for veterans using their eligibility for the first time with no down payment
- 3.6% Funding Fee for veterans utilizing subsequent use with no down payment
- Closing costs are limited, allowing the seller to contribute to your closing costs
- VA funding fees of up to 3.6%, which go directly to the VA
- Veterans who choose to put money down may be entitled to a reduced Funding Fee that may vary on the amount of down payment
You can utilize a VA Loan in many different ways, including to purchase a new home or even refinance your current mortgage through the VA refinancing programs. Should you be a veteran in need of cash, a VA Cash-Out Refinance Loan can be used to transfer your home equity into cash for expenses such as remodeling your home, making home improvements or high-interest debt consolidation. Additionally, Interest Rate Reduction Refinance Loans (IRRRL) or streamline refinance loans can be used to take advantage of currently improved market rates.
VA Loan Limits
For limits in other counties, visit the VA website or contact Rob Yo The Mortgage Pro. If you are seeking a loan larger than the limit for your county, VA Jumbo Loans are also available.
Get Pre-Qualified for a VA Loan
Rob Yo the Mortgage Pro seeks to help veterans and active-duty military throughout North Carolina realize the dream of home ownership. Whether you are located in Clayton NC, Raleigh, Charlotte, Wilmington, Greensboro, or anywhere in North Carolina, I can help with all questions or needs you have regarding VA Loans. For more information on the home loan process, or to begin a pre-qualification application, please fill out the form on this page.