Shopping for a home in Raleigh or elsewhere in NC as a veteran, active duty service member, or eligible surviving spouse? With your service record, you could qualify for a VA loan. This special program is among the benefits you have earned by protecting our nation, and can help you buy a home with zero down.
What is a VA Loan?
A VA mortgage is a home loan that the US Department of Veterans Affairs backs.
VA mortgages are less risky for lenders than conventional home loans. That means that qualifying for them is easier, and they offer phenomenal benefits.
Benefits of VA Mortgages
If you are eligible for a VA home loan in North Carolina or elsewhere, here are the advantages:
- You have the opportunity to buy a home with zero down payment. For quite a few homebuyers, this means moving into a home immediately rather than waiting to make a purchase.
- Affordable interest rates add to the competitive benefits of a VA mortgage. What is more, you do not need perfect credit.
- There is no PMI or MIP required for a VA mortgage. This remains true even if you put nothing down.
- The closing costs are capped to keep them affordable.
- You can refinance with a VA loan. If you do, you do not need an appraisal unless discount points are charged.
- If you are an eligible disabled veteran, the funding fee can be waived.
Do You Qualify for a VA Mortgage?
There are three categories of individuals who can qualify for a VA home loan:
- A veteran
- An active-duty service member
- An eligible surviving spouse
You can qualify for a VA mortgage regardless of what branch you may have served in. If you were activated, that also includes the National Guard or Reserve.
When you turn in your loan application, you will need to provide your Certificate of Eligibility (COE). We can get this for you on your behalf so you can focus on the application itself.
We will also check your credit score, debt-to-income ratio and income, as well as your employment history and status.
But the VA insuring your loan means that these criteria are flexible, and many applicants stand a good chance of approval.
One more thing that we will need to check is your service record to see if you meet the minimum requirement. For many duty eras, the requirement is 90 days of active duty wartime service or 181 days of continuous active duty peacetime service. For other duty eras, there are different requirements.
You do not need to figure out whether you qualify based on your service record by yourself. We can do it for you when you tell us when you served.
Apply Now for a VA Mortgage in Raleigh or Beyond
A VA mortgage can be your ticket to moving into a home in Raleigh or anywhere in North Carolina without making any down payment or paying for PMI.
Please give the Martini Mortgage Group a call at (919) 238-4934 to schedule your consultation. We also can connect you with a VA mortgage in Florida, Georgia, Illinois, South Carolina, Tennessee or Virginia.