NC VA Loans
NC VA LOAN PROGRAM
Hello and Thank You so much for allowing me the time to talk with you briefly and explain the NC VA Loan program. As a Veteran myself serving as a USAF Pilot flying C-130’s, and being deployed repeatedly, I personally understand many of the issues that your family deal with and have a sincere desire to help you in any way possible. I consider the VA loan to be absolutely the best loan program available today.
The NC VA loan is not only a 100% home loan but also has an Up Front Funding Fee that varies from ½% to 3.3% depending on your military status, amount of down payment, and whether this is the first time that you have used your VA eligibility for a loan. The VA Loan does allow you to finance in this fee up and above the 100% figure. If you have a 10% or more disability you qualify to have this fee waived, saving you thousands of dollars. There is no monthly Mortgage Insurance Premium like you would have with most high Loan to Value (LTV) loan programs.
I have the answers to most of the questions that you may have under my Frequently Asked Questions page (FAQs:) link above, but the most common questions that I get asked are:
1) How expensive of a home can I buy with my VA eligibility, and
2) Can I own more than one home with VA loans?
The answer to the first question can be very confusing with your entitlement and bonus entitlement but basically you can purchase a home in most areas up to $417,000 without putting down any money. There are ways to purchase higher value homes with you putting down 25% of the amount over $417,000.
Many people think that you can own only one home with a NC VA loan but this is untrue. You can purchase as many Primary Residences as you can qualify for, but the total of the original loan amounts cannot exceed the $417,000. The key thing here is that the VA only allows you to purchase a Primary Residence that you will move into, but allows you to keep prior homes financed with VA loans for rental properties, vacation homes or second homes.
The appraisal process on a VA Loan is a bit different than other loans in that it must be ordered by the Lender and through the VA. Sometimes this can add several days to the appraisal process.
First you will need to submit a full application with us using the Apply Now Button, or contact me directly. The first thing that we will need to do after the full application is to obtain your VA Certificate of Eligibility. If you have never had a VA loan before, this can be fairly easy and this certificate is normally available through the VA Online Portal, or the ACE system which stands for Automated Certificate of Eligibility. I will be glad to do this for you during the application process. If you have had a VA loan before, the ACE system normally will not give you your eligibility statement. In this case we will have to request this for you by having you fill out the VA loan Request for Eligibility and mailing it to the VA. This can take several weeks to obtain from the VA which is why it is so important to do this as soon as possible.