VA Loans are reserved for veterans, active-duty military, veterans, and spouses! The U.S. The Department of Veteran Affairs backs VA loans financially.
When it comes to home mortgages, you have a wide range of options. From conventional loans to adjustable-rate mortgages, it can be difficult to make the right choice. But if you are a veteran or active service member, one of your best options is the VA loan.
Home Lending Pros LLC is proud to offer VA loans as part of our home mortgage lending services. This type of loan offers some unique benefits that other types of mortgages don't. Our team of home mortgage lenders in North Carolina is here to provide you with the information and assistance you need to make the right decisions. Learn more and get in touch with us today to secure your VA loan!
What Is an VA Loan
A VA loan is a mortgage that is guaranteed by the U.S. Department of Veterans Affairs (VA). It was developed to help veterans and active service members obtain their own homes with favorable terms, and it also helps surviving spouses get into homes. VA loans are available through private lenders such as Home Lending Pros LLC, and they are backed by the government so that lenders can offer more favorable terms.
VA loans are very popular because they require no down payment and have low interest rates — truly a great deal. Additionally, VA loans have lower closing costs which can save buyers a lot of money!
VA Loans are typically offered in 15 year loans or longer because the goal is to offer those who are serving or have served our country, long term stability. While the US Department of Veteran Affairs has no required down payment or credit score — most lenders who work with VA loans do require a credit score in the mid 500’s or higher. If this doesn’t apply to you, don’t worry — there’s always ways to figure it out! It’s worth noting that on average with a 30 year VA purchase loan, the interest rates are lower than non-VA loans.
Advantages of a VA Loan
VA Loans offer a range of advantages that set them apart from traditional mortgage options. Here are some key benefits:
No down payment:
One of the most significant benefits of VA Loans is that they often require no down payment. This feature enables veterans and active-duty personnel to purchase a home without having to save for a substantial upfront payment, making homeownership more accessible and affordable.
No private mortgage insurance (PMI):
Unlike conventional loans, VA Loans do not require private mortgage insurance. This means you can save on monthly payments and put those funds towards other essential expenses or savings.
Flexible credit requirements:
VA Loans often have more lenient credit requirements compared to conventional loans, making them more accessible to borrowers with less-than-perfect credit. This flexibility provides opportunities for veterans and active-duty personnel to secure financing even if they have had credit challenges in the past.
Competitive interest rates:
VA Loans typically offer competitive interest rates, which can result in significant savings over the life of the loan. Lower interest rates mean more affordable monthly payments, helping you manage your budget more effectively.
How to Know If a VA Loan Is Right for You
VA Loans are designed to serve the unique needs of veterans, active-duty military personnel, and their families. Here are some factors to consider to determine if a VA Loan is right for you:
To qualify for a VA Loan, you must meet specific eligibility criteria, such as serving a minimum number of days on active duty or being a surviving spouse of a veteran. Our experienced loan officers can help you determine your eligibility and guide you through the necessary documentation.
Long-term homeownership plans:
If you're planning to stay in a home for an extended period, a VA Loan can be an excellent choice. The benefits, such as no down payment and no PMI, make VA Loans an attractive option for those looking for a stable and affordable mortgage solution.
If you currently have a non-VA loan, you may be eligible to refinance it into a VA Loan through the VA's Interest Rate Reduction Refinance Loan (IRRRL) program. This option can provide you with lower interest rates, reduced monthly payments, or even cash-out options for home improvements or debt consolidation.
Streamlined VA Loan Process
At Generic Home Lending, we understand the unique needs of our VA Loan borrowers and have streamlined our processes to make obtaining a VA Loan as straightforward as possible. Our experienced team will guide you through the necessary paperwork, ensuring a smooth and efficient loan approval and closing process.
Why choose us
There are multiple loan options available for VA loans:
- VA purchase loan
- VA cash-out refinance (mostly used to pull cash out of the home for equity!)
- Loans that give the ability to renovate (similar to refinancing)
- VA streamline refinance (no cash out, but lower interest rates)
There aren’t a lot of disadvantages when it comes to these loans. One however is that while VA loans don’t require closing costs, there are funding fees that account for the cost of foreclosure if the buyer fails to make their mortgage payments. Also, properties must be in decent condition to qualify for a VA loan.
If you qualify for a VA loan program, thank you for your service and we can’t wait to work with you to see what best suits your needs!
Get in touch with our home mortgage lenders in North Carolina to get started today.