Members of the military, veterans and family members may be eligible for Veteran’s Administration Loans. VA loans are designed to provide veterans with loans at reasonable rates and are available to most credit scores. We are one of the leading VA approved lenders in NC that you can choose from when selecting a VA home loan.
Qualifications for VA Loans
In order to quality for home loans from VA approved lenders in NC you must meet the criteria set forth by the government. The length of service, commitment of service, duty status and character of service may all play roles in determining your eligibility for certain types of VA loans.
To qualify for a loan you must obtain a Certificate of Eligibility (COE), have sufficient income for loan payments and have satisfactory credit. A valid COE is the most important part of obtaining a VA loan. The COE verifies that you are eligible to obtain a loan from VA approved lenders in NC.
To obtain a COE you must provide the appropriate evidence to support your request. The specific evidence you must provide varies depending on your category. In general, you will need to obtain a signed statement from the commander of your unit or personnel officer or equivalent. If you are the surviving spouse you must provide your marriage license and death certificate or report of casualty.
Service members, veterans, National Guard and Reserve members may apply for a COE in one of several ways. You may apply online, by mail or through VA approved lenders in NC. Many lenders have access to an online system that allows for the establishment of eligibility and COE very quickly. Some situations cannot be processed through the online system.
Obtaining a VA Loan
As a member of the military or a veteran you are entitled to apply for a government insured loan through the VA. You will enjoy some benefits over other loans. A VA loan allows you to obtain a loan even if you have low credit scores and provides home loans at reasonable interest rates. The goal is to assist veterans so they can purchase a home of their own.
VA approved vendors in NC provide easy ways to apply for a loan. The application process is not difficult and it will not take long to get an approval decision. You will be able to save money over other loans because of the more advantageous rates and terms of the loan that are offered to veterans. You may also be able to have a lower down payment than with other traditional types of loans.
If you think you may qualify for a VA loan it is worthwhile to learn more. You can speak with a qualified lending agent to assist you in the process of obtaining a COE and completing a VA home loan application. Home mortgage loans can be complicated. We are here to answer your questions and give you guidance all throughout the process to help you purchase the home of your dreams.