If you are a member of the military or a veteran, you may be eligible for a VA loan. The Veteran’s Administration, VA, provides a variety of services to members of the military and their immediate families. One of the most important options available to you is assistance in obtaining a VA home loan in Charlotte, NC. You can obtain a government backed loan for your home purchase. There are many benefits to getting a VA loan.
Benefits of a VA Home Loan in Charlotte, NC
When you obtain a loan for a VA home you will enjoy several important benefits. One of the best advantages of a VA home loan in Charlotte, NC is that since the loan is backed by the government you won’t have to put down a large down payment. In fact, you are likely able to purchase a home with no down payment at all. This puts a home within your reach since you won’t have to save for years to come up with an initial payment.
The mortgage requirements are lower than that of standard mortgages. For instances, there are no mortgage insurance requirements and the closing costs are low. This gives you a cost savings that will help keep the initial costs of home ownership at a price you can afford.
Because the loans are government insured you may be able to obtain a VA home loan in Charlotte, NC even if you have a low credit score. This type of loan is more flexible when it comes to credit history and income requirements. You will be able to obtain a VA loan even if you were unable to get a traditional loan.
Eligibility for a VA Loan
You must meet the eligibility requirements to apply for a VA home loan. VA loans are available to active duty service members, National Guard members, reservists and veterans as well as spouses of military members who died on active duty. Generally, you must have served at least 90 days of consecutive active duty during wartime or 181 days during peacetime or have more than 6 years of service in the National Guard or Reserves.
To obtain a VA loan you must get a Certificate of Eligibility (COE). You can obtain a COE through a VA approved lender or from the VA directly online or by mail. The fastest and easiest option is to go through the lender. However, not all eligible borrowers will be able to use this method.
Our experienced staff will answer your questions and assist you in obtaining a COE. Once you have obtained a COE you are eligible for a VA home loan in Charlotte, NC. We will help you complete the application and will provide you with the decision results as soon as possible.
A VA loan is the best option for veterans. You can obtain a VA loan with a credit score of 500 or more and even if you have had a foreclosure, bankruptcy or short sale fewer than two years ago. You can own the home of your dreams with help from a VA loan. Contact us today for help buying your new home.