If you are a military veteran or the survivor of a veteran in the market for a home in NC, VA loans can make your dream home a reality. AmeriSouth invites you to file your application today, and we’ll do all that’s in our power to get you approved. AmeriSouth is known for supporting our men and women in the armed forces, and we believe that every military veteran and their families deserve to own their homes.
We can tell you whether or not you qualify and advise you on what you need to do to qualify. Plus, our rates are the lowest for veterans in NC. Let’s take a look at what VA loans are as well as some of the distinct advantages that they offer over traditional mortgages.
Advantages of a VA Loan from AmeriSouth
VA loans often come with much better terms than traditional mortgages, and VA loans can be easier to qualify for. There are specific eligibility requirements in order to qualify, such as the length of your service. If you are eligible, you can apply for a VA home loan any time during or after your service when you are looking to buy or refinance a home, as long as the home will be your primary residence.
VA home loans can be used to buy more than one house if you want to sell your current home and buy a new one later on. As always, there are a few exceptions. You can check the VA’s website to find out if you or the home you want to buy might qualify.
Receive Lower Interest Rates with VA Loans in NC
Of course, the most popular benefit of a VA loan over a traditional mortgage is lower interest rates. VA loans are less risky for lenders because the VA actually guarantees part of the loan on behalf of the borrower. Because the VA backs their loans, this usually results in considerably lower rates for borrowers. Of course, not all lenders will offer the same terms and rates on VA loans. That’s why it’s important to choose the right lender.
AmeriSouth is a favorite lender among veterans as we are known for offering the lowest rates in NC. Talk to a broker at AmeriSouth today and we’ll get you on the path to homeownership. If you do not qualify for a VA loan, we have several other home loan programs, such as the FHA and USDA programs, that you might qualify for.
No Down Payments for VA Loans
Another great feature for VA loan borrowers is that they aren’t required to make a down payment. This allows borrowers to finance 100% of the equity in their homes. For a traditional mortgage, lenders often require borrowers to make a down payment of at least 20%, which means only 80% of the home is financed. If you don’t, you will likely have to pay private mortgage insurance, which will significantly add to the cost of the loan.