North Carolina Veteran and VA home loans
Benefits of a North Carolina VA Loan
Most VA loans come with the added benefits of zero down payments, lower interest rates and no requirements for mortgage insurance. The VA sets these mortgage conditions and guarantees a portion of the loan amount which is in lieu of a down payment from the Veteran. Financing for the property purchase is still provided by a lender.
Borrowers will still need to be approved by a qualified lender under VA loan conditions in order to secure this type of mortgage.
North Carolina specific requirements
The area below provides some insight on how North Carolina's VA mortgage loan requirements might differ:
No local requirements.
Why use Guaranteed Rate for your North Carolina VA Loan?
Frequently asked questions
Veteran Statistics in North Carolina
All statistics sourced from VA.gov
VA home loans by state
Applying for a VA home loan might stray from the conventional loan process, but that doesn't mean it's difficult to do. Let's break it down step by step for a clearer picture on how to apply for a VA loan.
Not everyone who served is automatically eligible for a VA loan. In order to qualify for a VA loan, you'll need to meet a few requirements. See them all.
See the major changes that have happened with VA loan limits since 2020 and what they mean for you, whether you have your full entitlement or need to stretch your remaining entitlement.
The VA funding fee is an upfront expense paid when applying for a VA mortgage. Before we get into how much this expense will cost and how it can be avoided, let's understand when you will be required to pay a VA funding fee.
Think of this page as your own VA loan calculator, helping you anticipate what your monthly VA loan payments could be so you can decide if it's a good fit for you and your family.
Requirements for VA mortgages are generally set along the same lines as conventional home loans. In addition to functioning electrical and plumbing systems, your target property will need to have a safe source of water.
The VA offers opportunities for active military members and veterans to become homeowners without some of the fees and financial burdens that come with conventional mortgages. But what about building a home from scratch?
If you're a veteran with an established business that could use some financial assistance, or if you're still looking to get your small organization off the ground, there are a variety of lending programs that can help you strengthen your company.
Before approving a VA mortgage, the Department of Veterans Affairs will usually need to ensure that risk is minimized. While it might not be required in every state, termite and pest inspections are a vital part of the VA home loan process.
2. United Service Organizations, Inc. (USO) is a non-profit 501(ϲ)(3) organization (EIN/Tax ID: 13-1610451) and not part of the Department of Defense (DoD). Guaranteed Rate and the USO are not affiliated with any government agency.
3. Waived $1440.00 lender fee available for VA loans that have a triggered RESPA app date as of January 1, 2023 through December 31, 2023 at 11:59pm EST. This offer does not extend to Housing Finance Agency loans. ‘Triggered RESPA’ in accordance with Regulation X, is defined as lender receipt of all six pieces of information received in a secure format; applicant name, property address, home value, loan amount, income and SSN. Not all borrowers will be approved. Borrower’s interest rate will depend upon the specific characteristics of borrower’s loan transaction, credit profile and other criteria. Offer not available from any d/b/a or operations that do not operate under the Guaranteed Rate name. Restrictions apply.
4. Savings, if any, vary based on consumer’s credit profile, interest rate availability, and other factors. Contact Guaranteed Rate, Inc. for current rates. Restrictions apply.
5. Sample scenario provided for illustration purposes only and is not intended to provide mortgage or other financial advice specific to the circumstances of any individual and should not be relied upon in that regard.