Greensboro, Winston-Salem and High Point VA Loans
If you are a qualified veteran looking to buy a new house in Greensboro, Winston-Salem or High Point, right now is a great time to apply for a VA Loan. The VA Home Loan Guaranty Program went into effect in 1944 as part of an initiative to help veterans afford homes for themselves and their families. Since then, millions of veterans have taken advantage of the many benefits of the VA Loan Guaranty Program and made the dream of homeownership a reality.
Veterans and current members of the military can qualify for a VA Loan if they have served a minimum of 181 days of regular active-duty service. In order to obtain the loan, you or your lender will need to submit an eligibility form with the VA.
Does the VA issue the money?
This is a common misconception. The VA does not actually issue the money. When you apply for a VA Loan, you will receive the money from a private lender. The loan you receive is then guaranteed by the VA which is the same as insuring it for you. This makes you a very secure borrower, and lenders are then willing to pass on huge benefits to you.
What are the benefits?
The biggest benefit of a VA Loan is that you are not required to provide a down payment on the house. Conventional loans, on the other hand, can charge anywhere from 5 to 20% for the down payment. You also won’t have to pay private mortgage insurance and can take advantage of competitive interest rates. The other benefits include individual repayment plans, minimal closing fees, quick approval and simple refinancing.
How much can I borrow?
How much you can borrow for a loan depends on three factors: your credit score, financial situation and the county’s loan limit. The VA puts a cap on how much they are willing to guarantee, which varies from county to county, so be sure to look on the VA’s website to find out what this amount is.
Can I get pre-approved for a VA Loan?
Yes! And we can help. All you need to do is fill out our secure, free online form and you’ll be well on your way to getting the house of your dreams!