Raleigh and Durham VA Loans
If you are a qualified veteran looking to buy or build a house in Raleigh or Durham, right now is the perfect time to apply for a VA Loan. The VA Home Loan Guaranty Program has been helping veterans for over fifty years to realize the dream of homeownership, and right now the process is simpler than ever. Surprisingly, only about 10% of eligible veterans are taking advantage of the great benefits a VA Loan has to offer.
Conventional Loans vs. VA Loans
Conventional loans usually require a big down payment, which are typically about 20% of the total cost of the house. This can be quite expensive, especially for young families who do not have that kind of money saved up. With a VA Loan, you can borrow the same amount and not have to supply a down payment on the property. This is the greatest benefit of a VA Loan, and has made it possible for millions of veterans to afford new homes.
While the zero-down payment feature is the greatest benefit of the VA Loan Guaranty Program, it is by no means the only one. In addition to this feature, you also won’t have to pay private mortgage insurance or high interest rates. Other benefits include low closing costs, simple refinancing, quick approval and flexible repayment plans.
Steps to Obtain the Loan
Before you start the loan process, you or your lender will need to submit an eligibility form with the VA. The rules require that you have served at least 181 days of regular active-duty service in order to qualify. After you have your Certificate of Eligibility (COE) you can get pre-approved or start house shopping right away. Once you have your house and lender, you will need to go through the loan process which is very similar to obtaining a conventional loan; you will need to provide your credit scores, pay closing fees and sign the mortgage and all notes.
Get Pre-approved Today!
If you want to know how much house you can afford before you start looking, fill out our secure online form to get pre-approved immediately. It is 100% free and only takes a minute to fill out. Let us help you get started today!