A VA loan is one of the best lending options for many people – but the catch is that you must be an honorably discharged veteran of the U.S. Armed Forces (any branch or any component), be currently serving, or be a qualified dependent to take advantage of them.
Benefits of VA Loans
For most people, the biggest benefit of a VA loan is that you don’t have to come up with a down payment to buy a home. You can finance 100 percent of your home purchase with this type of financing.
Other benefits include:
- Less stringent underwriting requirements that enable more people to qualify for mortgage loans
- No private mortgage insurance requirements, even if you don’t have a down payment
- Competitive interest rates
- No prepayment penalties
- Sellers can pay closing costs
- Higher debt-to-income ratio allowances than most other loans offer
- Refinancing that doesn’t require additional underwriting
What a VA Loan is Good For
You can buy a new home, have a home built, or an existing home with your VA loan. You can use it to purchase and rehab a home, buy a condo, or buy a farm. You can also buy a manufactured home or a modular home. You just can’t use it to buy an investment property.
Are You Buying a Home in Charlotte With a VA Loan?
Charlotte is a fantastic place to live, and we’d love to have you join us.
If you’re moving to Charlotte, we can help you find the perfect home. Give us a call at 704-608-2794 or get in touch with us onlineto let us know what you’re looking for. We’ll help you find it!
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