VA Loans in Fayetteville, NC
The Sherry Riano Team
When it comes to buying a home, most of us have little choice but to work with a mortgage lender. Few people have enough money to buy a home flat out.
However, if you are in the military, have a spouse in the military, or have been honorably discharged from the military, you have options available that civilians do not.
For residents of Fayetteville, VA loans offer a powerful mixture of benefits and features that can make homeownership more affordable.
What Are VA Loans?
Simply put, VA loans are home mortgages backed by the Department of Veterans Affairs. The program has been around since the 1940s, and it guarantees US servicemen and women the ability to purchase a home without the need for a massive down payment, and without having to have perfect credit. VA loans for Fayetteville area residents are only available to active duty service members (after approximately six months of service), honorably discharged veterans, and some veteran family members, which means that these are exclusive home loans unavailable to the general public.
Who Qualifies for VA Loans?
Because of the nature of these home loans, there are some pretty stringent eligibility requirements in place. In addition, it’s important to understand that the VA may deny a loan application even if you meet the basic eligibility requirements. With that being said, most vets and active duty service members who qualify are not denied.
What are the requirements?
- A minimum of 90 days of consecutive active service during war
- At least six months and one day of service during peace
- A minimum of six years of service for Reserves and National Guard members
- The spouse of a qualifying service member who died in the line of duty, or a disability related to his/her service
Are VA Loans Better Than Conventional Loans?
VA loans for Fayetteville residents offer quite a few benefits over conventional loans available to civilians. We’ve touched on two of those, but it’s important that you have a full understanding of exactly why VA loans are better suited to your home-buying needs than a conventional 15 or 30-year home loan.
Low or No Down Payment: With conventional loans, you must have a down payment. Lenders want to see 20% down, or force you to pay for private mortgage insurance. With a VA loan, Fayetteville residents can put down far less than 20%. In fact, you don’t have to put down anything at all if you don’t have the funds.
Less Need for Good Credit: Conventional lenders have tightened their lending criteria significantly, meaning that civilians must have almost perfect credit to qualify for a mortgage. VA loans in Fayetteville do not have this requirement. In fact, because these loans are backed by the federal government, you can be approved with a much lower credit rating.
Interest Rates: Unlike many other home loans, VA loans entitle you to competitive interest rates, even if you have less than perfect credit, or you put down little or no down payment.
Moving Forward with the Homebuying Process
As you can see, VA loans offer a host of advantages to American servicemen and women. These financial tools can enable you to realize your dream of homeownership even if you don’t fit the picture of the perfect borrower. However, you’ll still need to find the right help to secure the loan. The Sherry Riano Team offers VA loans in Fayetteville, and we can walk you through the process from beginning to end. With 20 years of experience handling VA loans, we have the expertise you need.
Call us today at 919-234-7415.