VA Loans Goldsboro NC
The Sherry Riano Team
Are you an active duty service member or veteran thinking about buying a home? VA loans for Goldsboro, NC, residents can offer a wide range of benefits not available to civilians, and can make the journey to homeownership simpler and easier.
These loans combine a range of advantages with other beneficial features to create a perfect home-buying tool. Of course, there are a few things you will want to know before applying for a VA-backed home loan.
Why VA Loans?
Why should you consider comparing VA loans in Goldsboro, NC? What makes these loans better options for your needs than a conventional home loan? Actually, there are quite a few benefits that you’ll find available only through these loans.
One of the most important is that these loans are backed by the federal government, meaning that a vet or service member who would ordinarily be turned down by a lender will find approval, and often with a relatively low interest rate.
Another benefit is that these loans are assumable, meaning that someone else (even a non-vet) can assume the loan down the road (with lender approval).
Powerful Benefits Only Available with VA Loans
You’ll discover a whole array of powerful benefits only available with VA loans, including the following:
No Down Payment? No Problem: One of the most important benefits for veterans, active service members, and their families is that VA loans are available with $0 down. While putting some money down is recommended in order to reduce your overall costs, it’s not necessary.
Lower Credit? No Problem: When civilians apply for a home loan with a conventional lender, they must usually have a credit score of at least 660, but most lenders prefer to see 680, or even 700. For service members, vets and other qualifying individuals, VA loans in Goldsboro can be approved with a credit score as low as 620, which is considered fair, but not good. So, even if you’ve had a few dings to your credit, you’re still in the running for homeownership.
Lower Interest Rates: Yet another benefit found with VA loans is that they usually come with lower interest rates than what you’ll find attached to conventional home loans. In fact, VA loans tend to be carry between .5 and 1% lower interest overall, meaning that you’ll spend less money over time with your loan.
Tips for Those Considering a VA Loan
Of course, there are additional things that anyone considering applying for VA loans in Goldsboro should know. These include:
- Primary Residence Only: In most cases, VA loans are only applicable for homes that will be your primary residence. That means they cannot be used for vacation homes, or to purchase a property that would be used only as an investment.
- Closing Costs: You’ll pay less in closing costs with VA loans in Goldsboro than with a conventional loan. In fact, the VA will actually allow the seller to pay all of your closing costs, as well as up to 4% of the home’s purchase price.
- Limits: In most areas of the US, VA borrowers can borrow over $450,000 before the limit kicks in. When it does, that does not mean you cannot borrow more money. It simply means that you must make a down payment. Note that this limit will depend on the cost of living in the area in question.
As you can see, active duty servicemen and women, and qualifying veterans, have a lot to gain by considering VA loans in Goldsboro. The Sherry Riano Team has over 20 years of experience working with military service members and veterans just like you – call us today at 919-234-7415 to learn more about your options.