VA Loans in Jacksonville, NC
The Sherry Riano Team
Is it time to take the leap into homeownership? Whether you’ve finally secured your discharge after a tour (or several) of duty, you’re starting a family, or something else, buying a home can be an exciting but daunting prospect.
Thankfully, VA loans in Jacksonville, NC, can help make the process easier to handle, and even help those who would be denied a conventional mortgage become homeowners. What should you know about these loans and how do you secure one?
Who Qualifies for VA Loans in Jacksonville, NC?
First and foremost, you’ll need to make sure that you qualify for a VA loan. If you have been on active duty for more than 90 days during wartime, then you automatically qualify. For peacetime applicants, you need 181 consecutive days of service. For Reservists and National Guard members, you need six years of consecutive service.
However, given the number of ongoing actions America’s military is currently involved in, most Reservists and National Guard members are actually qualifying for a VA loan through active duty (90 days consecutive).
Why Apply for a VA Loan?
Now that you know a bit more about the requirements, let’s address the reasons you should apply for VA loans in Jacksonville, NC. Actually, there are plenty of benefits here, including the following:
- Money Down – Currently, you do not have to put any money down on a VA loan up to $453,100. That’s great news for cash-strapped vets and their families.
- No PMI – PMI, or private mortgage insurance, is a requirement on conventional loans with a down payment of less than 20% of the loan’s value. It can dramatically increase the total costs of the loan. VA loans in Jacksonville, NC, do not require PMI.
- Help Available – Everyone experiences financial troubles from time to time. For civilians, that could mean the prospect of foreclosure. With VA loans, you get the help of experienced negotiators who can go to bat for you with the lender, reducing the chance that financial trouble will result in loss of your home.
No PMI Requirement, But…
It’s important to understand that VA loans in Jacksonville, NC, do not require PMI, but you will be charged a one-time fee, called a funding fee. This is due at the time of signing, but it can be rolled into your loan and paid over time. However, it will increase your costs. Generally, the funding fee is 2.15% of the loan’s value, but drops to just 1.25% if you make a down payment of 10% or more.
What You’ll Need to Secure a VA Loan in Jacksonville, NC
In order to apply for a VA loan, you’ll need to meet the eligibility requirements we discussed previously. However, you will also need a few other things. One of those is a Certificate of Eligibility, which can be obtained from the lender during pre approval.
You’ll need to decide how you’ll handle the funding fee, and if you’ll be making a down payment, and you’ll need a credit score of around 620 or higher to benefit from reasonable interest rates.
Get the Help You Need
Applying for VA loans in Jacksonville, NC, is a complex process, and you need someone you can trust by your side to ensure a positive outcome. We invite you to get in touch with the Sherry Riano Team.
We have over 20 years of experience working with service members and veterans just like you and helping them become homeowners while benefiting from reasonable interest rates and affordable monthly payments. Call us today at 919-234-7415.