Salute to the Veterans! VA Loans, what you need to know!

First things first, what is a VA loan? A VA loan is a mortgage loan that is guaranteed by the United States Department of Veterans Affairs.

VA loans are specifically for military personnel, inactive or active status. Our veterans and active duty militants should most definitely take advantage of the benefits of using this loan type.

Eligible borrowers can use a VA loan to purchase a property as their primary residence or refinance an existing mortgage.

To learn if you qualify for a VA loan is like every other loan, you have to start with speaking to a lender. Find a VA lender to prequalify you and provide an estimate of how much house you can afford based on your income, credit, and other financial factors.

VA loans are for primary housing only. You can only use them for the home you will be living in most of the year.

Another great pro, is they are reusable! Just make sure you pay the loan off each time and on time. Use it as much as you can, of course only for certain property types.

Some confusion arises in regards to if the loan is issued by the VA, it is not. The VA is guaranteeing the loan or backing up the loan to assure the lender that the money will be paid if the loan defaults. VA loans do come with a mandatory “VA Fee” and do not offer a prepayment penalty. Making additional payments to pay off the loan sooner is allowed!

Oh and one more thing, if you want to add co-borrowers they would have to be a spouse or another veteran that would qualify for a loan themselves.

Overall, another great loan option, but one of the most restrictive of the few!

Have more questions about VA loans? Are you a NC resident or planning to become one? Message or call today for additional assistance with my lender.

Call or Text 919-922-8123

Email Jasmine@TeamAndersonRealty.com

I Look Forward To Hearing From You! NC Residents or Relocating to NC consumers only* Follow my page! Instagram: @jasmine_ncrealtor