Benefits of a VA Home Loan in Charlotte NC

What are the advantages of a VA home loan?

There are several key advantages to VA home loans that people tend to overlook because there is a little extra paperwork involved.   The first thing I want to make clear is that VA mortgages are NOT hard to obtain, and if you are a veteran you owe it to yourself to find out if a VA loan might be the right option for your family.  Below I have listed out a few of the key benefits of a VA home loan…

Benefit #1 is ZERO MONEY DOWN!  VA loans allow you to buy a home without a down payment!  This has become increasingly hard to find on other loan types.  You can buy a home in Charlotte using VA financing with no down payment upto $417,000.

Benefit #2 is VA loan DO NOT REQUIRE PMI!  Even with zero down payment you are not required to pay monthly mortgage insurance premiums on a VA home loan!

Benefit #3 is LOW FIXED RATES!  VA rates tend to be about the same as FHA on a 30 year fixed loan.  You don’t have to worry about the rate increasing int he future, and there are also no prepayment penalties!

Benefit #4 is VA loans might allow you to BUY MORE HOUSE!  VA loans have a unique debt to income qualifying rule that allows people with less non-housing debt to qualify for a higher loan than other programs.  This means that if you carry 10% less debt than the average person you might be able to buy 10% MORE HOUSE!!  I will explain this in more detail in the later post.

Stay tuned for future posts in which I will discuss eligibility requirement for VA loans.  I will also talk about some of the negative aspects of VA loans (although there aren’t many) and when conventional might be a better option.

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