Veterans Administration | NC FHA Expert

Veteran Home Loan Basics in NC

February 10, 2012 By Eleanor Leave a Comment

Getting a Veteran Home Loan in NC does have its advantages. Yet it’s surprising to us how many Vetearn’s do not disclose their service when they apply for a mortgage! If you qualify for this type of loan, and you are looking for a home in an area that might qualify for USDA Home Loan financing (for instance) we are going to look at the numbers with the Veteran’s Administration’s backing and then without it.

The Department of Veteran’s Affairs does not MAKE these mortgage loans – just like HUD does not make FHA Loans, they simply insure the Lender against default. Right now, almost 65% of all home loans closed in the US have some sort of Government backing – making them more competitively priced by the Banks!

The question to ask, then, is what a VA loan is? This type of loan can offer you a guaranteed status, which means that to the lender you will not default on the loan. This provides more security to the lender and therefore they are more likely to offer you a lower rate. These loans are only given to [Read more...]

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VA Home Loans Could Have Fewer Options

September 14, 2010 By Eleanor Leave a Comment

SunTrust Bank announced that as of the middle of October they will be eliminating it’s VA Government Sponsorship Program and “will not purchase VA loans from VA Government Sponsored clients. What does this mean to Veterans and why would a bank make this decision?

First off, SunTrust is not saying THEY won’t do VA loans, only that they will not purchase VA loans from mortgage brokers or mortgage bankers. The loans must be originated by SunTrust.

This is significant to note because SunTrust has been one of the more conservative lenders, and what they do… many other banks follow through on.

Credit requirements for VA Mortgage Loans (which are 100% no money down loans) have tightened in the past six months. Although VA does not set a minimum score – most lenders are requiring a 640 credit score (higher than USDA and FHA) to get the best pricing.

If you are considering a VA Mortgage Loan, please call Steve and Eleanor Thorne, 919-649-5058. We have the lowest fees, and the best mortgage rates available!

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One Works at Bragg – One in Wake County!

October 28, 2008 By Eleanor 6 Comments

We are working with a couple looking for property that will allow the Veteran to commute to Fort Bragg (in Fayetteville, NC) and the spouse to work in Apex, NC (Wake County).

Since we’ve been making mortgage loans for many years in the Triangle, this is not the first couple we’ve met who decide to purchase a home in Harnett County or the Southern Most areas of Johnston or Wake County! It’s a “hot spot” for Veterans – and the homes are VERY affordable!

Lot prices in this area are also lower than in more populated sections of Raleigh, making new homes, custom built in this area very attractive right now!

The Veteran’s Administration does not make VA loans, just HUD does not issue FHA loans. The VA insures these loans. Here are the basic guidelines for qualifying for a VA loans:

Total Debt Ratios not to exceed 41 to 43% (depending on energy efficiency of home).
Credit needs to have a score, however the VA does not publish a guide on a minimum credit score. Most Investors want a score of at least 600 – although exceptions are certainly made. The VA is most interested in a 12 month history of “clean credit.” (click here for more details)
Must be a Veteran (to see if your service experience qualifies click here). If you are qualifying with another person’s income, they must also be a veteran, or a spouse. (more information about co-signors here)
We must verify employment, there are no stated income VA loan products.
You can receive a gift for closing costs, and/or the seller can pay for closing costs.