Here’s a North Carolina VA Home Loan Guide, useful to those looking to buy a home in North Carolina with your VA benefits. Whether you’re a first time home buyer or relocating after deployment, VA loans are one of the best military home loan options available. This guide breaks down everything Veterans and active-duty service members need to know—from eligibility and steps to closing timelines and tips for buying near bases like Fort Liberty, Camp Lejeune, and Seymour Johnson AFB.
North Carolina VA Home Loan Guide: What Veterans Need to Know
If you’re a Veteran or active-duty service member thinking about buying a home in North Carolina, the VA loan program could be your ticket to homeownership—with no down payment required. Whether you’re stationed near Fort (Bragg) Liberty, living close to Camp Lejeune, or transitioning from Seymour Johnson Air Force Base, this guide breaks down the steps, timelines, and benefits of VA home loans in a simple, upbeat way.
What Is a VA Home Loan?
VA loans are backed by the U.S. Department of Veterans Affairs and are designed to help Veterans, active-duty military members, and some surviving spouses purchase or refinance a home. These military home loans come with a variety of perks:
- No down payment required (in most cases)
- No private mortgage insurance (PMI)
- Competitive interest rates
- Limited closing costs
- Flexible credit requirements
Who’s Eligible for a North Carolina VA Home Loan?
Eligibility is typically based on your service history. Here are the general guidelines:
- Active-duty military with at least 90 consecutive days of service during wartime
- Veterans with 181 days of active service during peacetime
- National Guard or Reserves with 6 years of service (or 90 days of active-duty deployment)
- Surviving spouses of Veterans who died in service or from a service-connected disability
If you were in the Military, and qualify for a Veteran Home Loan, you are probably not surprised or alarmed at the amount of paperwork required by the VA… Some Veteran’s have been very careful with their Discharge Paperwork (DD214), others, have no idea where they put it! Your Certificate of Eligibility (COE) from the VA confirms your eligibility. We can help you request it if you don’t already have one, but we first have to find the DD214.
Step-by-Step VA Loan Process in NC
1. Get Pre-Approved
Connect with a North Carolina VA home loan-approved lender who understands VA loans and the local housing market. We will review your credit, income, and financials, then issue a pre-approval letter. Our letters do not show contingencies, generally we do our pre-approval letters based upon the property address. We will submit your documents to the Automated Systems, and to the Underwriter.
Timeline: 1–3 days after submitting your documents.
2. Find a Home with a VA-Savvy Realtor
Work with a real estate agent who knows how a North Carolina VA home loan work. They’ll help you find homes that meet the VA’s Minimum Property Requirements (MPRs) and include the VA Escape Clause in your offer. The Good News?! We work with many top real estate agents in NC who are familiar with the PCS Move system in NC.
3. Make an Offer and Sign a Contract
Once you find the right home, your agent will help you submit an offer. After acceptance, the North Carolina VA home loan process begins. When you sign a contract, be prepared to write two checks. The first check is for Due Diligence. North Carolina is a little different from other states regarding this process. The second check is for Earnest Money. Both of these monies will be deducted from what you owe at the time of closing.
4. VA Appraisal and Underwriting
We will order a VA appraisal and send your loan into underwriting to verify income, assets, and documentation.
Timeline: Appraisal takes 7–10 business days. Underwriting usually takes 1 week after the appraisal and title work is back.
5. Closing on Your New Home
After final approval, you’ll sign your loan docs and officially become a homeowner!
Timeline: Most VA loans in NC close in 30–45 days after offer acceptance.
What Is VA Loan Entitlement?
Your entitlement is the amount the VA guarantees on your loan. With full entitlement, you can buy with no down payment up to the lender’s approval limit. If you’ve used a VA loan before, your COE will show your remaining entitlement.
VA Funding Fee: What to Expect
The VA funding fee is a one-time cost based on your loan type and usage history. It can be financed into your loan.
- First-time use, no down payment: 2.15%
- Subsequent use, no down payment: 3.3%
- 5% or more down payment: 1.5%
Waived for: Veterans receiving VA disability, surviving spouses, and Purple Heart recipients.
There are also certain fees that a Seller must pay. We don’t charge these extra junk fees, but some mortgage companies do (yikes)!
Special VA Protections for Veterans
- Escape Clause: Lets you cancel if the appraisal is too low
- Residual Income Calculations – the VA not only uses DTI calculations, they want to be certain your family has a minium cash flow position, and include Residual Income in qualifying you for a NOrth Carolina VA Home Loan.
- Tidewater Process: Allows extra time to support property value – IF YOU GET TIDEWATER ACT Notice, you likely have a problem with the Value of the property you are purchasing. We only have a few days to respond in that situation.
- Reconsideration of Value (ROV): You can challenge a low appraisal
- Foreclosure Assistance: VA provides help if you face financial trouble
VA Loans Work With All Kinds of Credit In North Carolina
Whether you’re buying in Jacksonville near Camp Lejeune, Fayetteville by Fort Bragg (Fort Liberty), or Goldsboro close to Seymour Johnson AFB, **North Carolina VA home loans** are a fantastic option for military families with less than perfect credit.
Veteran home loan don’t have a minimum credit score requirement in North Carolina. No matter what your score is – as long as you meet the minimum score requirements for the Underwriter to approve your mortgage, you will get the best Home Loan Rate for Veteran’s! In the past, a lower score could impact your rate. That’s no longer the case, and as long as we can get your loan approved, your credit score will not change your mortgage interest rate with a VA home loan!
If you’ve had a Bankruptcy – you can still get a North Carolina VA home loan. You must be at least 1 year out of Chapter 13 and 2 years out of Chapter 7.
Ready to Get Started?
If you’re ready to explore your options with a Veteran home loan, reach out today. We’re here to make homeownership easier for those who have served our country.
If you are looking for a mortgage, or you want to know more about North Carolina VA Home Loans – please call Steve and Eleanor Thorne 919 649 5058. We do TONS of First Time Home Buyer loans in NC, and we offer many folks the opportunity to buy a house without using all of their cash … there are lots of ways to buy a house in NC with very little money out of your pocket!
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