VA Loans in Rural Communities

Many of the Veteran’s we speak with are glad to be getting out of the Service, and they are most interested in living in a more “rural” setting… After serving and living in tight quarters, we totally understand the desire to look at some of NC’s communities that, for the most part, do not consist of cookie cutter subdivisions with extra Homeowner Dues.

If this is important to you – remember that your VA Home loan Benefits work in this type of Rural setting. Here are some points we think you should consider:

Driveway Access: The VA will require that you have deeded right away to the driveway. If you are sharing a drive with someone, you will need a recorded driveway agreement (who is going to maintain it and how).
Well and Septic: USDA and FHA no longer require a Well and Septic Inspection unless the appraiser notes that there might be a problem. Recently, we’ve had VA Loan Underwriters ask for a Well and Septic inspection on every property.
Closing Costs: The seller can pay for closing cost on a VA Loan
Mobile Homes: It is very very difficult to get funding on a Mobile Home, we can not do them. (Call Wells Fargo)
Home with LOTS of land and a little bitty house: The VA wants to make a HOME loan, not a LAND loan for the Veteran. If the property you want to buy is a working farm, or it’s got a TON more value in the land as opposed to the house – it probably won’t work. Even USDA Home Loans have restrictions about Land Value versus home value.
To obtain federal funds, you must have a stable income and a decent credit score. In NC, those who qualify for the First Time Home buyer program need 2 scores over 600.

If you have newly ended your military career, you might feel a little lost without a base to live on. You can easily get federal money for a new home. Government housing programs are designed to help veterans obtain nice homes in quiet towns.

If you’ve ALREADY used your VA Benefits – and you’ve paid that home off, you can get another VA LOAN. If that previous loan is NOT paid off, you might still qualify for a VA Loan on a Second Home (read more about the requirements).

Because all mortgage loans that are backed by the Government have the “best” interest rates right now, this is a GREAT program to use! In addition, there’s no monthly PMI! Even if you are purchasing a “Bigger” home, and you are going to make a downpayment, you might still want to use this program!

If you are considering a VA Loans in Rural Communities, and want to know more about qualifying for a VA mortgage loan, please call Steve and Eleanor Thorne, Govenment Mortgage Loan Experts, 919-649-5058