We are talking to many people these days about buying a new home in North Carolina. It’s surprising to us that when we ask the question, “Did either one of you serve in the Military?” We get an answer that often sounds like, “Yes, but what does that have to do with getting a mortgage?” One of the BEST Veteran Benefits you have, is the VA Mortgage Loan in North Carolina!
The VA home loan program is designed specifically for those GI’s who meet the minimum service requirements the ability to purchase a home with no down payment. Because the VA Home Loan is “backed” by the US Government, they have the best interest rates available for any mortgage.
Another HUGE benefit for Veterans using this program is that VA home loans do not have any monthly PMI charges. This means that the payments for a Veteran are often as much as $200 a month cheaper than those buying the same house with a FHA home loan.
Is this program only for First Time Home Buyers? No. VA Home Loans are used by Veterans who are buying their second, third, fourth home – but it is designed for the Veteran to live in. Families who have some extenuating circumstances, or a PCS relocation required by the Military, may be able to own two homes at once with their VA Home Loan eligibility.
Veteran Home Loan Eligibility Requirements in NC
One of the first things we need to discuss in order to determine if you are eligible for a VA Home loan in NC is your military history. You must have served in some capacity of active duty in a branch of the military for at least 90 days during wartime – or for at least 181 days if you served during peace time.
The Veteran Home Loan Eligibility Requirements in NC are available to all branches of the military – including the Marine Corps, Air Force, Army, Coast Guard, Navy, Reserves and special services. If you are no longer active duty, the VA Home Loan eligibility requirement state that you must have been discharged honorably.
In addition to this, there is a two-year requirement for some Veterans who served before the Gulf War. For example, if you were enlisted and your service started after September 7, 1980 or you held the title of officer and your service began after October 16, 1981, then the rules are a bit different.
Veterans from that era will qualify is they served for a continuous two-year period. If you served for the entire time that you were ordered, and it was not two full years – as long as 90 days of service was during wartime or at least 181 days was during peacetime duty. This is especially tricky for those who serve in the Reserves or a Special Unit.
Military Reservist qualify for VA Home Loans too. If the Veteran is a member of the Selected Reserve of the Ready Reserve, or of any component of these units, then you too many be eligible for a VA loan. You must be active in paid training and serve your active duty training period each year to qualify.
Additional Eligibility Options
If, as a Veteran, you don’t meet the time restrictions, but you were discharged by the Military because of a disability that is the result of your service, you will likely qualify for a VA Home Loan too. Additionally, those Service Members were are discharged early due to another type of hardship may also qualify for a VA loan. If you have a special circumstance, check with us and we can go through the details of the Veteran Home Loan Eligibility Requirements in NC to get you qualified!
Surviving Spouses are also eligible in some cases for VA Home Loans in North Carolina. The only documentation the VA requires from the surviving spouses of Service Members who died while in military service don’t is the VA form 26-1817. Additionally, if the Veteran’s Surviving spouse is receiving Dependency Compensation (DIC), we can count that income from the VA to qualify you for your new home.
Because of all the forms and VA’s unique paperwork requirements – the VA home loan eligibility requirements in NC can be difficult to wade through, we offer specialized assistance specifically for veteran’s with questions about qualifying for a mortgage loan. Additionally, Congress recently gave special considerations for the Surviving Spouses of Disabled Vets who want to purchase a home with a VA Home Loan.
For Those Still Serving
Those Veterans currently serving often have the option of living on base, or off. You need to meet the 90 days of wartime service, or 181 of peacetime requirements. After that, you will need to have credit scores that meet the VA Home Loan Automated Underwriting System (AUS). The minimum credit score Veteran Home Loan Eligibility Requirements in NC are generally 600 to 620. Unlike other mortgage loan programs, there are situations where we can get a Veteran Approved who is using a Credit Counseling Service.
We’ve recently made VA Home loans to Vets who had some pretty negative items still showing on their credit reports.… like a Bankruptcy or Foreclosure. Our experience, with our VA Underwriters, is that it’s difficult, if not impossible to get a VA Home Loan with NO current, positive credit history during the last 12 months. If you had credit – but just stopped using it, and have credit scores – we CAN build a credit history with non-traditional credit sources for a VA Home Loan.
If you have questions about Veteran Home Loan Eligibility Requirements in NC , call Steve and Eleanor Thorne 919 649 5058, we appreciate your service! We want to help you buy your dream home in NC! We invite you leave us questions about your particular situation below, we try our best to answer all questions – and you can put us in circles on Google Plus or Like us on Facebook!
I try and answer all questions :)