VA Loans
At Integrated Funding, a Raleigh, NC mortgage company, we specialize in helping residents of Raleigh, Cary, Wilmington, Charlotte, and beyond find their ideal mortgage solution. One of the ways we do this is by looking at all available loan options and programs and helping our clients apply for them.
What Is A VA Loan?
The VA offers loans to help servicemembers, veterans and eligible surviving spouses purchase a home. These loans are provided by private lenders, such as banks and mortgage companies, and a portion of them is guaranteed by the VA, which means the lender can provide you with more favorable terms and rates.
What Is A VA Loan?
The VA offers loans to help servicemembers, veterans and eligible surviving spouses purchase a home. These loans are provided by private lenders, such as banks and mortgage companies, and a portion of them is guaranteed by the VA, which means the lender can provide you with more favorable terms and rates.
Benefits of VA Loans
The most significant benefit of a VA loan is the borrower’s ability to purchase with no money down. Apart from the Assistance With a USDA Rural Development Home Loan, it’s all but impossible to find a lending option today that provides borrowers with 100 percent financing.
VA loans also come with less stringent underwriting standards and requirements than conventional loans. In fact, about 80 percent of VA borrowers could not have qualified for a conventional loan. These loans also come with no private mortgage insurance (PMI), a monthly expense that conventional borrowers are required to pay unless they put down at least 20 percent of the home amount.
Check out the other benefits to purchasing a home in Raleigh or beyond with a VA loan:
- Competitive interest rates that are routinely lower than conventional rates
- No prepayment penalties
- Higher allowable debt-to-income ratios than for many other loans
- Streamlined refinancing that require no income verification or appraisal
Additional VA Loan Benefits
A VA loan is perhaps the most powerful and flexible lending option available to North Carolina homeowners today. Instead of issuing loans, the VA pledges to repay about a quarter of every loan it guarantees in the unlikely event that the borrower defaults. This gives VA-approved lenders greater protection when lending to military borrowers and often leads to highly competitive rates and terms for qualified veterans.
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