VA Loans

What is a VA Loan?

What are Jumbo Home Loans?

A VA loan is a type of mortgage that is guaranteed by the U.S. Department of Veterans Affairs. This means that the VA will provide a guarantee to the lender, allowing veterans to obtain a mortgage with more favorable terms and lower interest rates.

VA loans are designed to help veterans and their families purchase a home or refinance their existing mortgage. They offer a variety of benefits, including no down payment, no private mortgage insurance (PMI) requirement, and flexible credit requirements.

Benefits of a VA Loan

There are many benefits to choosing a VA loan for your North Carolina home purchase. Here are just a few:

No Down Payment

With a VA loan, you can purchase a home with no down payment. This can be a huge benefit for veterans who may not have significant savings or who want to keep their savings for other expenses.

No Private Mortgage Insurance (PMI)

Most conventional loans require PMI if the down payment is less than 20 percent. With a VA loan, there is no PMI requirement, which can save you thousands of dollars over the life of the loan.

Flexible Credit Requirements

VA loans have more flexible credit requirements than conventional loans. This can be helpful for veterans who may have less-than-perfect credit due to their time in service or other factors.

Lower Interest Rates

VA loans typically have lower interest rates than conventional loans, which can save you money over the life of the loan.

Qualifying for a VA Loan

Qualifying for a VA Loan

To qualify for a VA loan, you must be a veteran, active-duty service member, or surviving spouse of a veteran. You’ll also need to meet certain service requirements, such as having served a minimum number of days of active duty.

In addition, you’ll need to meet certain credit and income requirements, as well as obtain a Certificate of Eligibility (COE) from the VA. Our team at Mortgages by Scott can help you navigate the application process and determine if a VA loan is right for you.

Why Choose Mortgages by Scott for Your VA Loan?

Why Choose Mortgages by Scott for Your VA Loan?

At Mortgages by Scott, we’re proud to serve North Carolina veterans and their families with the financing they need to achieve their dreams of homeownership. Our team of mortgage experts has over 30 years of experience helping veterans and their families navigate the complex world of mortgage financing.

We understand the unique challenges that veterans face when purchasing a home, and we’re committed to providing you with the support and guidance you need to make the best decisions for your future. We offer a wide range of VA loan options to fit your individual needs and budget, and we’re here to answer your questions and provide support every step of the way.

Contact Us to Learn More

If you’re a North Carolina veteran interested in purchasing a home or refinancing your existing mortgage, Mortgages by Scott is here to help. Contact us today to learn more about our VA loan options and to speak with one of our experienced mortgage consultants. We look forward to helping you achieve your dreams of homeownership with a VA loan.