VA Loan Guidelines Explained for Military and Veterans

VA loan for veterans, active duty service members, and surviving spouse of veteran

Best Reviewed & Expert Service for VA Home Loans

VA Loan – Understanding Your Options

Learn how VA loan guidelines help Veterans, Active Military, and Surviving Spouses finance the purchase or refinance of a home.  VA loan rates and payments are so low right now, so check out how the flexible VA loan requirements will help make your home payment match your budget below.

VA Loan Features

  • Available to Veterans, Active Military, Surviving spouse of Veteran
  • No monthly PMI – helps keep payments low
  • No money down to $417,000 – some areas up to $625,500!
  • VA Jumbo loans to $1,000,000 with low down payment
  • You can have two VA loans at once – Bonus Entitlement
  • VA waives the funding fee for disabled Vets
  • Flexible guidelines including credit scores to 600
  • Low fixed and adjustable rates – choose which works for you
  • VA streamlined refinancing for rate and/or term reduction – IRRRL
  • Cash out refinancing to pay off a non-VA mortgage and other items
  • Seller can pay all closing costs and even a Veteran’s debts or existing lease

Disabled Veteran Discounts Can Buy a Home Cheaper

Disabled Veterans can save $ thousands on VA mortgages and other areas as well.  First of all, the Department of Veteran Affairs waives the VA Funding Fee for Veterans 10% or more disabled.  So what does that mean?  VA financing requires a VA funding fee which ranges from 1.25% – 3.3% depending on several factors.  Except for disabled Vets!

In addition to saving on the funding fee, qualifying disabled Veterans may get a tax break as well.  NC and SC offer property tax discounts.  Each state has differing programs though.  In SC, Veterans with a 100% service connected disability may apply for complete exemption from property taxes.  Free taxes!  Then across the line in NC, disabled Veterans may apply for one of the Property Tax Relief programs.  These are discounts rather than exemptions.  Either way, just another way to save money.

How to get started on a VA loan?

With Team Move, you will experience expertise and attention to detail. Our process towards closing your VA mortgage starts with an application.  The application may be on the phone, online, or face to face.  Whichever works best for you.  We also work around your military schedule.  So let us know if you prefer a call or meeting before or after hours.  During the application, we discuss your goals and scenario. Next, our clients will receive a quick & accurate pre-qualification, a detailed list of items needed which is tailored for our client’s situation, and a breakdown of a VA loan payment and costs.

Don’t have your Certificate of Eligibility or DD214?  Let us help you!  Our processing staff are experts at obtaining the Certificate of Eligibility or even a duplicate DD214 if needed. We will provide updates in writing throughout the process, will explain the VA loan in detail, and finally your loan officer will attend the closing offering, once again, the support that you deserve. This is our promise to you, our respected military!

“Thank you so much for being so easy to work with!  Also, I can’t thank you enough for being so understanding of the military schedule.  It wasn’t easy at times with me being away, but your team was absolutely wonderful and so easy to work with.I can’t say enough positive things.  Thank you so much for being so helpful and answering the thousands of questions I/we had.  Your team did an amazing job!I couldn’t have asked for better service!”

– C. and A. Collins, USMC, Hampstead, NC

VA IRRRL – Streamline Refinance of a VA loan

Homeowners with a current VA loan may refinance to a lower rate or term with a VA IRRRL.  IRRRL stands for Interest Rate Reduction Refinance and it is a streamline process too.  This VA refinance will often allow for a Veteran or service member to remove a divorced spouse.  Ask us how.  There is no income verification nor an appraisal most of the time!  Therefore with rates being so low now, check with us to see if a refinance makes sense.

Buying a condo?va condo loans

In order to use VA financing to purchase a condo, the condo must be on the VA Approved Condo List.  VA allows a buyer to purchase a condo with no money down which is very hard to beat!  So check out VA approved condos in your area below.  Ask us how to submit your condo complex for VA approval too.

Student loans in deferment?

No other mortgage loan allows for Excluding Student Loan Payments from the debt ratio.  But VA loans will allow this exclusion!  As long as the payments are deferred for at least 12 months after the closing.  Learn more about how VA loans can work with student loan debt.

Can I include closing costs or pay off debts in my VA loan?

Yes!  VA is very flexible in allowing for closing costs to be paid by the seller.  In addition, VA will allow for the seller to pay for other things.  The seller may pay off the Veteran’s debts or an existing lease buyout.  Learn how seller paid costs and concessions works.

What are the VA appraisal requirements?

This is a very common question, especially from Realtors.  Basically, it comes down to safety, basic needs such as heat, and quality living conditions.  A VA appraiser is going to require items that are in need of repair or that cause safety issues.  Learn how to avoid appraisal issues up-front.

Need a 2nd VA loan?  That is possible!

VA loan options

Did you think that once you have a VA loan, that it is the only one you could have?  VA allows for qualifying Veterans and service members to use VA on a purchase while having another VA loan already.  This is called accessing your Bonus Entitlement or also known as 2nd Tier Entitlement.  As long as the loan amount for the new purchase is $144,000 or higher, then having a 2nd VA loan is possible.  See how this works and call us!

Want to know a quick VA payment?

Check out our smart VA Payment Calculator.  Most loan payment calculators only assume conventional financing, but ours takes into account the VA funding fee and other factors.  So if you need a quick number and don’t have time to call, try our VA payment calculator.  If you do have time though, call us and we will figure it for you.

What is my BAH Rates in NC & SC?

Are you changing duty stations and relocating to NC or SC?  Then you need to know your BAH Pay.  Check out NC BAH Rates and SC BAH Rates.

Have more questions about VA loans? 

We have written a lot of articles related to VA loans and the questions we hear each day.  We believe an educated and informed buyer makes good decisions for the right mortgage product.  So we work hard to provide you the best information possible!  Check out our blog specifically on VA loans.

VA Construction to Perm Loansva construcction loans

Do you want to build your own custom home but lack 20% down payment?  Our VA Construction to Perm loan will finance up to 100% of the land and cost to build.  We even offer VA jumbo construction loans.  There are even no payments required during construction.  Learn how this program can work for you.

Team Move lends in areas such as Wilmington, Leland, Hampstead, Jacksonville, Camp Lejeune, Whiteville, Shallotte, Southport, Elizabethtown, Lumberton, Fort Bragg, Pope Air Force Base, Fayetteville, Rockingham, Raleigh, Garner, Smithfield, Clayton, Goldsboro, Charlotte, Greensboro, Winston-Salem, Durham, Chapel Hill, Burgaw, Castle Hayne, Holden Beach, Supply, Ocean Isle Beach, Sunset Beach, Hubert, Tabor City, Carolina Beach, Kure Beach, Laurinburg, Topsail Beach, North Topsail Beach, Surf City, Sneads Ferry, Richlands, Wrightsville Beach, New Bern, Oak Island, Saint James, Wallace, Sanford, Pittsboro, Apex, Cary, Raleigh, Holly Springs, Fuquay Varina, Siler City, Southern Pines, Aberdeen, Pinehurst, Whispering Pines, Vass, Spring Lake, Fayetteville, Lillington, Hope Mills, Dunn, Angier, Smithfield, as well as the rest of NC.  North Myrtle Beach, Myrtle Beach, Conway, Loris, Little River, Longs, as well as the rest of South Carolina and Virginia.


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