Coastal NC VA Loans – Jacksonville, Hampstead, & Wilmington

Living at the beach, on the waterway, or in coastal neighborhoods is a reality with a VA home loan.  Many of our VA home mortgages are concentrated in wonderful coastal areas.  First of all, Jacksonville, NC is home to the Camp Lejeune Marine Base and the New River Air Station.  Then, historic Wilmington, NC is consistently a high ranking place to live in the US.  Hampstead, NC – is a coastal town conveniently located between Jacksonville and Wilmington.  Coastal NC VA loans are available to current military or qualifying veterans of the US Military.  VA offers so many advantages to financing that dream coastal location.  So we want to share some key features of a VA loan today.

Prequalify to Buy a Home with Coastal NC VA Loans or VA Jumbo

First of all, prospective buyers should apply for mortgage approval prior to looking at houses.  Realtors and sellers only want qualified buyers.  After application and credit review, our team will request your Certificate of Eligibility and work on your prequalification.  Once you are pre-approved for a VA mortgage, you can then view homes with confidence.  Trust us, it is much better to qualify and have a comfortable price range that matches your budget up-front.

Paying Discount Points and Origination Fees on VA Mortgages

Often Veterans pay an origination fee and/or discount fee when purchasing or refinancing with a VA mortgage.  Although, it is typically not a good idea to pay extra fees.  This is especially true if the borrower expects to have the mortgage for 5 years or less.  If a Veteran expects to sell their home within 5 years because of a relocation or a move up, one shouldn’t pay extra points that gives benefits further down the road.  Everyone’s scenario is different though and points are not always bad.  Veterans, along with all borrowers, deserve a mortgage that fits their needs and that is what we offer.

Seller paid closing costs & concessions for VA mortgage:

VA loans are very flexible when it comes to financing costs and concessions.  Maximum seller paid “concessions” for a buyer is 4% of the sales price.  Sales concessions allow the seller to pay the buyer’s pre-paids (such as escrows and first year of insurances), funding fee, or even paying off buyer’s debts.  On top of that, VA allows for ALL “customary closing costs” to be paid by the buyer.  So between the two, usually they will cover all costs at closing.  Learn more about the huge Advantages of VA Seller Concessions.  We highly recommend the Veteran, buyer’s agent, and our team to coordinate in this area.  When discussed prior to final contract, the Veteran can maximize their VA mortgage to their benefit.

VA Jumbo Loans Provide Financing over $424,100!

Often in areas near Camp Lejeune, there are officers or Veterans looking to live at the beach but near the base.  So with a VA jumbo loan, a buyer could purchase a beach home in Topsail Beach, Surf City, Wrightsville Beach, Emerald Isle, or a number of other local beaches.  In addition, use a VA jumbo loan to buy in luxury neighborhoods in Wilmington, Hampstead, or Jacksonville.  The down payment percentage is much lower than other jumbo loans.  Plus VA jumbo loans go up to $1,000,000!  Using a coastal NC VA loan over $424,100 offers so many advantages for high end buyers.  Learn more about VA Jumbo Loans and talk to us about how it can work for you.

VA Funding Fee

VA loans require a funding or guarantee fee.  Though, the funding may be financed on top of the base loan amount.  But you could be exempt from this fee if you are considered 10% disabled by VA.  VA loans have the benefit of having no annual PMI which keeps the monthly payment low.  Other loans offering less than 20% have some sort of PMI, so VA wins in this comparison.  Contact us to learn your VA Funding Fee or maybe you are exempt!  We love helping our military close with Coastal NC VA Loans.

Two VA Loans at Once with VA Bonus Entitlement

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.  There is a minimum loan amount requirement though.  If using bonus entitlement, the loan amount must be $144,000 or higher.  See how this works for coastal NC VA loans and call us!