At Coastline Mortgage Consultants we are your Jacksonville VA Loan and Wilmington VA Loan specialists. We’ve worked with many Veterans who have served our country, and helped them take advantage of the great VA Loan programs. Being right next to Marine Corps Base Camp Lejeune located by Jacksonville North Carolina there are many people who qualify for this program. Even if you don’t currently serve doesn’t mean you can’t qualify for the advantages of the VA Loan program. Very few Veterans know and take advantage of the benefits of a VA Loan, let us show you how.
People who qualify for the VA Loans are:
A Veteran of a war
- Active duty personnel
- Reservists/National Guard members
- Some surviving spouses
There are a few stipulations with each type to learn more about what exactly you need to qualify you can go to our VA Loan Eligibility Rules page.
You can use a VA loan for either purchase or a refinance. The major advantage is that these loans are a lot easier and simpler to qualify for then conventional loans. VA loan products include:
VA Loan For Purchase
The biggest advantage of a VA loan is that you can purchase a home with NO money down. There is almost no other loan available that lets you purchase a home without making a down payment. There are less stringent underwriting requirements then a conventional loan program. In fact studies have shown that around 80% of people who qualified for a VA loan, would not been able to qualify for a conventional loan. VA loans also don’t have to pay any mortgage insurance on their monthly payments. The only real requirements would be to meet the service requirements and that the property will be occupied by the person who qualifies.
You can purchase pretty much any type of property, single family homes, condos, farms and even lots. Loan limits for a VA loan in Jacksonville, Wilmington or for any where else in North Carolina is $417,000. With the average listing price of a home in Wilmington being around $369,000 and Jacksonville being around $176,000 there will be tons of homes to choose from that qualify for this great program.
There is also a rehab loan where you can purchase a property that requires some kind of renovation, there is extra money included that’s meant to bring that home back to life. This is a great deal where you can find a real low price on a home that just needs to be renovated, the VA loan will be pay for the repairs.
VA Loan For Refinance
Just like purchasing a home, a VA loan refinance is very easy to qualify for, with very little documentation or paperwork. VA refinance loans also cost a lot less then conventional loans. The only payment that is required is VA funding fee. There are basically two different types of VA refinance programs. VA Loans for Home Equity Refinancing and VA Streamline Refinance.
VA Loans for Home Equity Refinancing, what some people call a “Cash Out” refinance, is a loan for you to be able to pull out cash from your home. This way you can use the extra cash to pay off any debts you may have, purchase cars, boats, etc, or re-invest the money in your home to bring up its value. A VA refinance is basically repaying the balance of your current mortgage from the proceeds of your new VA mortgage. The difference would be the cash in the “cash out”.
A VA Streamline Refinance is very much like its name, it basically streamlines the refinance process. There are little to no out of pocket costs, where we can roll any closing costs into the loan. Also there is very little documentation required, you don’t need an appraisal, any income or employment verifications, or no credit reports. The only requirement is that the property you are refinancing has to be purchased with a previous VA loan. A VA Streamline Refinance was designed to help you easily lower your monthly payments by refinancing to a lower rate.
There are many advantages of VA loans whether you are refinancing or purchasing a home. We have worked with many Veterans let us show you how you can take advantage of the benefits of the VA Loan
Click For Refinance