VA Home Loans
At 1st Advantage Mortgage, we offer plenty of options for home loans to make sure that you find the one best for you. For many of our military families, the best option is usually a VA home loan.
As approved VA home lenders, we want to make your home loan experience the best that it can be. That’s why we assign a 1st Advantage Mortgage Expert to each client, to guide them through each step of the VA home loan process.
We offer VA home loans in North Carolina, South Carolina, & Florida. If you live in the Southeast and want to buy a home as a veteran, contact us. 1st Advantage Mortgage can help!
What Is a VA Home Loan?
Sometimes called a $0-down payment mortgage, a VA home loan is issued by private lenders. However, it is partially backed by the U.S. Department of Veterans Affairs, an assurance that offers competitive advantages for borrowers. VA home loans help people who have served or who are serving in the U.S. Armed Forces move into a home, affordably. It is designed to help active duty service members, U.S. veterans, as well as those whose spouses died in the line of duty.
The bill that created VA home loans was enacted in 1944, but it has changed significantly over the years. If you have enough military experience and you meet the VA home loan eligibility requirements, this can be an excellent option for buying a home.
VA Home Loan Requirements
We know what you’re thinking: “So, does everyone who serves in the U.S. Armed Forces qualify for these loans?” Not quite. Your length of service, as well as the years when you served, will impact your qualifications for a VA loan. For example, someone who served during wartime will qualify with a shorter amount of time served than someone who didn’t.
VA Home Loan Eligibility
To obtain VA home loans in North Carolina or South Carolina, you need to meet one of these requirements:
- You are an active duty service member or you have been honorably discharged.
- You have at least 90 days of consecutive service during a time of war period (as defined by the VA). or you have at least 181 days of service during a time of peace.
- You have at least six years of service in the National Guard or Selected Reserve.
- You are a spouse of someone who died in the line of duty in a recognized Armed Service.
VA Loan Process for Home Buyers
First, get pre-qualified by a VA loan lender. Only qualified private lenders (approved by the VA) can offer these loans. You will need to submit documentation requested by the lender. This often includes information about your employment and income, as well as documentation of assets you own.
Though VA home loans are designed for applicants with less-than-perfect credit, your FICO®* score will still impact your application. There is no minimum credit score required, but most lenders often will work with borrowers with a credit score of 620 or higher. At 1st Advantage Mortgage, we will work with VA loan borrowers who have a credit score of 580 or up.
Once you’re approved, the lender will give you a VA loan pre-approval⁷. This allows you to show sellers that you are a serious buyer who’s prepared to proceed.
Timeline
The total time to close a VA loan can range from 30 days to 90 days – about standard for the mortgage industry. Factors that affect this timeline include the closing date, appraisal, any “subject to” repairs, and the underwriting process.
Documents & Paperwork to Submit
To receive a VA loan in the Carolinas, you’ll need to submit a paper trail confirming your identity and financial information. More specifically, you’ll need to submit:
- Identification: To confirm your identity, you’ll need to submit a copy of government-issued identification
- Proof of Income: You will need recent pay stubs, as well as two years of federal tax returns, W-2 forms,
- Asset & Debt Verification: Lenders will need to see proof of expenses to verify your debt-to-income ratio
- Certificate of Eligibility (COE): You will need a COE from the Department of Veterans Affairs that confirms your eligibilit
Additional documentation may be necessary for VA home loan lenders.
Get a VA Home Loan
After you put an offer on a home, then a VA appraisal and underwriting process will begin. Underwriters need to ensure that the property meets fair market value and that you will be able to make payments on the loan.
Let's Get Started
Apply For A VA Home Loan With 1st Advantage Mortgage
If you’d like to discuss your options further or have any questions about our lending services, speak with one of our friendly Mortgage Experts.
Ready to get started? Great! Click “Apply now” below to begin your application.
Frequently Asked Questions
VA Home Loan FAQs
What is a VA Home Loan?
If you are thinking about obtaining a VA home loan. We can help you with everything from VA home loan eligibility to securing the best VA home loan rates. Here are some commonly asked questions to help you begin:
How does a VA home loan work?
A VA mortgage loan allows you to purchase a home using a loan from a private lender. This type of loan is partially backed by the U.S. Department of Veterans Affairs. This backing allows consumers to qualify for key benefits, including a lower interest rate and no down payment².
Can you get a VA loan for a second home?
You can only purchase a home using a VA loan if it is for your primary residence. However, there are some ways to still use some of your benefits to purchase a second home, depending on the lender’s ability to work with you.
Legal information
² No -Down Payment Disclaimer: Closing costs and fees may still apply
³ Lending Disclaimer: Mortgage rates are subject to change and depend on the borrower(s) qualification. APR rate(s) quoted are based upon a (loan amount), (loan term, including whether fixed or ARM) year.
⁴ Refinancing Disclaimer: When refinancing your mortgage , you can typically reduce your monthly payment amount. However, your total finance charges may be greater over the life of your loan. Your 1st Advantage Mortgage loan professional will provide you with a comprehensive refinance comparison analysis to determine your total life loan savings.
⁵ VA Mortgage Disclaimer: VA home loan purchases offer options for a 0% down payment, no private mortgage insurance requirements, and competitive interest rates with specific qualification requirements. VA Interest Rate Reduction Loans (IRRRL) are exclusively for veterans with current VA loans – current loan rate restrictions apply, and limits to recoupment of costs and fees apply. VA cash-out refinances are available for veterans with or without current VA loans. Policies and guidelines may vary and are subject to individual borrower(s) qualifications. Program and lender overlays apply.
⁶ Down Payment Assistance Disclaimer: First-lien interest rates may be higher when using a DPA.
⁷ Pre-Approval Disclaimer: Pre-approvals are granted to clients who meet qualifying approval criteria and specific loan requirements at the time of application. Results may vary.
General Disclaimer: The content on this page has not been approved, reviewed, sponsored, or endorsed by any department or government agency.
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Florida Mortgage Broker License: MBR6689
