What is a VA mortgage?

A VA mortgage is a home loan that is guaranteed by the U.S. Department of Veterans Affairs (VA) and is available to veterans, active military personnel, and their surviving spouses. These mortgages provide more favorable terms and conditions than traditional mortgages, including low or no down payment, no private mortgage insurance, lower interest rates, and reduced closing costs. VA mortgages are available to eligible veterans in North Carolina and can be used to purchase or refinance a primary residence, such as a single-family home, condominium, townhome, manufactured home, or multi-unit property. Eligible borrowers must have sufficient income to cover closing costs and any associated monthly expenses. VA mortgages also offer flexible underwriting guidelines, making them an attractive option for those with lower credit scores or limited income. Furthermore, VA loans do not have a prepayment penalty, making them an especially attractive option for borrowers who plan to refinance in the future. VA mortgages allow veterans and their family members to reap the benefits of homeownership in North Carolina. Not only do these mortgages offer more favorable terms and conditions than traditional mortgages, they also provide veterans with the security of having the U.S. government as a partner in their home-buying journey.

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What is a VA mortgage?

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