VA Loans: Serving Those Who Have Served Our Country

If you are a veteran or active service member, you could qualify for a loan that is guaranteed by the US Department of Veterans Affairs (VA). By having a VA loan, you can own a home with $0 down and without private mortgage insurance (PMI)!
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    How Does a VA Loan Work?

    VA loans are guaranteed by the US Department of Veterans Affairs, meaning they guarantee a portion of your loan to private lenders in order to allow you to obtain more favorable home loan terms. VA loans are available for both purchase and refinance transactions, and terms of 15, 20, 25, and 30 years are available on a fixed interest rate.
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    Does VA Loans Have Limitations?

    There are no geographic or income limitations on a VA loan, but there are qualification requirements for active and veteran service members and/or their spouses. The length of your service or service commitment, duty status, and/or the manner of your separation can all play a part in helping you qualify for a VA-guaranteed loan. The easiest way to know if you qualify for a VA loan is to ask! At DNJ Gateway Bank Mortgage, we’re happy to help you obtain a Certificate of Eligibility from the VA and discuss your options.
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    Are There Any Fees Associated With a VA Loan?

    Yes – there is a small funding fee on most VA loans that is between 1.25-3.3% of the loan amount, but the good news is that it can be rolled into your loan amount. This is a government loan, so the fees associated with the loan are put in place to keep the program alive and funded. Veterans who receive VA compensation for a service-connected disability are exempt from paying a funding fee, as are spouses of veterans who died in service or from a service-connected disability. If you’re interested in purchasing a home with money from an immediate family member, you’re in luck – the VA allows gift money on all purchases.

Call DNJ Gateway Bank Mortgage to Learn More About VA Loans

To discuss VA loans with one of our knowledgeable loan officers, contact DNJ Mortgage today! We’ve earned the trust of homeowners in the Triangle, the Triad the Outer Banks, Western North Carolina, Virginia Beach, Rehoboth Beach, the Eastern Shore of Maryland, the Eastern Shore of Virginia, and more – Let us earn yours! DNJ also offers mortgages in Tennessee, South Carolina, Georgia, Texas, and Florida. Call today!