VA Home Loans in the Carolinas
At Dash Home Loans, we offer plenty of options for home loans³ to make sure that you find the one best for you. For many of our military families, that best option is usually a VA home loan⁵.
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 Dash Mortgage Coach to each borrower, to guide them through each step of the VA loan process.Apply for a VA loan
What Is a VA Home Loan?
Sometimes called a $0-down payment mortgage², a VA home loan is issued by private lenders. However, it is partially backed by the U.S. Department of Veterans Affairs, an assurance which 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 in the Carolinas
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.
The first step, then, is to learn about these requirements. If you meet them, you’ll need to request a VA home loan certificate of eligibility from your local Department of Veterans Affairs.Apply now
VA Loan Eligibility in NC & SC
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.
Benefits & Disadvantages of a VA Home Loan
If you meet the VA home loan qualifications, these loans can be an awesome option to purchase a home. The VA loan guarantee⁵ – which means the Department of Veterans Affairs backs these loans – reduces the risk to lenders. That reduced risk creates a number of benefits for borrowers, including:
- No down payment²
- Lower credit score requirements
- Greater flexibility to those who may not qualify for conventional loans
- No private mortgage insurance
The disadvantage to VA home loans is their selective eligibility requirements – they are only available to those who meet the qualifications set by the VA. Additionally, there is a VA loan funding fee of between 1.25% and 3% that you need to pay.
VA Home Loan Rates in the Carolinas
VA home loan rates can be very competitive. Your creditworthiness plays a role in determining your exact rate, but VA loans tend to have a lower interest rate than most conventional loans.
VA Loan Process for North & South Carolina 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 Dash, 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. Ready to secure a VA home loan in NC or SC with a process you’ll actually enjoy? Pre-qualify with Dash today!Apply now
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 (driver’s license, State ID).
- Proof of Income: You will need recent pay stubs, as well as two years of federal tax returns, W-2 forms, and alimony/child support documents.
- Asset & Debt Verification: Lenders will need to see proof of expenses to verify your debt-to-income ratio (should be about 36%). This includes all monthly debt payments (auto/student loans, credit cards, existing mortgages, retirement accounts). They will also need to see proof of all assets (bank/investment accounts).
- Certificate of Eligibility (COE): You will need a COE from the Department of Veterans Affairs that confirms your eligibility for the VA loan program.
Additional documentation may be necessary for VA home loan lenders.
Get a VA Home Loan in the Carolinas
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.
If you’d like to discuss your loan options further or have any questions about our lending services, reach out to Dash Home Loans to speak with one of our friendly Mortgage Coaches today!
Let's Get Started
Apply for a VA Loan With Dash Today
If you’d like to discuss your home loan options further or have any questions about our process and services, contact us to speak with one of our friendly Mortgage Coaches.
Ready to get started? Great! Click “Apply now” below to begin your application.
Frequently Asked Questions
NC & SC VA Home Loan FAQs
If you are thinking about obtaining a VA mortgage⁵, reach out to Dash Home Loans. We can help you with everything from VA mortgage 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.
Who qualifies for a VA loan?
You must obtain a certificate of eligibility from the VA to obtain this loan. That means, for most active duty personnel, serving at least 90 days of consecutive active duty during wartime or 181 days during peacetime. National Guard or Selected Reserve members need at least six years of service. Those who have had spouses who have died in the line of duty may also qualify.
How long does it take to get pre-qualified for a VA home loan?
Pre-qualification for a VA home loan can take just a few days after you submit your complete application and eligibility forms. However, the closing process can take 30 to 90 days to complete.
*FICO® is a registered trademark of Fair Isaac Corporation.
This ad is not from HUD or FHA and was not approved by HUD or any government agency.
¹ Dash Loan Closing Guarantee Disclaimer: Guarantee is based on loan closing; restrictions apply.
² No-Down-Payment Disclaimer: Closing costs and fees may still apply.
³ Lending Disclaimer: Mortgage rates are subject to change and are subject to borrower(s) qualification. APR rate(s) quoted is/are based upon a (loan amount), (loan term, including whether fixed or ARM) year.
⁴ Refinancing Disclaimer: When it comes to refinancing your home loan, you can generally reduce your monthly payment amount. However, your total finance charges may be greater over the life of your loan. Your PRMI loan professional will provide you with a comprehensive refinance comparison analysis to determine your total life loan savings.
⁵ VA Home Loan Disclaimer: VA home loan purchases have options for 0% down payment, no private mortgage insurance requirements, and competitive interest rates with specific qualification requirements. VA interest rate reduction loans (IRRRL) are only for veterans who currently have a VA loan – 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 the individual borrower(s) qualification. Program and lender overlays apply.
⁶ Down Payment Assistance Disclaimer: First lien interest rates may be higher when using a DPA second.
⁷ Pre-Approval Disclaimer: Pre-approvals are given to clients who have met qualifying approval criteria and specific loan requirements at the time of applications. 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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North Carolina Mortgage Branch License: L-112833-200
South Carolina-BFI Branch Mortgage Lender/Service License: MLB-1439905, MLB-1439905 OTN #2