VA Home Loans in Charlotte, NC
The VA mortgage loan is one of the most valuable benefits available to eligible veterans, active duty service members, Reservists, and National Guard members. Ram Mortgage, LLC helps veterans and service members throughout Charlotte, NC use this benefit to achieve homeownership.
The VA mortgage program extends to not only the Army, Navy, Air Force and Marines but also to Reservists and National Guardsmen. If you are a Disabled Veteran, you may qualify for additional benefits, including a waiver of the VA funding fee.
The VA Home Mortgage Program does not limit the number of times an eligible borrower may use the program, and veterans with full VA entitlement are not subject to a county VA loan limit for the zero-down-payment benefit under current program rules.
Some of the benefits of the VA Mortgage Loan
Program are:
- No down payment required for eligible borrowers with full VA entitlement
- No monthly mortgage insurance premium (PMI or MIP) — note that homeowners/hazard insurance is still required
- Many VA mortgage loans are assumable
- More flexible qualifying criteria compared to conventional loans
- VA mortgage loans can be refinanced
No Down Payment for Eligible Veterans
Veterans with full VA entitlement may purchase a home with no down payment. If the seller agrees to pay the closing costs, you may be able to purchase with little to no out-of-pocket costs at closing. Eligible borrowers should speak with a Ram Mortgage loan officer to confirm their entitlement status and how the program applies to their specific situation.
The VA Funding Fee
The VA assesses a funding fee on most VA loans. The fee amount depends on your down payment, whether it is your first use of the VA home loan benefit, and whether you are a regular military member or in the Reserves/National Guard. The fee is typically financed into the loan rather than paid out of pocket. If you are a Disabled Veteran, you may qualify to have the fee waived. A Ram Mortgage loan officer can review current fee schedules with you.
Assumable VA Mortgage Loans
VA loans are also assumable, which can be an attractive feature in a rising-rate environment. Veterans should carefully review the terms of any assumption before allowing someone to assume their mortgage, as it may affect the amount of entitlement available for future use.
Qualifying for a VA Mortgage Loan
The VA does not establish a universal minimum credit score requirement, which means the program can be accessible to borrowers who have experienced past financial difficulties. However, lenders offering VA loans — including Ram Mortgage — do evaluate credit history and may have their own requirements. If you have had past credit challenges but have maintained a good payment record more recently, you may still qualify. An experienced loan officer can review your situation and explain your options.
VA Interest Rate Reduction Refinance Loan (IRRRL)
VA mortgage loans have a streamlined refinance option called the Interest Rate Reduction Refinance Loan (IRRRL), which allows eligible veterans to refinance to a lower interest rate with reduced documentation requirements compared to a full refinance. While the IRRRL generally requires less documentation than a conventional refinance, lender requirements may still apply and closing costs may be financed into the new loan. Speak with a Ram Mortgage loan officer to understand what applies to your specific situation.
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