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Key points for VA loans

I think we can agree that our service members and veterans are likely the bravest heroes we know.



Do you also know the ins and outs of a VA loans? I do.


In fact, when I first started lending, over 50% of my clients chose VA financing so this program is one of my favorites.


Remember these no down payment loans are available to most Active, Veteran and Reserve Service Members. While there is no monthly mortgage insurance on VA loans there is a funding fee which is a 0-3.6% upfront charge that can be paid at closing but is often rolled into the loan amount.


Please know there’s not as much red tape as you might remember or have heard. When a lender is LAPP approved, the buyer’s loan is processed and closed by the lender without requiring VA’s approval or appraisal review. Furthermore, besides obtaining the veteran’s Certificate of Eligibility (which a lender can obtain for them) and VA assigning the appraiser, the loan process is very similar to other mortgage programs.


It is also worth understanding that VA loans can be used repeatedly. When a veteran purchases a home with a VA loan and then sells it, their eligibility is reinstated. This allows them to use their eligibility to purchase other home using VA financing as before.


It’s understandable to have questions about VA loans since they aren’t common in the Charlotte market. However, this is a program worthy of consideration so ask any questions you have, it’s an honor to serve those who serve.

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4064 Colony Road
Charlotte, NC 28211

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Rebecca Richardson