With the influx of military personnel headed to eastern NC over the next few years, I've been researching how the Veterans Administration Home Loan works and what the some of the benefits are.
In the market I work in, the Neuse River Region Association of REALTORS® 21% of our mortgages where VA loans in the past 12 months.
I've discovered that you can use your VA benefits to:
- Purchase a home, for a owner's PERSONAL OCCUPANCY with no money down and no PMI (Private Mortgage Insurance) which saves on the monthly payments. Maximum amount now up to $417,000.00
- Build a home
- Purchase a multi-unit property
- Improve a home by installing approved energy efficient features
- Simultaneously buy and make improvements to an existing home
- Refinance an existing loan, by using your VA loan benefit. That loan does Not have to be a VA loan.