VA Loans

VA loans are available to qualified veterans. The maximum VA loan is currently at $359,560 with a zero down payment as well as reduced closing costs. Veterans may use their VA home loan benefit more than once but will incur a higher Funding Fee (see chart below). The chart below indicates the amount of funding fee that will be added to a Veteran's loan when using the VA benefit. Please note: this amount plus the base loan amount can not exceed $417,000.

Example: If you have used your VA loan before and have purchase a home for $150,000 you would actually borrow $154,500. This assumes a zero down payment ($150,000 x 3% = $4500 + $150,000 = $154,500). In order to obtain a VA loan, the veteran must have a certificate of eligibility and if you are out of the military you must have a DD-214. If you are currently in the military, you will need the certificate plus a Statement of Service from your commanding officer. To obtain a certificate you must send your request using form 26-1880 (we can provide that for you) and send it to:

Eligibility Center
PO. Box 20729
Winston-Salem, N.C. 27120

The Veterans Administration does not want the veteran to go to the local VA office to obtain the certificate. Allow two weeks for processing.

Items needed for a VA loan:

• 2005 & 2006 W-2 forms
• Recent Pay stub (LES for military)
• Copies of your most recent 2 months asset account statements.
• Copy of DD-214.
• Copy of 26-1880 (form requesting certificate).
• Original Certificate of Eligibility
• Active military - Statement of service, copy of orders and off base housing authorization form.

FHA Loans