Know about VA personal loans details

By Mohi Uddin - Wednesday, March 7, 2018 No Comments

VA loan for disabled veterans


A VA Loan is a federal program for veterans, members of the military, or a surviving spouse of a veteran purchasing a primary residence. A VA loan allows a qualified borrower to finance 100% of the home’s value and purchase with no down payment

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Currency & Interest Rate







  • Purchase
  • Primary Home only
  • 100% with no down payment and sufficient eligibility
  • No monthly mortgage insurance
  • Funding fee may be financed into the loan
  • Unlimited seller contribution toward buyer’s closing cost
  • Gift funds allowed
  • Refinances
  • Primary residence only unless it is an Interest Rate Reduction Refiance Loan (IRRRL)
  • 90% of appraised value plus funding fee
  • There must be an existing lien on the property that will be paid off
  • Interest Rate Reduction Refinance Loan (IRRRL)
  • Refinance of existing VA loan
  • New loan may include payoff of current VA mortgage and closing costs
  • Appraisal not required
  • Purpose is to reduce the interest rate, shorten the term or convert adjustable loan to fixed loan
  • Current VA mortgage cannot be delinquent
  • No late mortgage payments in the last 12 months
  • Our Loan Officers will work with you to determine which type of loan best suits your needs and budget. Contact your local branch and ask to speak with a Loan Officer.

Southern Mortgages


  • NC Home Advantage Program
  • Property must be located in NC
  • Primary residence only
  • Purchases only
  • New or Existing property
  • Single Family Residence, Townhome, Off Frame Modular Home
  • $87,500 maximum qualifying income
  • 30 year term
  • Up to 97% Financing
  • Not required to be a First Time Homebuyer
  • Must not own another home
  • Up to 3% Down Payment Assistance for qualified borrower
  • PMI required

Our Loan Officers will work with you to determine which type of loan best suits your needs and budget. Contact your local branch and ask to speak with a Loan Officer.

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