VA loans can be generous and picky at the same time. Here’s the plain-English guide for North Carolina buyers—who qualifies, how entitlement really works, what MPRs flag on appraisals, and when VA beats conventional in Raleigh, Durham, or Charlotte.
Eligibility & COE
Most buyers qualify once they have a valid Certificate of Eligibility (COE) and meet residual-income and credit guidelines. Unsure where you stand? I can request your COE and review your situation quickly. See the VA Lender’s Handbook for formal definitions.
Entitlement & Restoration
Full vs. remaining entitlement affects your $0-down ceiling and whether a jumbo purchase still qualifies without PMI. If you’ve used VA before, we’ll check prior usage, any partial entitlement tied to another property, and whether a restoration is available after payoff or sale.
Residual Income & DTI
VA focuses on residual income—money left after expenses—by region and family size. That usually matters more than a single DTI number. We’ll build a budget with local taxes/insurance so the approval and payment both feel comfortable.
Funding Fee Basics
The VA funding fee depends on first-use vs. subsequent use, down payment, and any service-connected disability (which can waive it). I’ll model both waived and non-waived cases so you see the true total cost, not just the rate.
Appraisal & MPRs
VA appraisals include Minimum Property Requirements for safety, soundness, and sanitation. Manufactured homes and some condos need extra checks, and well/septic properties require early coordination. Screening these up front saves time and nerves.
IRRRL (Streamline)
An IRRRL can reduce rate or payment with lighter documentation. Typical rules include seasoning, no recent lates, and a clear Net Tangible Benefit. Many files skip the appraisal, and eligible costs may be rolled in.
When VA beats Conventional
No monthly PMI and flexible residual-income standards often make VA the winner at lower down payments. I’ll build a same-day comparison—same lock, same taxes/insurance—so the better path is obvious.
Latest VA Guides & Updates
VA Loan FAQs (North Carolina)
Eligible service members, veterans, and some surviving spouses. You’ll need a valid COE and to meet residual income and credit requirements.
Often $0 down up to 100% financing, depending on entitlement and any lender overlays. We’ll compare $0-down and small-down scenarios to show total cost.
Entitlement determines how much you can borrow with zero down. If you’ve used VA before, you may have remaining or partial entitlement; restoration is possible after payoff or sale.
MPRs address safety, soundness, and sanitation. Manufactured homes, some condos, and properties with well or septic can need extra checks; we screen early to avoid surprises.
A simplified refinance that typically requires seasoning and a Net Tangible Benefit (NTB). Often no appraisal; costs may be rolled in where eligible.
No monthly PMI and flexible residual-income standards often make VA more affordable at lower down payments. We’ll run a side-by-side with your real numbers.
Ready for a VA game plan?
I’ll map your entitlement, funding-fee options, and a VA-vs-conventional comparison with real Triangle taxes and insurance.
Prefer resources? See VA Resources · Talk to me at 984-289-6479 or wolff@michaelthebroker.com