![]() These mortgages have better terms and work well when other financing options are non-existent. ![]() VA purchase loan: You can purchase a home with lower interest rates and no down payment if you are a current service member, veteran, or surviving spouse.There are multiple North Carolina VA loans available from Griffin Funding, including: In most cases, borrowers can get up to four times their entitlement amount. The entitlement works as a down payment substitute because it is a guarantee. ![]() The bonus entitlement is where the VA insures up to 25% of the loan amounts between $144,000 to the current conforming loan limit in the county established by the Federal Housing Finance Agency. In most cases, the basic and bonus may have to be used. The basic entitlement is when the VA insures up to 25% of loan amounts up to $144,000 or $36,000, whichever is less. Many people understand the terms basic entitlement and bonus entitlement. In some cases, the borrower may have to add a down payment to qualify. The maximum amount varies based on the borrower. For those looking to work with a NC VA loans mortgage broker or lender, they should not have any problems. What does full entitlement mean? That means you’ve never used the home loan benefit, have paid a previous VA loan in full and sold the property, or you’ve used the benefit but had a foreclosure or short sale and repaid in full. There is no down payment, and the lender is guaranteed that any default will be paid up to 25% of the loan amount. If you have full entitlement, North Carolina VA home loans have no limit for loans over $144,000. Please use the Find a Loan Officer link or reach out to Mortgage Investors Group at 80.Calculate Your Debt Service Coverage Ratio (DSCR) PMI applies to conventional loan programs over 80.0% LTV VA,FHA & RD require insuring fees included in loan and/or payment fixed rate, 30 year term.Īn MIG Loan Officer is available to help with your financial details to determine which characteristics apply to your situation for a personalized look into which loan program best fits your home financing needs. Owner occupancy, escrow account is established for taxes and insurance(s) debt-to-income ratio no higher than 43.0% Unless otherwise stated, terms shown are estimates based in part on credit score of 700 or higher Information is generally based on primary residence occupancy with no cash out when refinancing.Terms and conditions apply, which may include restrictions or limits per loan program.Some loan programs may not be available to first time home buyers.Not all programs are available in all states. Payments will vary based on program selection, current rates, property location, etc. ![]() which will affect the available rate and term. Rate locks are available at current terms for 30 to 180 days based on program type, credit profile, property location, etc. Rates are subject to change at any time.For estimates and general information before that step, the basis for which the mortgage financing information are as follows: MIG Loan Officers will help gather the information needed for an individual assessment to provide home financing which matches the loan characteristics with your home financing needs based on your financial profile, when you are ready to begin a full loan application. The terms represented here are based on certain assumptions outlined below and/or noted on the loan outline page.Īdditional details concerning privacy, program disclosures, licensing specifics may be found at Legal Information. The repayment terms and interest rate may vary from time to time. These include but are not limited to loan program, loan purpose, occupancy, credit history, credit score, assets, and other criteria per loan type. We want to share with you the loan terms vary based on several characteristics and your financial profile. Terms and conditions to apply to home financing. Mortgage Investors Group, based in Tennessee, offers residential financing in a number of states in the southeast, See MIG Service Areas. ![]()
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