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VA Loans

There are several advantages to using VA's Home Loan Program. The VA allows a veteran who qualifies income and credit-wise to purchase a primary residence without putting money down towards the sales price, as long as the sales price does not exceed the appraised value. Veterans do, however, need money towards closing costs and the earnest money deposit, which the seller generally requires when a sales contract is signed. Closing costs may be paid by the seller, which is an item to consider when the sales price is being negotiated.

VA guaranteed loans are made by private lenders, such as banks, savings & loans, or mortgage companies to eligible veterans for the purchase of a home which must be for their own personal occupancy. The guaranty means the lender is protected against loss if you fail to repay the loan. The guaranty replaces the protection the lender normally receives by requiring a down payment allowing you to obtain favorable financing terms.

Other benefits of using VA's program (other than the 100% financing of the sales price) include:

  • Loans are assumable, provided the assumer is qualified.
  • Veteran's closing costs are limited by VA.
  • Additional assistance is offered by VA should veterans have problems making their home loan payments in the future.
  • Prepayment of the loan without a penalty.
  • The seller can pay for closing costs. There is a requirement that seller concessions do not exceed 4%, but only certain items are considered as part of the concession; i.e., payment of pre-paids, VA funding fee, payoff of credit balances or judgments on behalf of the veteran, funds for temporary buy-downs (not discount points). 

VA Eligibility Center Address and Telephone Number

Please send your request for determination of Eligibility (VA Form 26-1880, along with proof of military service) to:

VA Loan Eligibility Center
PO Box 20729
Winston-Salem, NC 27120

For overnight delivery:
VA Loan Eligibility Center
251 N. Main Street
Winston-Salem, NC 27155

Toll free number: 1-888-244-6711
E-mail: nceligib@vba.va.gov

The toll free telephone lines to our Eligibility Center in Winston-Salem Eligibility Center (1-888-244-6711) has been included in our National Automated Response System. Accordingly, callers are now provided a menu of information regarding the guaranteed home loan program and may exercise options from that menu which allow them to speak to VA Eligibility Personnel. 

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