VA Benefits and Programs for Buying a Home in North Carolina

Homeownership is a cornerstone of the American Dream, and for military veterans and active-duty service members, VA benefits provide a unique pathway to make that dream a reality. If you're a veteran living in North Carolina—or considering a move here—understanding VA home loan benefits can help you take the next step toward securing a home for you and your family. With no down payment requirements and competitive rates, VA loans are designed to simplify the buying process and ease the financial burden for those who’ve served. Here’s everything you need to know about VA benefits and programs available to purchase a home.

The VA loan program isn’t a one-size-fits-all solution. Depending on your circumstances, you can explore different VA loan options, including:

Purchase Loans: These standard VA loans allow eligible service members and veterans to purchase a home without needing a down payment—a significant advantage in competitive markets like Raleigh, NC.

Refinancing Loans: If you already own a home, VA refinancing loans let you access up to 100% of your home’s equity. Use the funds for tuition, renovations, or unexpected expenses.

Renovation Loans: These loans cover both the purchase and renovation of a home. You can finance 100% of the projected equity after improvements, making it ideal for those eyeing fixer-uppers.

Interest Rate Reduction Refinance Loans (IRRRLs): For current VA loan holders, this option streamlines refinancing, often without requiring a home appraisal or income verification.

Before diving into the benefits, you’ll need to verify your eligibility with a Certificate of Eligibility (COE). You may qualify if you meet one of the following criteria:

Served 90 days during wartime or 181 days during peacetime.
Have at least 6 years of service in the National Guard or Reserves.
Have a spouse of a service member killed in the line of duty or due to a service-related incident.

The process of obtaining a COE is straightforward, and many lenders, including local VA loan specialists in North Carolina, can guide you through the steps.

One of the most attractive features of VA loans in North Carolina is the absence of a set maximum dollar limit. However, for loans sold on the secondary market, limits align with Ginnie Mae (GNMA) guidelines. For example:

Camden, Pasquotank, and Perquimans Counties: $625,500 loan limit.
All Other Counties: $548,250 loan limit.

With the average VA home loan in North Carolina valued at $245,976 as of 2020, these limits provide significant flexibility for buyers. Plus, with Raleigh’s median home listing price at $325,000, the no-down-payment feature is a game changer for prospective homeowners.

North Carolina offers additional programs to help veterans overcome financial barriers:

NC 1st Home Advantage Down Payment: Military veterans can receive $15,000 in down payment assistance as a 0% deferred second mortgage. Forgiven after 15 years, this program helps make homeownership affordable.
Down Payment Resource Programs: Veterans can access grants and forgivable loans of up to $117,000 through various programs tailored specifically for military families.

VA loans offer numerous advantages that make them one of the most desirable options for veterans:

Zero Down Payment: Unlike conventional loans, no down payment is required, easing upfront costs.
No PMI (Private Mortgage Insurance): Save on monthly expenses since VA loans don’t require mortgage insurance.
Low Interest Rates: Competitive rates mean lower monthly payments.
Flexible Credit Standards: Veterans with lower credit scores still have a good chance of qualifying.
Seller Assistance: Sellers can cover some closing costs, further reducing out-of-pocket expenses.

Take, for example, a young Marine Corps veteran stationed at Camp Lejeune who used a VA renovation loan to turn an aging Jacksonville property into a dream home. Or the retired Army sergeant in Raleigh who accessed $15,000 in down payment assistance to secure a home for his family, thanks to the NC Housing Finance Agency.

Navigating VA loans doesn’t have to be complicated—The Coley Group is here to guide you every step of the way. With over 150 years of combined experience, our team specializes in helping North Carolina veterans and service members achieve their dream of homeownership. Whether you're a first-time buyer or considering refinancing options, we’re ready to provide the personalized support you need.

North Carolina is home to a vibrant veteran community, numerous military bases, and exceptional resources tailored to service members. With VA purchase loans, state-funded assistance programs, and veteran-focused benefits, homeownership is within your reach. Let The Coley Group show you how to turn your VA benefits into the keys to your perfect home.

Reach out to us today—we’re here to make homeownership possible for you!