Good News for Veterans on VA loans in Jacksonville NC near Camp Lejeune and MCAS New River

As of October 1, 2011 first time active duty or veteran first time users will have the funding fee reduced from the current 2.15% to 1.4%.

VA loans are phenomenal low cost loans with endless benefits.

  • No down payment on loan amounts up to $417,000
  • No mortgage insurance
  • Fixed interest rates competitive to conventional and FHA loans
  • Limitations on closing costs
  • Assumable – when going to sell the home the mortgage can be used as a sales tool, by offering the interest rate associated with the current lien on the property to the new buyer for the remaining of the mortgage. The new buyer does not have to be VA eligible; however they must qualify per credit, income, assets. This is huge for VA buyers in the current market of low interest rates.
  • No prepayment penalties
  • Funding fee can be added onto the loan

Putting 5% down will have a .75% fee for active and 1% for reservists.
Putting 10% down will lower the fee to .5% for active and .75% for reservists.

Anyone desiring to use a VA loan for subsequent use will see their funding fee drop from the current 3.3% to 2.8%.

As of today, 09/16/2011, interest rate is 4.25%. This is with NO extra fees and with lender’s credit.

What are extra fees?  Extra fees are fees like origination fee or discount fee that lenders charge to lower the interest rate.  I think of these charges as pre-paid interest.

What is lender’s credit?  Some lenders give out lender’s credit to help out with buyer’s closing costs.

This is a great time to buy.  If you would like a list of good lenders, call/text Loni Walker at 910-467-3602, email at, or visit

About Loni Walker

I enjoy helping people and believe that by being knowledgeable in many areas, I can help my clients make the best decisions when it comes to buying or selling a home. I was born in Vietnam and raised in Orange County, California, where I met my husband, a US Marine, in 1998. Since then, we have moved many times until 2008 when my husband retired from the USMC. Jacksonville, NC is now our permanent home. I have experienced the stresses and challenges of moving. I know firsthand how vital it is to have good communication and mutual trust with your agent. As a real estate professional, my goal is to earn your confidence and exceed your expectations. I look forward to helping you find the perfect home or the perfect buyer for your home. I welcome your business and your referrals.

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