Buying a home and using VA, FHA, or USDA loan in the Jacksonville NC area

Looking for a home in the Jacksonville NC area and wondering what type of government loan is best for you?   Lets compare VA loan, FHA loan, and USDA loan.

VA loan

  • Zero down payment
  • The maximun amount is $417,000
  • 2.15% funding fee and can be added to the loan.  (if the veteren is 10% or more disabled, the funding fee is waived)
  • Must be a verteran and served at least 181 days of continuous active duty
  • Could buy within or outside the city – Be able to have more than one VA loan at a time.  (For example:  You bought a $200,000 home in Jacksonville NC.  Since the maximum amount is $417,000 and you used $200,000 to buy your home, you still have $217,000 left of your VA entitlement for another home.

FHA Loan

  • 3.5% down payment
  • 1.75% funding fee and can be added to the loan.
  • In addition to the funding fee, there is also a monthly mortgage insurance (For example, for a $150,000 loan, the monthly mortgage insurance would be approximately $140 per month).
  • If you want to rent your home and buy a bigger home, your current home needs to have at least 30% equity.  (For example:  Your home has a FHA loan and you want to rent it out and buy a bigger house.  Your current home is appraised for $150,000.  Your loan balance needs to be no more than $105,000 (which is a 30% equity) for you to be able to buy another home with a FHA loan.)
  • Could buy within or outside the city

USDA Loan

  • Zero down payment
  • 2% funding fee and can be added to the loan
  • In addition to the funding fee, there is also a monthly mortgage insurance (For example, for a $150,000 loan, the monthly mortgage insurance is approximately $40 per month.)
  • Hubert and Sneads Ferry are USDA zoned.  Some part of Richlands and Jacksonville are USDA zoned.  (send me the address and I will let you know if it is a USDA zone.)
  • This is from the Rural Development Program so the location of the home needs to be within the USDA zoning.
  • Can not use USDA loan if you currently own a home.

For more details, please feel free to contact Loni Walker at 910-467-3602 or LoniWalker@gmail.com.

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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