Mecklenburg County, NC
VA loans in Charlotte
For an eligible veteran, service member or surviving spouse, VA financing is the best loan available in this market and it is not close. No down payment, no monthly mortgage insurance, competitive pricing, and entitlement you can use more than once.
The Charlotte metro has a large veteran population and, unfortunately, a lot of veterans who were told a VA loan would make their offer weaker. That is wrong, and it costs people money.
Updated
At a glance
- Down payment
- Zero for eligible borrowers
- Monthly mortgage insurance
- None
- Funding fee
- 2.15% first use, financeable
- Fee waived
- Service-connected disability compensation
- Reusable
- Yes — entitlement restores
What the funding fee actually costs
In place of monthly mortgage insurance, VA charges a one-time funding fee set by statute: 2.15 percent of the loan on a first use with no down payment, 3.3 percent on subsequent uses, dropping to 1.5 percent with 5 to 10 percent down and 1.25 percent with 10 percent or more. It can be financed into the loan.
And it is waived entirely for veterans receiving compensation for a service-connected disability. If that applies to you, VA financing at zero down with no mortgage insurance and no funding fee is a structure no other program can match.
The myth that a VA offer is weaker
Listing agents sometimes believe VA loans are slow or that the appraisal is a hazard. A VA file with a documented pre-approval closes on the same timeline as any other, and the appraisal applies minimum property condition requirements much like FHA — which is a property question, not a buyer question.
What fixes this in practice is a lender who will call the listing agent and say so. I put my mobile number on the letter for that reason, and I have had that conversation many times.
Using your benefit more than once
Entitlement is not single-use. It restores when a prior VA loan is paid off, and in some circumstances a second VA loan is possible while the first is still outstanding — a PCS move being the common case. There is also the IRRRL, a streamlined refinance of one VA loan into another at a lower rate, usually without a new appraisal and with a 0.5 percent funding fee.
What to get before we start
- Certificate of Eligibility — I can usually pull it for you.
- DD-214 for separated veterans, or a statement of service for active duty.
- VA award letter if you receive disability compensation, which is what waives the funding fee.
- Standard income and asset documentation, same as any other loan.
VA loans in Charlotte mortgage questions.
For a borrower with full entitlement there is no cap on the loan amount VA will guarantee, which means zero down is available above the conforming limit. Partial entitlement — a prior VA loan still outstanding — works differently, and that is a file-specific calculation.
No. There is no monthly mortgage insurance on a VA loan at any down payment. The one-time funding fee takes its place, and that fee is waived for veterans receiving compensation for a service-connected disability.
Yes. Entitlement restores when a prior VA loan is paid off, and a second simultaneous VA loan is possible in some circumstances. Send me the details of the existing loan and I will work out what is available.
It should not, and a lender willing to call the listing agent and explain the timeline usually settles it. A documented VA pre-approval closes on the same schedule as a conventional one.
Programs that fit here
What most Charlotte buyers actually use.
From clients
What working with me was actually like.
Unedited reviews from clients and agents. If a review was written while I was with a previous company, it says so — the words are theirs and I am not going to tidy them up.
5.0
45 reviews
Travis is the best! He made buying a house on the finance side stress free! My husband and I can’t thank him enough for all he did for us and going above and beyond anytime of the day!
Being a first time homebuyer, I was nervous about the buying process. Now that it’s all over, I don’t remember stressing during our buying process at all. Travis literally made it stress free. It was almost a hands off process, he did it all! His communication, professionalism, and passion to make your dreams come true is unmatched. I whole heartedly believe he is the best in the business. As long as the world is turning, I’ll be trusting Travis and his team with my lending needs.
Travis went above and beyond to make sure we understood the financial process of buying a home. He was always responsive whenever we had questions.
Travis was fantastic through my loan process! He was available nearly all times of the day and his communication was top notch. He couldn’t have made the experience easier/better.
Travis and his whole Fairway team was wonderful to work with! From the beginning Travis was very friendly and super helpful. He was always available to answer any and all questions that we had, responding to calls and texts right away. He kept us up to date on everything going on with our home loan, and we never had to second guess where we were in the process. As first time homebuyers, we are so thankful that we had the smoothest home buying process thanks to Travis and his team. I would recommend Travis and Fairway Mortgage to anyone looking to purchase or refinance their home. They are the best!!
Travis went above and beyond to get us in our home !! The whole team works great together and their communication is the best I have dealt with . We could not be any happier with the service and care we received !! 10 out of 10 recommendation !!
This is not an offer to enter into an agreement or a commitment to lend. Not all applicants will qualify. Information and rates are subject to change without notice. All loans are subject to credit review and approval.
Fairway Independent Mortgage Corporation is not affiliated with any government agencies. These materials are not from HUD, VA, USDA or FHA, and were not approved by HUD, VA, USDA or any other government agency.
Equal Housing Opportunity. We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.
Next step
Buying in Charlotte? Start with the number.
A documented pre-approval takes about 24 hours from a complete document set, and it tells you exactly what you can offer in Charlotte — plus what closing day costs.