RALEIGH -- If you're in the market for a new home then you know interest rates and home prices are on rise, while inventory in many areas is decreasing.

However, if you're a veteran, service member or surviving spouse like many in North Carolina, the VA is offering a home loan program they say has helped millions save money and get into their own home.  

Director of the VA’s Home Loan Program, Jeffrey London, sat down with Spectrum News Anchor Caroline Blair for a look at who’s eligible and how it’s helping put people in homes.

London says the program backs at least 25 percent of most loans, eliminating the need for a down payment or Private Mortgage Insurance (PMI).

If you’re a veteran, active duty, or have been in the National Guard or Reserves for at least six years, you could be eligible for the loan.  Plus, the program can be used multiple times.

Historically, the VA Loan Guaranty Program has lower interest rates and costs and has minimum property standards. We’re told more than 1,500 lenders across the country can issue a VA Home Loan, with no realtor brokerage fees or commissions. 

For more information on the program you can call 1-877-827-3702 or their website.

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