Beginners Guide to VA Home Loans in South Carolina

If you are an active member of the military or a military veteran, you are eligible for a VA home loan. If you want to buy a house but think you have limited options, we’re here to fill you in on VA home loans in South Carolina. Take a look at our guide to the basics.

What is a VA Loan?

The the U.S. Department of Veterans Affairs guarantees VA loans. Though private lenders and mortgage companies offer VA loans, the guarantee means that people who serve in or served in the military can get them for lower rates and with little or no down payment. They are also available to eligible surviving spouses.

VA Loan Benefits

This loan program for military members has many benefits. They include:

• Zero down payment in most cases
• Negotiable interest rates
• No mortgage insurance premiums
• Guaranteed by the government
• No prepayment penalty
• Easier qualification than a conventional loan
• Different loan options
• Lower closing costs than other types of loans
• Less rigorous credit score and income requirements
• Closing costs that are comparable to or lower than other types of loans
• Loans are assumable
• Builder warranty is available if the home is a new build and inspected during the construction phase
• Assistance from the VA in the case of financial difficulty

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