South Carolina VA Loans
Right now is a great time to buy houses in South Carolina with a VA Loan. Housing prices have come down recently, and the VA has increased loan limits in most counties across South Carolina. This means you can afford even more house for you and your family than you ever thought possible.
Conventional Loan vs. VA Loan
When you apply for a conventional loan, you might have to pay upwards of 20% of the total cost of the house for a down payment. Plus, with the recent rise of foreclosures, lenders are requesting even higher interest rates than ever before. With a VA Loan you are not required to supply a down payment on the house. In addition, because you are such a secure and desirable borrower, you will often be able to get a really great interest rate. This rate can sometimes be even lower than the current mortgage market rate.
There are many great benefits associated with VA Loans in addition to low interest rates and the no zero money down feature. For example, you are not required to pay private monthly mortgage insurance because the VA already guarantees a portion of your loan. Other great benefits include minimal closing fees, quick approval, flexible repayment plans and streamlined refinancing.
If you already have a VA Loan and want to take advantage of lower interest rates, you can apply for an Interest Rate Reduction Refinancing Loan (IRRRL). The IRRRL is also called the VA Streamline Refinance because it requires no additional paperwork or out-of-pocket expenses. For veterans interested in taking out cash against the house’s equity, there is a VA Cash-out Refinance. The money you receive from this new loan can be used for tuition, a new car, to pay off outstanding liens and more.
Get Pre-approved Today!
Veterans and current members of the military looking to buy new houses in South Carolina should definitely consider going through the VA to obtain a loan. The benefits are immense, and make homeownership incredibly easy and affordable. Get pre-approved by filling out our secure 1 minute quote form online and start taking advantage of all these great benefits today!