SC VA Mortgage Loans

VA Loans
In today’s mortgage world, VA loans are one of the few ways remaining to obtain 100% financing for the purchase of a home.  If you are eligible for a VA loan, then the chances are that this will be your best option for financing.  We proudly offer VA loans and here are a few more details about the program:
VA guaranteed loans are made by lenders and guaranteed by the U.S. Department of Veteran Affairs (VA) to eligible veterans for the purchase of a home. The guaranty means the lender is protected against loss if you fail to repay the loan. In most cases, no down payment is required on a VA guaranteed loan and the borrower usually receives an interest rate comparable and in some cases lower than ordinarily available with other loans.
Other benefits of a VA loan include:
  • Seller is allowed to pay buyer’s closing costs 
  • Closing costs comparable – and sometimes lower – than other financing types.
  • No private mortgage insurance requirement
  • Right to prepay loan without penalties
  • Perfect credit not required but must be generally good in the most recent 12 months 
  • VA loans allow cash-out refinances up to 90% of home value
Although mortgage insurance is not required, the VA charges a funding fee to issue a guarantee to a lender against borrower default on a mortgage. The fee may be paid in cash by the buyer or seller, or it may be financed in the loan amount.
Veterans can apply for a VA loan with any mortgage lender that participates in the VA home loan program. A Certificate of Eligibility from the VA must be presented to the lender to qualify for the loan.  We can usually obtain the certificate for you if you do not have a copy.
For more details, call Bob Graybill at 803-771-0080