VA Loan Basics

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One of the great benefits of military service is 100% financing for home mortgages through the Veterans Administration. Charleston and the Low Country is home to many active duty and retired military families. All branches are represented, including Navy, Marines, Army, Air Force, National Guard, and Coast Guard. Whether you are a first time homebuyer or have owned homes before, VA benefits can be there for you.

VA Loans can be used for purchases and refinance transactions if you qualify:

You may be eligible for a VA Loan if any one of the following is true:

• Served 181 days during peacetime (Active Duty)
• Served 90 days during war time (Active Duty)
• Served 6 years in the Reserves or National Guard
• You are the spouse of a service member who was killed in the line of duty.

VA Features:

  • Purchase a home with zero down. 100% financing with no monthly mortgage insurance

  • 100% LTV (loan to value) on new home purchases based on price or reasonable value of property.

  • 90% LTV on refinances and 20% LTV on second mortgages.

  • No Private Mortgage Insurance (PMI)

  • No down payments.

  • Lower credit requirements.

  • South Carolina, VA Home Loans have a loan limit of $417,000 state wide.