This is the best time to make a stride in life as a South Carolina resident in the capacity of a first-time home buyer. This is because VA loan South Carolina has helped millions of veterans settle down after giving long-term service to our lovely country.
Qualifications for First-time Buyers
You do not have to amass fortunes in order to qualify for a first time buyer VA loan SC. Though your credit score needs to be fairly strong at 640, this does not mean that you cannot get a mortgage with a FICO of 620.
- The Loan-to-Value (LTV) is 100%, meaning you do not overpay like in a conventional mortgage. This also means that the down payment is 0% in comparison with the commercial 20%.
- No Private Mortgage Insurance (PMI).
- Physically challenged borrowers can roll the funding fee into the principal of VA loan South Carolina.
Financing Options for First-time Buyers
VA Loans Center recommends that you evaluate the best offer among the many options in this mortgage. Some might be extremely suitable to certain applicants while others less so.
For instance, building a new home may be great for disabled veterans as part of their government compensation plan while the straightforward VA loan SC may be great for those with poor credit.
Look more than the face value of the following options:
- Construction mortgage.
- Financing mortgage.
- Repair mortgage.
- Mobile home credit.
- Refinance plan.
Whether you are a first-time home buyer or a second-time applicant for VA loan South Carolina, you will need certification for your service tenure. You also need to produce a discharge statement that mentions honorable tenure. Trust on us to help track down these particular areas:
- That you have served for three consecutive months in a war zone or 181 days during peace.
- That you have served for 6 years if you are a National Guard member.
- If you are a widow or widower of an ex-serviceman, you also qualify.
Can You Apply For A Second Time?
The great thing about VA loan South Carolina is that it does not bar applicants who go for a second chance. Furthermore, as a second-time borrower, you will still use the documents that you passed through our site, including appraisal report and the COE. This means that you will not incur extra documentation costs.
So you want to live near any of the half a dozen military bases in this state? You can comfortably use VA loan SC to fund a residence that is next to Fort Jackson and Charleston arsenal right today.
Contact our loan team today for professional assistance.