Using a VA Loan to Purchase Your First Home in South Carolina

Using a VA Loan to Purchase Your First Home in South Carolina

Are you a United States veteran, or someone currently serving in the military and interested in purchasing your first home? The Department of Veterans Affairs, (or VA), offers home loans to those who have served or who are currently serving our nation in order to assist their purchase of a home. If you are a current or veteran serviceman or woman looking for a home in Mount Pleasant, South Carolina, and want to learn more about how a VA loan can help you purchase your first home, contact Lucey Mortgage Corporation. Read on to learn more about using a VA loan to purchase your first home in South Carolina.

VA Loan: Essential Information

A VA loan is a mortgage that is insured through the VA, but issued by a private lender. VA loans were initially created after World War II in order to offer servicemen returning home from the war the chance to buy a property. Lenders are able to offer less strict qualifications for VA loans because they are backed by the federal government, so if the borrower is unable to make monthly mortgage payments, the government will compensate the lender. VA loans offer an excellent financing option for borrowers because they do not require a down payment, and they have lower interest rates and credit score requirements.

VA Loan Advantages

Obtaining a VA loan offers several benefits for a borrower. They offer a 0% down payment option for eligible applicants, and the interest rates associated with these loans are typically lower than conventional loan rates. Additionally, VA loans do not require a borrower to pay private mortgage insurance, (PMI), and VA loan closing costs are usually lower than traditional loans. If a borrower is having trouble making payments, there are loan advisors available for assistance, and there is an opportunity to pay back a VA loan early since there are no penalties for prepayment. Additionally, there are opportunities to purchase an additional home with this type of loan, and VA loans can be refinanced for better rates and terms.

Application Requirements for a VA Loan

An applicant must meet certain requirements in order to qualify for a VA loan. Some common requirements include:

  • You must be a military veteran or an active military service member
  • You must be a member of the National Guard or a reservist with 6 or more years of service
  • You must be the spouse of a veteran or active service member who passed away as a result of service or from a service-related injury
  • You must be discharged from the military because of a service-related injury

If you have served the country and are searching for a home in South Carolina, take advantage of this excellent loan opportunity. Contact Lucey Mortgage Corporation today to learn more about your VA loan options.

start button

Licensing

Social Media

Contact Us

Lucey Mortgage Corporation
861 Coleman Blvd
Mount Pleasant, SC 29464

Phone:
843-224-3650
EFax:
888-534-8868

Hours:
MON-THURS 8:30AM - 5PM
FRI by appointment