South Carolina VA Loans
If you are a qualified veteran looking to relocate to South Carolina, there has never been a better time than now to purchase a new house with a VA Loan. Right now housing prices are at an all time low in South Carolina. Combine this with increased loan limits for counties across the state and you will be amazed at how much house you will be able to afford. Whether you are looking to move off base, built your dream house or upgrade to a big family home, when you use a VA Loan you will be able to take advantage of huge benefits.
Benefits
Of the many benefits afforded to veterans by the VA Loan Guaranty Program, none are as great as the no down payment feature. With conventional loans you can expect to pay upwards of 20% of the house’s price, which is a lot for first time homeowners or people who don’t have that kind of capital saved up. You can also negotiate a low interest rate and you are not required to purchase private monthly mortgage insurance, making your payments much more affordable month-to-month. The other benefits include minimal closing costs, flexible repayment plans and simple refinancing.
Repayment Plans
When it comes to how you want to repay the loan, you have five different options: traditional ARM, hybrid ARM, traditional fixed, growing equity mortgage (GEM) and graduated payments mortgage (GPM). Each has been designed to help people with specific needs and income levels. For example, if you want your payments to start low in the beginning and grow over time, you can choose either the GEM or GPM. The GPM starts out very low and increases overtime to allow first time homeowners a bit of leeway in the beginning. The GEM mortgage also increases overtime but the increases are applied to the capital of the loan, making it easier to pay off the loan faster.
Refinancing
Once you have your VA Loan, refinancing is incredibly easy. The VA offers two types of refinancing options: Cash-out Refinancing and the Interest Rate Reduction Refinancing Loan (IRRRL). The IRRRL is nicknamed the VA Streamline Refinance because it is a very easy, affordable process. No additional paperwork or out-of-pocket expenses are needed to refinance.
Get Started Today and Save
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