Charleston SC VA Mortgage Loans | VA Mortgages SC VA mortgages Charleston SC | Where to Get VA Loans in Charleston SC | Information About There seems to be a little confusion to the fine men and women that serve and protect our great country. As a Charleston, SC area real estate agent whose father served in the Army, father-in-law who served 25+ years in Coast Guard and countless other friends who have also served. I want to help by trying to simplify the confusion that is getting a VA loan. The VA loans still offer 100% mortgage financing for veterans that qualify, however as a one time mortgage expert for over 14 years I do not suggest financing 100% if you can avoid it. (View OTHER type of NO money down mortgage). The 2018 VA loan limit increased to $453,100 in 2018 from $424,100 except in 220 high cost counties where they are higher. This represents a 6.8% increase this year. For comparison there are 3,234 counties and county equivalents. Apply Now First the VA does NOT lend the money, but in fact the VA guarantees the loan to the bank that agrees to lend the money to the Charleston, SC veteran that has been approved. When buying a house the service member must contact a Charleston, SC VA mortgage lender or bank that offers VA loans and apply. Make sure to find one that is experienced in doing VA loans as they are a little more detailed and stringent than conventional or FHA loans. Click to See Latest Interest Rates With a Purchase Loan, VA can help you purchase a home at a competitive interest rate, and if you have found it difficult to find other financing. VA’s Cash-Out Refinance Loan is for homeowners who want to take cash out of your home equity to take care of concerns like paying off debt, funding school, or making home improvements. The Cash-Out Refinance Loan can also be used to refinance a non-VA loan into a VA loan. VA will guarantee loans up to 100% of the value of your home. Most VA Home Loans are handled entirely by private lenders and VA rarely gets involved in the loan approval process. VA “stands behind” the loan by guaranteeing a portion of it. If something goes wrong and you can’t make the payments anymore, the lending institution can come to veteran’s administration to cover any losses they might incur. The VA loan guaranty is the “insurance” that we provide the lender. VA Home Loan Advantages The guarantee VA provides to mortgage lenders allows them to provide you with more favorable terms, including: NO down payment 100% financing as long as the sales price doesn’t exceed the appraised value. NO private mortgage insurance premium requirement. VA rules limit the amount you can be charged for closing costs. Closing costs may be paid by the seller. The lender can’t charge you a penalty fee if you pay the loan off early. VA may be able to provide you some assistance if you run into difficulty making payments. You should also know that: You don’t have to be a first-time home buyer. You can reuse the benefit. VA-backed loans are assumable, as long as the person assuming the loan qualifies. Eligibility – You must have suitable credit, sufficient income, and a valid Certificate of Eligibility (COE) to be eligible for a VA-guaranteed home loan. The home must be for your own personal occupancy. The eligibility requirements to obtain a COE are listed below for Service members and Veterans, spouses, and other eligible beneficiaries. VA Loan Form The spouse of a Veteran can also apply for home loan eligibility under one of the following conditions: Un-remarried spouse of a Veteran who died while in service or from a service connected disability, or Spouse of a Service member missing in action or a prisoner of war Surviving spouse who remarries on or after attaining age 57, and on or after December 16, 2003 (Note: a surviving spouse who remarried before December 16, 2003, and on or after attaining age 57, must have applied no later than December 15, 2004, to establish home loan eligibility. VA must deny applications from surviving spouses who remarried before December 6, 2003 that are received after December 15, 2004.) Surviving Spouses of certain totally disabled veterans whose disability may not have been the cause of death
How to buy a house with NO money down Charleston SC 100% Financing Mortgages Charleston SC USDA Loans: A True 100% Home Loan With the USDA loan program, no down payment is required and you are able to finance up to 102% of the property’s appraised value. With the elimination of the down payment assistance programs in late 2008, the USDA loan program is one of the only 100% loan programs available. However, there are income requirements, rules, and only certain communities, and areas are eligible for qualifying for a USDA loan. Get Approval Now USDA Loans: No Upfront or Monthly Mortgage Insurance With the USDA loan program, there is no upfront or monthly mortgage insurance required. With the FHA loan program, you have both up front mortgage insurance premium and monthly mortgage insurance as well. With no mortgage insurance required, the USDA loan program can save you hundreds (possibly even thousands) of dollars each year that mortgage insurance would cost with a different type of loan. USDA Loans: No Credit Score Required For the USDA loan program, officially, there is no credit score required… but unofficially, the minimum credit score that you will need to get approved by an investor is 620. This is relatively recent and may change back to the official answer — but for now, you need a 620 mid FICO score to qualify for the USDA loan program. USDA Loans: No Loan Limit The USDA loan program will allow you to finance “as much as you can afford”. There is no official loan limit with the USDA loan program, but the amount of money that you can borrow depends on your ability to repay the loan. USDA Loans: Seller Concessions Are Allowed With the USDA loan program, you can get the seller to pay as many of your closing costs as you can. There are no limits on “seller concessions” so negotiate the best deal that you can! Many loan programs limit the amount of seller concessions that you can have, but the USDA loan program doesn’t put a limit on them. The USDA loan program is a great option for people who are looking to buy a house with little or no money down. The only “bad” thing about the USDA loan program? The only thing that I can think of is that you will have to find a property that can qualify – and sometimes you may have to drive a ways to get there. VA Loans are also eligible for 100% financing. Palmetto Heros Loan – CALL LOAN OFFICER FOR QUESTIONS. HOW TO QUALIFY FOR A USDA LOAN 1.) Call Eric Ceneskie to get a pre-qualification – Mortgage ProLoan Officer 2.) See which communities qualify for USDA HERE.