For veterans, a VA home loan can be an excellent option for owning a home. Such a loan is issued by private lenders but is partially backed by the US Department of Veteran Affairs. Often termed as a $0-down payment mortgage, South Carolina Veterans’ Home Loans are crafted to provide competitive advantages for borrowers who are serving or have served in the US Armed Forces. 

If you meet all the VA home loan eligibility requirements and have the required military experience, you are bound to enjoy many advantages that will make your home-buying process easy, quick, and most importantly, affordable. 

Available VA home loan options in South Carolina

Before you learn about the requirements for a VA home loan in Myrtle Beach, SC, first get familiar with the available VA loan options to determine which one suits you the best:

• VA Purchase Loan

This is ideal for the acquisition of an existing home and can be used to acquire a primary residence only. 

• VA Interest Rate Reduction Refinance Loan

This one is ideal for refinancing your existing VA debt and can be used to reduce your monthly payment or interest rate.

• VA Cash-Out Refinance

If you already have sufficient home equity but require instant cash, choose this one. It can help you to refinance a loan with a higher interest rate as well.

Obtaining the Certificate of Eligibility (COE)

There is no requirement for a COE to start your VA loan process. In many cases, you can start your process and get a pre-approval letter without a COE. However, your lender will require a COE from the Veteran Administration before closing. Thus, working with one of the most qualified professional VA home loan lenders is a must as they will obtain the COE on your behalf and take care of the whole process accordingly.

VA Loan Eligibility Requirements in SC

Both veterans and those who are actively involved in the US military can take out a VA loan. Hence, the VA loan eligibility requirements for veterans are one the most asked questions. 

The requirements for obtaining a VA loan in South Carolina (and also North Carolina) are the following:

• Honorably discharged or an active duty service member
• At least 6 years of service in the National Guard or Selected Reserve
• During a time of war period (as defined by VA), at least 90 days of consecutive service, or during a time of peace (as defined by VA), at least 181 days of service
• A spouse of a duty service member in a recognized Armed Service who died in the line of duty

Consider selecting one of the best VA Home Loan Lenders in South Carolina to ensure you are getting the proper guidance and information to determine which option is right for you as per home-buying requirements and preferences.

Why choose a VA home loan? 

From no down payments to better interest rates to no mortgage insurance, a VA home loan in Myrtle Beach, SC is the most favorable option for veterans looking to buy their dream home without breaking the bank. If you choose one of the best VA home lenders to guide you through the process, you can enjoy more favorable terms and refinance to a lower rate quite easily. So, do take the necessary steps to find the best VA home loan lender for you today!

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