South Carolina VA Loan Rates, Closing Costs & Stats

South Carolina

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    • A VA loan is a mortgage loan that’s backed by the Department of Veterans Affairs (VA) for those who have served or are presently serving in the U.S. military. The VA does not directly lend, it guarantees the loans made by private lenders to veterans, active military personnel, and qualifying military spouses.

    The most obvious benefit of VA loans is that no downpayment is necessary to purchase a home. They will also typically have significantly lower fees-- meaning that if you're eligible to receive a VA loan, it will likely be the most favorable option. VA loans come in 3 varities: purchase, refinance and cash out refis.

    For additional benefits of VA loans, click here.

    South Carolina VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in South Carolina averaged 6.14% for the week of 2023-05-26, compared to the national average (all VA variants) of 6.408% for the same period.

    South Carolina's average VA mortgage closing costs are $5,821.

    The average rate for the prior week (2023-05-19) was 5.96% and one month ago for the week of 2023-04-21, the average rate was 5.98%.

    The average rate one year ago was 4.96%.

    For refis of the same type during the week of 2023-05-26, the average rate was 5.21%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    South Carolina VA Loan Lenders by Rates & Fees

    The below table looks at the average fees/closing costs and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the South Carolina level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    Mortgage Research Center, LLC 2,063 5.01% $7,497
    QUICKEN LOANS, LLC 1,092 4.08% $10,592
    UNITED WHOLESALE MORTGAGE, LLC 761 4.45% $8,528
    NAVY FEDERAL CREDIT UNION 761 4.01% $7,415
    FREEDOM MORTGAGE CORPORATION 629 4.29% $9,852
    DHI MORTGAGE COMPANY, LTD. 591 3.99% $8,145
    MOVEMENT MORTGAGE, LLC 510 4.73% $7,555
    USAA Federal Savings Bank 443 4.41% $8,234
    PENNYMAC LOAN SERVICES, LLC 419 3.44% $8,296
    LOANDEPOT.COM, LLC 398 4.08% $9,453
    NEW DAY FINANCIAL, LLC 396 4.99% $11,142
    GUILD MORTGAGE COMPANY 376 4.77% $9,808
    VANDERBILT MORTGAGE AND FINANCE, INC. 255 4.67% $8,473
    EAGLE HOME MORTGAGE, LLC 243 4.54% $7,919
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 205 4.78% $7,994
    GUARANTEED RATE AFFINITY, LLC 197 4.71% $7,316
    CROSSCOUNTRY MORTGAGE, LLC 189 5.26% $10,301
    Mr. Cooper ( Nationstar Mortgage ) 176 4.88% $10,158
    Ameris Bank 171 4.47% $9,168
    CARDINAL FINANCIAL 165 4.77% $11,773
    First Heritage Mortgage, LLC 162 5.04% $11,373
    BROKER SOLUTIONS, INC. 156 4.63% $9,395
    MORTGAGE SOLUTIONS OF COLORADO, LLC 154 5.59% $7,342
    The Federal Savings Bank 153 4.66% $13,010
    PRIMELENDING, A PLAINSCAPITAL COMPANY 152 4.93% $9,005
    Wells Fargo Bank 136 4.23% $5,366
    GUARANTEED RATE, INC. 133 4.44% $6,740
    PULTE MORTGAGE LLC 131 4.54% $7,765
    CALIBER HOME LOANS, INC. 118 4.24% $8,711
    AMERISAVE MORTGAGE CORPORATION 118 4.21% $13,013
    NTFN, INC. 117 4.87% $9,476
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 115 4.91% $9,939
    RESOURCE FINANCIAL SERVICES, INC. 107 4.76% $8,298
    CMG MORTGAGE, INC. 107 4.74% $10,305
    Gateway First Bank 101 4.68% $8,377
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 100 4.70% $9,134
    NVR Mortgage Finance, Inc. 100 4.33% $6,603
    HOME POINT FINANCIAL CORPORATION 100 4.33% $7,456
    LAKEVIEW LOAN SERVICING, LLC 89 3.38% $5,186
    FINANCE OF AMERICA MORTGAGE LLC 87 4.43% $9,132
    NEWREZ LLC 86 4.44% $9,435
    FBC MORTGAGE, LLC 81 5.22% $9,738
    VILLAGE CAPITAL MORTGAGE 79 4.01% $9,240
    Flagstar Bank, FSB 78 4.68% $8,856
    Magnolia Bank 78 4.69% $11,201
    PENTAGON FEDERAL CREDIT UNION 76 3.69% $6,749
    CLEARPATH LENDING 76 3.74% $10,007
    Barrington Bank & Trust Company, N.A. 75 4.72% $7,386
    Carrington Mortgage Services, LLC 75 4.82% $8,455
    CAROLINA ONE MORTGAGE, LLC 74 4.75% $11,469
    Mortgage Network, Inc. 73 4.76% $8,627
    AMERICAN PACIFIC MORTGAGE CORPORATION 70 5.55% $13,256
    SUCCESS MORTGAGE PARTNERS, INC. 64 4.21% $9,735
    MIDLAND MORTGAGE CORPORATION 64 4.82% $11,391
    Equity Prime Mortgage LLC 60 5.65% $8,221
    HOMEBRIDGE FINANCIAL SERVICES, INC. 58 4.63% $11,883
    Trustmark National Bank 58 4.84% $7,797
    NBKC BANK 58 4.04% $7,988
    South State Bank 56 4.15% $9,475
    ON Q FINANCIAL, INC. 55 5.57% $8,510
    MUTUAL OF OMAHA MORTGAGE, INC. 54 4.70% $9,649
    VELOCIO MORTGAGE L.L.C. 50 4.53% $9,055
    CORNERSTONE HOME LENDING, INC. 47 4.53% $9,289
    Mid-Continent Funding, Inc. 46 4.94% $8,971
    HOMESIDE FINANCIAL, LLC 46 4.51% $7,748
    CALCON MUTUAL MORTGAGE LLC 43 4.94% $11,414
    North American Savings Bank, F.S.B. 43 4.22% $8,935
    Paramount Residential Mortgage Group, Inc. 42 4.98% $12,116
    TOWNE MORTGAGE COMPANY 42 4.47% $8,418
    INTERLINC MORTGAGE SERVICES, LLC 41 5.39% $10,109
    LOANPAL, LLC 41 3.89% $14,777
    Prosperity Home Mortgage, LLC 40 4.82% $9,984
    INTERCOASTAL MORTGAGE COMPANY 40 4.81% $9,329
    CERTAINTY HOME LOANS, LLC 38 4.29% $8,850
    First Palmetto Bank 37 5.25% $7,847
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 37 5.32% $7,823
    Renasant Bank 37 4.37% $9,284
    American Security Mortgage Corp. 35 4.86% $7,477
    First Federal Bank 35 4.55% $9,106
    Truist 35 4.35% $4,583
    RELIANCE FIRST CAPITAL, LLC 34 4.69% $10,115
    Low VA Rates, LLC 33 4.86% $14,352
    Wyndham Capital Mortgage, Inc. 32 4.29% $8,646
    Nations Lending Corporation 32 5.09% $9,397
    Network Funding, L.P. 32 4.90% $10,148
    Lakeview Community Capital, LLC 32 3.98% $4,756
    PLANET HOME LENDING, LLC 31 4.08% $6,344
    DAS Acquisition Company, LLC 30 5.20% $11,362
    Assurance Financial Group, L.L.C. 30 5.27% $9,172
    Sierra Pacific Mortgage Company, Inc. 26 4.49% $9,391
    BANKSOUTH MORTGAGE COMPANY, LLC 26 4.30% $7,769
    T2 FINANCIAL LLC 25 4.67% $10,179
    ACOPIA, LLC 25 4.85% $7,834
    Princeton Mortgage Corporation 25 4.51% $16,604
    Northpointe Bank 24 4.70% $9,143
    JET HOMELOANS, LLC 24 4.93% $7,876
    HOMESTAR FINANCIAL CORPORATION 24 4.46% $10,327
    MCLEAN MORTGAGE CORPORATION 24 4.97% $7,062
    NFM, INC. 23 5.09% $11,750
    VERITAS FUNDING, LLC 23 4.44% $16,280
    GENEVA FINANCIAL, LLC 23 4.98% $11,681
    Regions Bank 23 5.05% $7,865
    NATIONS DIRECT MORTGAGE, LLC 22 4.28% $7,793
    CHURCHILL MORTGAGE CORPORATION 21 4.67% $9,803
    CONTOUR MORTGAGE CORPORATION 21 4.92% $11,381
    United Community Bank 21 4.38% $8,148
    DIRECT MORTGAGE LOANS, LLC 21 4.91% $14,151
    BAY EQUITY LLC 21 5.25% $12,385
    ANGEL OAK HOME LOANS LLC 20 5.01% $6,696
    INSPIRE HOME LOANS INC. 20 5.17% $8,407
    TIDEWATER MORTGAGE SERVICES, INC. 20 5.33% $9,083
    APEX HOME LOANS, INC. 19 3.82% $6,315
    SUN WEST MORTGAGE COMPANY, INC. 19 4.38% $8,517
    Atlantic Coast Mortgage, LLC 19 4.81% $12,229
    Queensborough National Bank & Trust Company 18 4.50% $9,302
    Strong Home Mortgage, LLC 18 4.18% $9,674
    AMERICAN FINANCING CORPORATION 17 4.01% $7,560
    PLAZA HOME MORTGAGE, INC. 17 5.21% $8,937
    BNC National Bank 17 4.04% $9,483
    EVERETT FINANCIAL, INC. 17 5.14% $9,453
    TJC Mortgage, Inc. 17 4.51% $10,707
    THE MORTGAGE FIRM, INC. 16 5.32% $8,509
    Armed Forces Bank 16 3.68% $7,315
    EMBRACE HOME LOANS, INC. 16 4.29% $9,851
    GSF Mortgage Corporation 16 5.65% $15,181
    PRIMARY RESIDENTIAL MORTGAGE, INC. 15 4.88% $8,236
    SOVEREIGN LENDING GROUP INCORPORATED 15 4.59% $12,322
    Alcova Mortgage LLC 15 5.03% $10,748
    Texana Bank 15 4.66% $11,452
    EQUITY RESOURCES, INC. 14 4.54% $9,913
    Colony Bank 14 4.44% $8,241
    FIRST HOME MORTGAGE CORPORATION 14 4.69% $16,951
    MORTGAGE EQUITY PARTNERS LLC 14 5.12% $10,110
    SOUTHERN TRUST MORTGAGE, LLC 14 4.60% $11,637
    HOMEOWNERS FINANCIAL GROUP USA, LLC 14 4.50% $9,861
    Towne Bank 14 4.56% $14,140
    AMERICAN FINANCIAL RESOURCES, INC. 13 5.47% $5,237
    K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 13 4.61% $10,137
    SOUTHWEST FUNDING, LP 13 5.08% $10,942
    UNION HOME MORTGAGE CORP. 12 4.71% $8,724
    Citizens Bank 12 3.92% $11,540
    Bank of America 12 4.06% $6,887
    JPMorgan Chase Bank 12 4.98% $8,015
    Bank of England 11 4.75% $10,590
    TBI MORTGAGE COMPANY 11 3.99% $10,714
    First Community Bank 11 4.78% $10,350
    SWBC MORTGAGE CORPORATION 11 4.35% $8,134
    Countybank 11 3.92% $6,495
    SRP Federal Credit Union 11 4.72% $5,761
    First-Citizens Bank & Trust Company 10 3.86% $6,177
    Plains Commerce Bank 10 5.25% $8,502
    TD Bank 10 4.40% $5,744
    Security Federal Bank 10 4.34% $6,586
    Southern First Bank 10 4.82% $4,883
    NETWORK CAPITAL FUNDING CORPORATION 9 4.86% $11,255
    CRESCENT MORTGAGE COMPANY 9 4.01% $6,571
    THRIVE MORTGAGE, LLC 9 5.93% $9,084
    Sunflower Bank 9 4.07% $8,297
    Synovus Bank 9 4.79% $5,962
    CAPITAL CENTER, L.L.C. 9 4.06% $5,298
    US MORTGAGE CORPORATION 9 5.40% $8,766
    UNITED MORTGAGE CORP. 8 4.59% $16,062
    First Guaranty Mortgage Corporation 8 3.67% $8,427
    KELLER MORTGAGE, LLC 8 4.42% $9,038
    The Central Trust Bank 8 4.70% $10,843
    First Reliance Bank 8 4.88% $10,307
    Century Mortgage Company DBA Century Lending Company 7 4.29% $6,285
    ZILLOW HOME LOANS, LLC 7 3.80% $9,281
    Allen Tate Mortgage Partners, LLC 7 4.27% $9,124
    South Pacific Financial Corporation 7 4.41% $9,563
    First Horizon Bank 7 5.07% $5,031
    SUMMIT FUNDING, INC. 6 5.79% $8,712
    George Mason Mortgage, LLC 6 3.52% $6,207
    GUARANTY HOME MORTGAGE CORPORATION 6 4.17% $6,155
    CITY FIRST MORTGAGE SERVICES, L.L.C. 6 5.35% $15,897
    SOUTHWEST STAGE FUNDING, LLC 6 4.60% $3,413
    Barley Mortgage, LLC 6 3.56% $4,089
    AUGUSTA MORTGAGE CO. 6 5.60% $9,669
    ROYAL UNITED MORTGAGE LLC 6 5.81% $16,626
    RAPID MORTGAGE COMPANY 6 5.38% $11,265
    PNC Bank 6 4.25% $9,679
    LEADERONE FINANCIAL CORPORATION 5 4.50% $12,491
    M&T Bank 5 4.40% $8,211
    RESIDENTIAL BANCORP. 5 4.15% $13,715
    PHH Mortgage Corporation 5 4.75% $7,896
    Amerifirst Financial, Inc. 5 4.20% $6,643
    Blue Ridge Bank 5 4.53% $8,787
    LADERA LENDING, INC. 5 4.83% $9,052
    First Mortgage Solutions, LLC 5 3.47% $15,870
    Shamrock Home Loans, Inc. 5 4.10% $7,007
    United Bank 5 4.83% $11,778
    Palmetto Citizens Federal Credit Union 4 5.34% $5,592
    Capital Bank 4 4.84% $11,459
    Encompass Lending Group, LP 4 4.78% $8,224
    Waterstone Mortgage Corporation 4 4.94% $11,566
    FirstBank 4 3.63% $2,356
    NBH Bank 4 5.53% $10,641
    Victorian Finance, LLC 4 5.94% $11,378
    GoPrime Mortgage, Inc. 4 4.94% $9,201
    PREMIER LENDING, INC. 4 4.09% $12,187
    NP, Inc. 4 2.78% $8,109
    Colten Mortgage, LLC 4 3.94% $19,974
    SeaTrust Mortgage Company 3 5.83% $6,934
    ARC HOME LLC 3 2.63% $5,572
    Goldwater Bank, N.A. 3 6.29% $9,670
    AMERICAN INTERNET MORTGAGE, INC. 3 3.50% $6,750
    Presidential Bank, FSB 3 4.75% $9,495
    PREMIER MORTGAGE RESOURCES, L.L.C. 3 4.75% $7,421
    U.S. Bank 3 4.29% $2,219
    POLARIS HOME FUNDING CORP. 3 5.58% $8,519
    SHELTER LENDING SERVICES, L.L.C. 3 5.50% $5,472
    Credence Funding Corporation 3 3.92% $5,432
    Peoples Bank 3 4.75% $10,990
    Platinum Home Mortgage Corporation 3 5.25% $7,793
    DRAPER AND KRAMER MORTGAGE CORP. 3 5.21% $9,008
    HOMESPIRE MORTGAGE CORPORATION 3 3.08% $8,184
    First Savings Bank 3 4.17% $20,411
    NATIONWIDE MORTGAGE BANKERS, INC. 3 5.04% $10,876
    Austin Capital Bank SSB 3 3.66% $4,205
    CHERRY CREEK MORTGAGE, LLC 3 3.92% $3,331
    CityWorth Mortgage LLC 3 4.83% $7,412
    LEGEND LENDING CORPORATION 2 6.19% $9,859
    1ST PREFERENCE MORTGAGE CORP. 2 4.25% $13,402
    1ST SIGNATURE LENDING, LLC 2 5.00% $7,056
    Academy Bank 2 5.69% $11,447
    Acre Mortgage and Financial Inc 2 3.44% $6,975
    ALLIED MORTGAGE GROUP, INC. 2 6.38% $8,428
    AMCAP MORTGAGE, LTD. 2 6.25% $15,930
    Aurora Financial, LLC 2 4.25% $2,698
    BAYSHORE MORTGAGE FUNDING, LLC 2 5.75% $25,952
    Capital City Home Loans, LLC 2 4.00% $6,300
    Evolve Bank & Trust 2 6.00% $7,048
    FAIR WAY LENDING LLC 2 4.69% $19,072
    Fifth Third Bank 2 3.31% $11,760
    FIRST COMMUNITY MORTGAGE, INC. 2 4.13% $12,454
    First Federal Bank of Kansas City 2 4.75% $14,557
    First Home Bank 2 5.00% $3,142
    First National Bank of Pennsylvania 2 4.38% $18,147
    GMFS LLC 2 6.50% $9,470
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 2 6.13% $17,510
    HOMESTEAD FUNDING CORP. 2 3.94% $12,281
    LENOX FINANCIAL MORTGAGE CORPORATION 2 4.63% $10,740
    LIBERTY HOME MORTGAGE CORPORATION 2 3.88% $10,740
    MDE Home Loans, LLC 2 5.56% $7,699
    MID AMERICA MORTGAGE, INC. 2 5.00% $5,192
    M/I FINANCIAL, LLC 2 3.69% $21,982
    Mutual Federal Bank 2 3.63% $7,365
    OCEANSIDE MORTGAGE COMPANY 2 3.74% $8,034
    OCMBC, INC. 2 4.63% $17,606
    OPEN MORTGAGE, LLC 2 6.19% $9,425
    OVM FINANCIAL, INC. 2 4.94% $8,288
    PANORAMA MORTGAGE GROUP, LLC 2 4.25% $7,637
    Paramount Bank 2 3.75% $5,463
    Pinnacle Bank 2 4.94% $10,292
    PREMIA MORTGAGE, LLC 2 2.81% $2,819
    ROSS MORTGAGE CORPORATION 2 5.13% $3,867
    RUOFF MORTGAGE COMPANY, INC. 2 3.88% $5,770
    Service Federal Credit Union 2 4.00% $3,934
    The Bank of South Carolina 2 4.06% $6,361
    The Park National Bank 2 4.31% $7,140
    TOP FLITE FINANCIAL, INC. 2 6.00% $14,128
    TOTAL MORTGAGE SERVICES, LLC 2 4.50% $9,785
    Uwharrie Bank 2 5.25% $4,513
    Advisors Mortgage Group, L.L.C. 1 3.50% $10,974
    PIKE CREEK MORTGAGE SERVICES, INC. 1 4.13% $10,271
    SHELTER HOME MORTGAGE, LLC 1 4.75% $17,514
    North State Bank 1 2.75% $2,017
    Neighborhood Loans, Inc. 1 7.25% $4,082
    MYCUMORTGAGE, LLC 1 3.63% $2,001
    MORTGAGEONE, INC. 1 6.75% $1,595
    MORTGAGE INVESTORS GROUP, INC. 1 2.88% $6,180
    SOUTHPOINT FINANCIAL SERVICES, INC. 1 5.75% $18,758
    MORIA DEVELOPMENT, INC. 1 4.75% $3,817
    MLD MORTGAGE INC. 1 5.25% $10,387
    MICHIGAN MUTUAL, INC. 1 3.88% $3,554
    Meridian Bank Corporation 1 2.75% $3,852
    MEMBER FIRST MORTGAGE, LLC 1 5.13% $5,063
    Stifel Bank and Trust 1 4.38% $8,687
    STOCKTON MORTGAGE CORPORATION 1 4.13% $8,322
    Stride Bank 1 4.63% $4,743
    MEMBER ADVANTAGE MORTGAGE, LLC 1 4.00% $6,425
    1ST FINANCIAL, INC. 1 5.75% $7,876
    KeyBank 1 2.63% $3,009
    INTERCAP LENDING INC. 1 5.13% $16,055
    Integrity Home Mortgage Corp 1 5.13% $3,958
    Hometown Lenders, Inc. 1 4.25% $13,700
    Hawthorn Bank 1 4.25% $21,829
    HANCOCK MORTGAGE PARTNERS, LLC 1 4.63% $9,946
    HALLMARK HOME MORTGAGE, LLC 1 6.25% $14,300
    FLAT BRANCH MORTGAGE, INC. 1 4.38% $5,159
    First Western Trust Bank 1 6.63% $0
    West Town Bank & Trust 1 4.25% $21,599
    FIRST SAVINGS MORTGAGE CORPORATION 1 3.38% $13,128
    First Option Mortgage, LLC 1 4.63% $5,546
    The Huntington National Bank 1 3.88% $5,224
    First Federal Bank of the Midwest 1 5.75% $13,226
    Willamette Valley Bank 1 3.75% $8,050
    The Union Bank Company 1 2.63% $8,241
    FIRST CHOICE MORTGAGE, INC. 1 6.25% $2,581
    FIRST CENTENNIAL MORTGAGE CORPORATION 1 7.13% $6,452
    First Bank 1 5.25% $8,805
    WRIGHT-PATT CREDIT UNION, INC. 1 3.63% $5,345
    ACADEMY MORTGAGE CORPORATION 1 5.25% $10,398
    FCB Banks 1 3.25% $5,216
    ENCORE BANK 1 5.13% $1,521
    EMM LOANS LLC 1 4.63% $10,956
    East Coast Capital Corp. 1 6.25% $16,452
    DEVELOPER'S MORTGAGE COMPANY 1 5.75% $2,826
    Cornerstone First Mortgage, Inc 1 4.25% $4,014
    Core Bank 1 5.25% $3,427
    COMPASS MORTGAGE, INC. 1 6.50% $3,609
    Centennial Bank 1 3.25% $3,925
    CBM Mortgage, Inc. 1 3.13% $12,817
    CASTLE & COOKE MORTGAGE, LLC 1 5.75% $44,152
    BEST CAPITAL FUNDING 1 4.00% $4,557
    ABSOLUTE HOME MORTGAGE CORPORATION 1 6.63% $14,001
    Bell Bank 1 4.75% $1,921
    VAN DYK MORTGAGE CORPORATION 1 3.75% $11,729
    Atlantic Union Bank 1 4.13% $0
    Arvest Bank 1 4.50% $7,572
    AmRes Corporation 1 4.38% $4,024
    AmeriHome Mortgage Company, LLC 1 5.50% $21,131
    Watermark Capital, Inc. 1 2.25% $7,580
    ROUNDPOINT MORTGAGE SERVICING CORPORATION 1 4.75% $8,479
    RESIDENTIAL HOME FUNDING CORP. 1 4.63% $11,137
    AMERIFIRST FINANCIAL CORPORATION 1 5.75% $5,852
    S1L, Inc. 1 2.63% $3,368
    Progress Bank and Trust 1 4.50% $2,905
    Prime Choice Funding Inc. 1 2.75% $3,550
    Semper Home Loans, Inc. 1 2.25% $3,385

    The top South Carolina VA lender as defined by loan originations is Mortgage Research Center, LLC, with 2,063 VA loans originated. Their average total fees are $7,497, which is $3,094 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee South Carolina VA lenders (with over 10 loans originated) are Truist ($4,583), Lakeview Community Capital, LLC ($4,756), Southern First Bank ($4,883), LAKEVIEW LOAN SERVICING, LLC ($5,186) and AMERICAN FINANCIAL RESOURCES, INC. ($5,237).

    The lowest rate South Carolina VA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC (3.38%), PENNYMAC LOAN SERVICES, LLC (3.44%), Armed Forces Bank (3.68%), PENTAGON FEDERAL CREDIT UNION (3.69%) and CLEARPATH LENDING (3.74%).

    VA Loan Features

  • No down payment required
  • Negotiable and competitive interest rate.
  • Ability to finance the VA funding fee (plus reduced funding fees with a down payment of at least 5 percent and exemption for veterans receiving VA compensation).
  • VA rules limit the amount you can be charged for closing costs.
  • Closing costs are comparable with other financing types (and may be lower).
  • Closing costs may be paid by the seller.
  • No private mortgage insurance premiums are required.
  • An assumable mortgage.
  • Right to prepay your mortgage without penalty.
  • For homes inspected by VA during construction, a warranty from builder and assistance from VA to obtain cooperation of builder.
  • VA assistance to veteran borrowers in default due to temporary financial difficulty.