VA Guaranteed Home Loans Notes VA Loans are Increasingly More Popular in Columbia, SC.

In Columbia, SC VA loans are available through Mortgage Network, Inc. and Clint Hammond.We give eligible US war veterans and their families the opportunity to cash in on the most cost-efficient down payment mortgaging opportunities and streamline refinancing strategies.

While VA home loans have been helping American war veterans and their families get low-to-zero down payment rates on home mortgages and mortgage refinancing for nearly 70 years, this service couldn’t be more timely. The VA loan program saw one of its best year’s in 2012, with loans increasing by more than 50 percent from the previous fiscal year. The VA also insured its landmark 20 millionth loan last year.

If you are a veteran looking to make a long-term investment in a home, there is no better way to get started than with a VA loan, especially if your budget is such that you’d prefer not to take a huge chunk out of your savings on an immediate down payment.

But why the marked uptick in loan assistance, one might ask? The reason VA loans are increasingly popular has to do with the ever-increasing restrictions being placed on conventional loans due to recent economic shortfalls. A Huffington Post article reported that VA loans have increased by more than 305 percent over the last five years, after conventional lenders began issuing stricter policies and making borrower eligibility more difficult in 2008.

While a traditional lender might demand as high as 20 percent on a home down payment, VA loans typically require no money up front, which can be a huge relief for families whose main concerns have been keeping their country and family safe, rather than being able to spend time accruing large savings and worrying about maintaining a great Fico score.

Although the zero down payment option typically covers homes worth up to about $417,000, VA loans can offer insurance on houses worth up to $1.094 million, according to the New York Times. And VA IRRRL Refinancingoptions can also be secured with zero out-of-pocket cost.

Even the cheapest non-VA refinancing and home buying option, the FHA, is seeing its minimum down payment rates rise to 5 percent of a home’s total cost this year. This means that while a non-VA borrower would have to put down a minimum of $20,000 on a $400,000 home, a VA borrower would put down nothing on the same property.

That said, VA borrowers do need to be aware that loans are insured, not financially backed, by the VA. This means that VA borrowers must go through a traditional lender once they’ve gotten a VA stamp of approval. There is also an overhead cost of 1 to 3 percent of the property’s value that will be tacked on for VA loans, but seeing as it can be negotiated with a lender and paid off in your monthly bill over the course of many years, VA home loans are a good way to go for home buyers and refinancers who see their property as a long-term investment. Most VA loans also require a credit score of only about 620, which is much lower than the average denied score of 669 for borrowers, as noted in a National Association of Realtor’s statement from last year.

“VA loans provide a fantastic opportunity for veterans to make the highest and best use of their financial resources. With rates at historic lows, financing 100% of your purchase price allows you basically borrower money below the rate of inflation,” says Clint Hammond, Branch Manager of Mortgage Network in Columbia, SC that specializes in VA Loans. “They’re also a savvy and affordable option for military families looking to save on streamline refinancing.”

To see if you qualify for a VA home loan in Columbia SC contact Clint Hammond at 803-422-6797803-422-6797. NMLS# 71597