Do I need a down payment?

For most eligible borrowers buying a primary residence, the VA program allows financing without a down payment. That does not mean every buyer will qualify for every purchase price. Income, credit, the property's appraised value, and your remaining entitlement all factor in. Some buyers choose to put money down anyway to lower the funding fee or the monthly payment.

What's the VA funding fee?

It is a one-time fee paid to the Department of Veterans Affairs that helps keep the program running. The percentage depends on whether this is your first use of the benefit, how much you put down, and your service category, and it is set by the VA rather than by us. Most buyers finance it into the loan instead of paying it at closing. Borrowers receiving VA compensation for a service-connected disability are generally exempt.

Can I use VA more than once?

Yes. The VA benefit is not a one-time offer. Entitlement can be restored after a previous VA loan is paid off, and in some situations a borrower can have more than one VA loan at the same time using remaining entitlement. We review your Certificate of Eligibility to see what entitlement you have available before discussing options.

Loan Types

VA Home Loans

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What the VA benefit actually gives you

The VA home loan is a benefit earned through military service, available to eligible veterans, active-duty service members, National Guard members, reservists, and some surviving spouses. Its headline feature is that qualified buyers can finance a primary residence with no down payment at all, something almost no other program allows. Eligibility is set by the Department of Veterans Affairs; the loan itself is made by a lender like us and backed by the VA.

Compared with a conventional loan, the differences add up. There is no monthly mortgage insurance on a VA loan, even at zero down, which is often the single biggest monthly difference. Credit guidelines tend to be more flexible, and the VA sets limits on which closing costs a veteran may be charged. The tradeoff is the VA funding fee, a one-time charge that most buyers roll into the loan rather than pay in cash. Buyers with a qualifying service-connected disability rating are exempt from the funding fee entirely.

The starting point is your Certificate of Eligibility, which confirms your entitlement to the VA. We help clients request it and review it alongside income, credit, and the property itself before talking about programs. The Home Loan Team works VA loans throughout South Carolina, from Lexington and the Midlands to the Upstate and the coast, and can walk you through what the process looks like for your situation rather than a generic one.

No down payment required for eligible buyers on a primary residence.
No monthly mortgage insurance, regardless of down payment.
Funding fee is usually financed into the loan, and waived for qualifying disability ratings.
Certificate of Eligibility is the first document we help you gather.

Common questions

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