Homeownership in South Carolina is a dream for many people, but not everyone has access to a loan program as great as the VA home loan. So whether you are looking to settle down on the shore or in the city, you’ll be thrilled with your new home.
With the average listing price of a home in South Carolina landing at $437,007, the VA loan’s signature $0-money-down benefit is a considerable advantage for South Carolina homebuyers.
See also: VA Loan Options for Other States
VA loans are made by private lenders and guaranteed by the Department of Veterans Affairs. Because private lenders make the loans and not the VA, you need to find a lender licensed in the state you plan to purchase or refinance.
For example, if you're purchasing a home in Charleston, SC, you'll need to find a lender licensed in South Carolina to do the loan.
VA borrowers in South Carolina should also consider the cost and impact of VA loan limits and property taxes when making their home purchase.
As of January 1, 2020, VA borrowers in South Carolina with their full VA loan entitlement are not restricted by VA loan limits. This means you can borrow as much as a lender is willing to lend without needing a down payment.
However, veterans without their full VA loan entitlement are still bound to South Carolina’s VA loan limits.
As of Jan 1, 2021, VA loan limits for all counties in South Carolina are $548,250.
Another consideration for VA buyers in South Carolina is property taxes. For certain VA buyers, there are exemptions.
You may be eligible for a property tax exemption in South Carolina if you meet one of the following conditions:
If you are required to pay property tax in South Carolina, the American Community Survey by the U.S. Census Bureau estimates you may pay the following in each county:
|County||Property Tax Rate|
View the graphic below to learn more about how VA loans work in South Carolina.