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Palmetto State News

Tuesday, November 5, 2024

VA provides 58.2% fewer home purchase loans in South Carolina in Q3 2023

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There were 975 VA home purchases in South Carolina in the third quarter of the VA's fiscal year 2023, totaling $335 million in loans, according to figures provided by the Veterans Affairs Home Loans Index.

By comparison, there were 2,331 VA funded home purchases in South Carolina for the second quarter, totaling $762 million.

The VA assists service members, veterans, and eligible surviving spouses in achieving homeownership through loans provided by banks and mortgage companies.

A portion of the loan is guaranteed by the VA, which allows the lender to provide better rates.

Several VA housing programs can help members buy, build or repair their homes. Benefits may include home purchase loans, interest rate reduction refinance loans, and adapted housing grants geared toward veterans with a service-connected disability.

The VA's fiscal year stretches from Oct. 1 to Sept. 30.

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