I’m Travis Buis, a loan officer with Elite Home Lending here in Myrtle Beach, and the VA home loan is the program I get asked about most. A lot of people retire to this coast after a career in the service, and plenty more are stationed within driving distance of it. So VA files are a big part of my week.

For a veteran who qualifies, it’s the first program I check. The Grand Strand is also where this program hits the most friction, because condo buildings, coastal insurance and occupancy rules all work differently here than they do inland. Below is how the program works, and then what it actually looks like in Horry and Georgetown counties.

What is a VA home loan?

A VA home loan is a mortgage made by a private lender, like me, with part of it guaranteed by the U.S. Department of Veterans Affairs. The VA promises to cover part of the lender’s loss if the loan goes bad. That promise is what lets a lender offer terms it wouldn’t offer on its own.

The VA doesn’t lend the money, and it doesn’t approve your file. I handle the underwriting, which is the review of your income, credit and the property. The VA stands behind the result.

What does a VA loan do that a conventional loan doesn’t?

Here’s the part that matters most. A VA loan has no monthly mortgage insurance. On a conventional loan with a smaller down payment, you pay private mortgage insurance, or PMI, every month until you build enough equity. A VA loan doesn’t carry it at all.

In its place is the VA funding fee, a one-time charge that can usually be rolled into the loan. Veterans who receive VA disability compensation are generally exempt from it, so bring your award letter if that’s you.

The VA also doesn’t set a minimum credit score. Lenders set their own, which is why it’s worth asking before you assume you won’t qualify. And the VA limits which closing fees a veteran is allowed to pay. Anything outside that list has to be paid by someone else, usually the seller or the lender.

Who is eligible for a VA home loan?

Eligibility comes from your service. The VA sets minimum service requirements that depend on when you served and whether it was active duty, National Guard or Reserve. Some surviving spouses qualify too.

The proof is your Certificate of Eligibility, or COE. It’s the VA’s own statement that you qualify and how much entitlement you have. Entitlement is the part of the loan the VA will guarantee. You can request a COE on VA.gov, but in most cases I can pull it for you through the VA’s lender system.

Two rules apply to everyone. The home has to be your primary residence, and it has to meet the VA’s minimum property requirements, which the VA appraiser checks.

Can I refinance with a VA loan?

Yes, two ways. If you already have a VA loan, the Interest Rate Reduction Refinance Loan, or IRRRL, lowers your rate with less paperwork than a full refinance. The VA requires the new loan to leave you better off, and your current loan has to be seasoned first, meaning you’ve held it long enough and made enough payments on it.

If you have any other kind of loan, a VA cash-out refinance can replace it with a VA loan and let you take equity out at the same time. My VA refinance options page walks through both.

What does a VA home loan look like in Myrtle Beach?

Four things come up on nearly every VA file I take on the Grand Strand.

Can I use a VA loan on a Myrtle Beach condo?

Sometimes, and it comes down to a list. The VA keeps its own roster of approved condo projects, and that roster is separate from the warrantability rules a conventional loan uses. Warrantable just means Fannie Mae and Freddie Mac are willing to buy a loan made against that building. A project can be perfectly warrantable and still not appear on the VA’s list, and a fair number of oceanfront buildings here don’t.

An unapproved project can be submitted to the VA for approval, but that takes time your contract may not have. So I check the building against the VA list before you write the offer, not after. There’s more on that in my piece on using a VA loan on a Myrtle Beach condo.

How does coastal insurance affect a VA loan here?

It changes what you qualify for rather than whether you qualify. Wind and hail coverage and flood insurance are part of the monthly housing figure underwriting works from, and on this coast those lines run higher than buyers moving from inland expect them to.

The appraisal adds its own layer. Every VA appraisal is measured against Minimum Property Requirements, which are the VA’s baseline for a home being safe, structurally sound and sanitary. On older beach properties, roof condition and water intrusion are the two that flag most often. I go into the insurance side in how coastal insurance affects what you qualify for.

Can I buy a beach rental or a second home with a VA loan?

No. A VA loan is for a home you will live in as your primary residence. That isn’t a technicality worth working around either. Signing that you’ll occupy a home you actually intend to rent out is occupancy misrepresentation, and that is mortgage fraud.

This comes up constantly here, because the Grand Strand is a second-home and short-term-rental market. If an investment property is what you’re after, that’s a different loan and I’ll tell you which one fits. What I won’t do is put a VA loan on it.

What if I already used my VA entitlement?

You may still have room. Entitlement is the portion of the loan the VA guarantees to your lender, and one purchase doesn’t always consume all of it. If you sold that home and the loan was paid off, entitlement can usually be restored. If you still own it, say you kept a house near a previous duty station, you may have remaining entitlement to use on a purchase here.

That question comes up with nearly every service member relocating to the coast. Bring me your Certificate of Eligibility and I’ll tell you what you have left to work with.

If you’re weighing a move to the Grand Strand, get pre-qualified first and we’ll find out what your entitlement actually supports before you start looking at houses.

What should I have ready for a VA loan?

• Your DD-214 if you’ve separated, or a statement of service if you’re still serving
• Two years of employment history
• Your last 30 days of pay stubs and two years of W-2s, plus tax returns if you’re self-employed or have other income
• Two months of bank statements
• Your VA disability award letter, if you have one

You don’t need all of it to start. We can pre-qualify you with a conversation, and I’ll ask for the paperwork once you’re ready to make offers.

VA home loan questions

Do I have to be a first-time buyer to use a VA loan?

No. You can use your VA benefit more than once. Your entitlement can often be restored after you sell a home and pay off the loan, and you may still have some left if you haven’t.

Is there mortgage insurance on a VA loan?

No. VA loans don’t carry monthly mortgage insurance. There’s a one-time VA funding fee instead, and veterans who receive VA disability compensation are generally exempt from it.

Can I use a VA loan on a condo in Myrtle Beach?

Yes, if the building is on the VA’s list of approved condo projects. Many buildings here aren’t, so I check the building before you write an offer.