Recently, a guest who is about to be discharged after serving at Fort Jackson came to look for a home in Columbia. They mentioned wanting to use a VA loan first, so I went through the advantages and considerations compared to other loans one by one.

The housing prices in Columbia are relatively affordable compared to other major cities. As of May 31, 2026, the average home value in Columbia is $231,363 according to Zillow, and the median sale price over the last three months is around $276,000. The median listing price for Richland County as of July 2026 is reported to be $280,000. At this price point, it is advantageous that there is not much concern about hitting the loan limit regardless of which loan is chosen.

The biggest advantage of a VA loan is that there is no down payment and no PMI burden. However, there is a funding fee that corresponds to a certain percentage of the loan amount, which varies depending on the type of service and whether it is a reuse. Since Fort Jackson is home to an Army training center, there are relatively many lending institutions in the Columbia area that have experience handling VA loans, which is also a favorable aspect for this family. However, since the property itself must meet the minimum requirements set by VA standards, if considering an older home, it can be a burden to check this in advance.

I also discussed conventional loans and FHA loans as comparisons. A conventional loan can be applied for with a credit score of 620 or higher, and a down payment can start from 3 percent, but PMI applies if it is less than 20 percent. An FHA loan can be accessed with a credit score of 580 or higher with a 3.5 percent down payment, making it commonly used by first-time homebuyers in markets like Columbia where prices are lower. However, unlike VA loans, both of these loans still carry the burden of down payments or insurance premiums, which is a relatively disadvantageous aspect for guests who qualify for VA loans.

Richland County applies the standard conforming loan limit of $832,750 as of 2026, and the FHA loan limit is $541,287. Since there are no areas designated as high-cost areas in South Carolina, considering the price range in Columbia, it is rare to need to consider jumbo loans.

When looking at school districts, I point out that conditions can change if you turn your attention to nearby small towns like Lexington, Irmo, or Blythewood, even within the same city. While referring to ratings from GreatSchools or Niche, please note that school district boundaries change frequently, so it is advisable to double-check the assigned school for the address before purchasing. For families moving from out of state, it is also safe to check this aspect separately, as the property tax assessment method in South Carolina may differ from their previous residence.

From the perspective of investors looking for rental income, Columbia has both advantages and disadvantages. The steady rental demand due to military families coming and going from Fort Jackson is a plus, but the nature of frequent relocations can lead to longer vacancy periods than expected, which can be a burden. Since the PMI burden varies depending on the down payment ratio, it is safer to approach the calculation of actual net yield with a conservative scenario that adequately reflects vacancies and management costs.

Ultimately, in Columbia, which is close to Fort Jackson, VA loans are highly advantageous for those who qualify, but depending on the conditions of the property, conventional or FHA loans may be easier in some cases. For families moving from out of state, it is helpful to recalculate the combination of down payment and credit score based on Columbia's relatively lower price range rather than applying the lending practices from their previous residence directly. This article is not investment or legal advice, and loan conditions may vary based on individual service history and lending institutions, so it is recommended to consult with a professional before making any actual contracts.