VA loans were established prior to the end of World War II and have since assisted numerous veterans, service members, and military families in fulfilling their dream of owning their a home. In recent times, the program has become increasingly significant, with VA loan volume skyrocketing and offering substantial financial advantages that enable countless veterans to purchase homes, thereby making homeownership a possibility for those who may not have qualified otherwise.
If you sacrificed comfort and security to help protect our great nation, Mission One Mortgage thanks you for your service. We believe that there's no greater honor than to serve those who have served our country. We're not afraid to go above and beyond for our veterans because that's exactly what they did for us.
A VA loan is a mortgage option that is backed by the government and available to Veterans, service members, and surviving spouses. It is offered by private lenders such as banks and mortgage companies and not directly by the Department of Veterans Affairs.
VA home loans come with competitive interest rates and terms and can be used to purchase a variety of properties, including:
One of the great benefits of VA loans is that eligible Veterans can buy a home with no down payment, no mortgage insurance, lenient credit requirements, and the lowest average fixed rates in the market.
At Mission One Mortgage, we work with many Veterans who know that VA loans exist but don't quite understand the full range of benefits they provide. If that sounds familiar, keep reading. This section was written especially for you.
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One of the standout benefits of the VA Loan program is that qualified borrowers can purchase a home without having to make a down payment up to the conforming loan limit of their county. This is a significant advantage over conventional and FHA loans, which typically require minimum down payments of 5 percent and 3.5 percent, respectively.
For example, on a $400,000 mortgage, a conventional loan would require a $20,000 down payment, while an FHA loan would require $14,000. Saving up that kind of cash can take service members and veterans years, but with the VA Loan, they can pursue homeownership without having to scrape and stockpile for years on end.
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It's important for military buyers to stay informed about credit score requirements when considering home financing options. Although credit score requirements have eased up a bit, it's still necessary to meet certain benchmarks set by conventional and FHA lenders. However, even meeting these benchmarks can be a challenge for many buyers.
Most VA lenders require a credit score of at least 620, which falls in FICO's "Fair" credit score range. Borrowers will typically need to meet a higher threshold for conventional mortgages, particularly if they want to secure a low-interest rate. It's worth checking out VA Loan rates to learn more about financing options.
Despite common misconceptions, military buyers don't need a perfect credit score to obtain financing. While a higher credit score can certainly help, it's important to remember that VA loans in Columbia, SC are designed to help military members and veterans access affordable housing.
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Closing costs are an inevitable part of the home-buying process, no matter what type of mortgage product you choose. However, if you're a veteran, you may be pleased to know that the VA places limits on the fees and costs you're required to pay at the time of closing. Additionally, homebuyers have the option to ask sellers to cover all loan-related closing costs, as well as up to 4 percent of the purchase price for other expenses like prepaid taxes, insurance, and collections.
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Coming up with a down payment can be challenging for both conventional and FHA homebuyers. In addition, they are required to pay for mortgage insurance unless they can make a sizable down payment, usually 20% of the purchase price. For instance, on a $400,000 mortgage, this would be a staggering $80,000 in cash.
FHA loans carry an upfront mortgage insurance premium and annual mortgage insurance. The latter now lasts for the life of the loan. On the other hand, conventional homebuyers will pay this monthly cost until they have built up enough equity, which can take several years.
Fortunately, VA loans do not require any mortgage insurance. However, there is a mandatory funding fee that goes directly to the Department of Veterans Affairs. Borrowers with a service-connected disability are exempt from paying this fee, which helps keep the program going for future generations.
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If you've experienced a financial setback such as a foreclosure, short sale, or bankruptcy, you may be worried about your chances of securing a VA home loan. However, don't lose hope just yet. With VA loans, it's still possible to be eligible for a home loan just two years after a foreclosure, short sale, or bankruptcy. In some cases, veterans who file for Chapter 13 bankruptcy protection can be eligible for a VA loan just a year after the filing date.
It's worth noting that the waiting periods for conventional or FHA financing can be significantly longer than those for VA loans. Additionally, even if you've lost a VA-backed mortgage to foreclosure, you may still be eligible for another VA loan.
So, if you're a veteran who's experienced a financial setback but still dreams of owning a home, don't give up hope. Explore your options and see if a VA loan with Mission One Mortgage could be the solution you need.
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It's important to keep in mind that VA lenders typically prefer borrowers to spend no more than 41 percent of their gross monthly income on major debts, such as mortgage payments or student loans. However, it's possible to get a VA home loan even if you have a higher DTI ratio. Some lenders may offer up to 55 percent or more depending on your credit score and ability to meet additional income requirements. This can give homebuyers more flexibility and greater purchasing power when it comes to finding their dream home.
Remember - if you have any questions about the benefits you just read about - like what credit score Mission One Mortgage requires for a VA loan - contact our office today. It would be our pleasure to help you navigate the VA loan process, one step at a time.
One of the most common questions we get at Mission One Mortgage revolves around VA loan eligibility. Who is actually eligible for this type of loan? What are the requirements for getting a VA loan? If you meet the following requirements, chances are you'll be eligible for a VA loan.
Curious what the general steps are for purchasing a home with a VA loan? You're not alone. Keep reading to get a feel for what you have to do to enjoy the wonderful benefits of homeownership.
When applying for a VA home loan benefit, the Certificate of Eligibility (COE) is an important document that verifies your eligibility to your lender. If you have already used your VA loan benefit in the past, a current COE can help you determine how much remaining entitlement you have. Additionally, it can ensure that your entitlement has been restored for previous VA-backed loans that were paid in full.
After you've applied for your COE, it's a good idea to examine your finances. We're talking about items such as income, expenses, credit profile, and your monthly budget. That way, you know for sure that you're ready to purchase a home.
As a veteran, you have the choice of going through a bank, credit union, or a private VA mortgage company like Mission One Mortgage. Most lenders will have different loan interest rates and fees, so it's important to shop around. Remember - Mission One specializes in VA loans in Columbia, SC. Other lenders, such as large corporations and banks, often can't match the expertise and attention to detail that Mission One provides to veterans.
During this phase, it's a good idea to meet with a range of real estate professionals. Try to choose an agent who has experience processing and overseeing VA loans. Once you select an agent, you can bring your lender's pre-approval letter to their office and begin shopping.
This is the best part of the VA loan process, other than getting the keys to your new home. When looking for a house, remember to look at homes within your price range and budget. Lean on your real estate agent, friends, and family for help in your search.
If you're thinking about buying a home, it's important to weigh the pros and cons of homeownership. While renting can provide flexibility and less responsibility for maintenance, it comes with the risk of rent increases, potential property sales, and uncertainty about security deposit refunds.
On the other hand, owning a home can offer relatively stable mortgage payments and an opportunity to build long-term wealth for you and your family. Before making a decision, it's crucial to determine your priorities, such as your monthly budget for mortgage payments and other expenses like transportation and childcare. Ultimately, only you can determine what's best for your housing and financial needs.
At Mission One Mortgage, we take immense pride in simplifying the mortgage process and ensuring that our clients experience minimal stress. We understand that navigating the world of mortgages can be daunting, which is why we are committed to making it as smooth as possible.
By choosing to work with us, you're not just getting a mortgage broker - you're selecting a partner who is devoted to your financial well-being and dedicated to helping you achieve your dream of homeownership. By working together, we can work through the VA loan process one step at a time.
That rings true for all of our clients, but especially the U.S. Veterans we serve. In fact, we specialize in VA mortgages and are proud to offer them to US Veterans, those on Active Duty, and their spouses. VA Loans are one of the best mortgages available, offering no down payment requirements, no PMI, and some of the most favorable rates and terms.
If you're ready to take the next big step in your life and provide stability for your family with a place to call home, contact our office today. You're closer to the dream of home ownership than you might think.
Gospel singer Melvin Crispell III is a very popular performer.His joyful noise on albums like 2020’s "I’ve Got A Testimony" and 2023’s "No Failure" garnered him two Grammy award nominations, a Dove award nomination and a Dove win earlier this year (the Dove Awards are essentially the Grammys of spiritual music). His most popular song, a horn-drenched s...
Gospel singer Melvin Crispell III is a very popular performer.
His joyful noise on albums like 2020’s "I’ve Got A Testimony" and 2023’s "No Failure" garnered him two Grammy award nominations, a Dove award nomination and a Dove win earlier this year (the Dove Awards are essentially the Grammys of spiritual music). His most popular song, a horn-drenched slice of sunlit soul called “Wonderful Is Your Name,” has been streamed more than 2 million times.
We’re saying all that to establish that, if he had wanted to, Crispell, the son of renowned gospel composer Melvin Crispell Jr. and singer Tunesha Crispell, could’ve booked a show at a major Columbia performance venue and sold plenty of tickets. But that’s not what he did.
On Nov. 6, Crispell will perform at Right Direction Church International Sanctuary on Broad River Road. And the reason he’s doing that is simple: Church performances form the deep roots of Crispell’s love of gospel.
“My foundation is singing at different churches,” Crispell said. “So these events mean a lot to me. And everybody needs Jesus, so it’s not just about the big stages and the big theaters and all that stuff. I like taking the time to go to local churches and share my story.”
And when he looks out upon whatever congregation he faces, Crispell’s planned-out set often goes out the window.
“I do try to plan for what I'm going to say or what I’m going to sing, but the leading of the Holy Spirit is subject to change when I get in the moment of a performance because that's what I follow," he said. "I just want to present gospel that is authentic in every room that I enter.”
While Crispell is entering rooms, his new EP, "Covered Vol. 1," is entering sacred territory. The six-track collection presents modernized, agile takes on iconic gospel songs like “He’s Never Failed Me Yet" by CeCe Winans, “The Battle Is The Lord’s” by Yolanda Adams and more.
Throughout the EP, Crispell sings with both lightness and passion. His vocal style eschews the thundering preacher-style of some gospel singers, nstead favoring a remarkably flexible approach that allows him to truly catch the Spirit.
Given that Crispell has essentially spent his life steeped in gospel music, picking a mere six classic songs for "Covered, Vol. 1" was no easy task.
“It was almost impossible,” he said with a laugh. “It was tough decision, choosing these specific songs. but that's why I wanted it to be ‘Vol 1.’ So that when we get to 'Vol. 2,' we can search for six more songs, because there are so many songs that inspired me growing up, and I can't wait till we dive in.”
As for the crowds that Crispell delivers his message to, he says there is one audience member he aims to please before all others.
“Really, it’s an audience of one, and that’s Jesus,” he said. “It’s God himself, so that's how I go into every performance. And the connection emotionally with the audience is really just me inviting them into my personal space of worship. And that's what I like to do, is invoke the presence of God and invite people on that journey.”
That journey led Crispell to the Dove Awards stage earlier this year, when he won Traditional Gospel Album of the Year for his album "No Failure."
“That night was absolutely incredible to me,” Crispell said. “I was not expecting to win, but I’m grateful to be rewarded for the hard work and dedication on this project. It means everything to me.”
With years of success behind him and a shiny new award on the shelf, Crispell said he is as dedicated to raising people’s spirits as ever.
“My dedication and love for music and love for God has not changed,” he said. “We as artists and musicians have to do our job to inspire people and lead people and invite people that may not know Jesus into that space. Now, of course, that doesn't mean I’ll change the minds of people, but you just never know what someone's personal experience with Christ will lead to.”
Melvin Crispell III performs in Columbia Nov. 6 at 7 p.m. at Right Direction Church International Sanctuary as part of the congregation's four-day Direction Conference. More info at directionconference.info
There’s a new place to grab a sandwich — and perhaps sprinkle it with a bit of hot sauce — in northeast Columbia.Firehouse Subs, which has locations across the Midlands and nationwide, opened a new sandwich shop Monday, Oct. 28 at 10136 Two Notch Road. The sandwich shop is located in the Sparkleberry Square shopping center, and is just a couple doors down from a Kroger grocery store.The new Firehouse Subs was opened by uncle-and-nephew duo Larry Chandler and Jody Chandler, who operate nearly 40 Firehouse locat...
There’s a new place to grab a sandwich — and perhaps sprinkle it with a bit of hot sauce — in northeast Columbia.
Firehouse Subs, which has locations across the Midlands and nationwide, opened a new sandwich shop Monday, Oct. 28 at 10136 Two Notch Road. The sandwich shop is located in the Sparkleberry Square shopping center, and is just a couple doors down from a Kroger grocery store.
The new Firehouse Subs was opened by uncle-and-nephew duo Larry Chandler and Jody Chandler, who operate nearly 40 Firehouse locations across the Carolinas.
“We are thrilled to be bring our hearty and flavorful subs and community commitment to a new area of Columbia,” Larry Chandler said in a statement. “We can’t wait to welcome new and loyal guests, while supporting local first responders through the Firehouse Subs Public Safety Foundation.”
There are dozens of Firehouse Subs locations across South Carolina, including several in the Columbia and Lexington areas. The company is known for its hot sandwiches with names that are a nod to firefighting, such as the signature Hook and Ladder, which comes with smoked turkey breast, Virginia honey ham, melted Monterey Jack cheese, mayo, deli mustard, lettuce, tomato, onion, and a kosher dill pickle on the side.
The company also recently rekindled its popular hot sauce bar, offering customers a host of spicy sauces they can add to their sandwiches when they are in the restaurant.
The Sparkleberry Square Firehouse Subs is in the midst of a busy commercial area in northeast Columbia. Nearby businesses include Lowe’s Home Improvement, Kroger, Publix, Ross, Kohl’s, Chick-fil-A and more. About 32,400 cars per day travel down that section of Two Notch Road, per state Department of Transportation statistics.
The new Firehouse location is open from 10 a.m. to 10 p.m. daily.
The State
Chris Trainor is a retail reporter for The State and has been working for newspapers in South Carolina for more than 20 years, including previous stops at the (Greenwood) Index-Journal and the (Columbia) Free Times. He is the winner of numerous South Carolina Press Association awards, including honors in column writing, government beat reporting, profile writing, food writing, business beat reporting, election coverage, social media and more.
A fire at Maurice’s Piggie Park in Cayce damaged its headquarters, sparking a multi-agency investigation as the small BBQ restaurant chain plans its recovery.CAYCE, S.C. — The West Columbia Fire Department continues investigating the cause of the fire at the Maurice's Piggie Park BBQ headquarters in Cayce."Shock. I mean absolute...
A fire at Maurice’s Piggie Park in Cayce damaged its headquarters, sparking a multi-agency investigation as the small BBQ restaurant chain plans its recovery.
CAYCE, S.C. — The West Columbia Fire Department continues investigating the cause of the fire at the Maurice's Piggie Park BBQ headquarters in Cayce.
"Shock. I mean absolute shock, and then you know sadness, because anybody who has grown up in this area, everybody recognizes the piggy park and the pig sign," Lisa Harmon said.
That's how Harmon said she felt when she saw flames coming from the buildings on the property on Saturday night.
“From our vantage point last night and how big the fire was, it was really difficult to tell whether or not the restaurant was also involved so just the general reaction was just shock,” she said.
Authorities later said the restaurant on the property was not damaged.
RELATED: West Columbia fire chief provides update on fire at Maurice's Piggy Park offices, cooking facilities
Around 9:15 p.m. on Saturday, the West Columbia Fire Department responded to the area of Charleston Highway and Airport Boulevard in Cayce. Fire Chief Marquis Solomon said it took multiple agencies to extinguish this fire.
“We had large amount of resources on-scene; we had agencies from five different jurisdictions working on this incident, so it was very intense," he said. "And manpower, we were in the neighborhood of about 50 to 60 firefighters on-scene at the height of the incident.”
According to Solomon, the fire took four hours to put out, and crews were still on the scene Sunday morning checking for small hot spots.
“The restaurant was not affected. However, the administrative offices, the cook house were all contained inside that building that was that was damaged by fire last night,” Solomon said.
The restaurant shared additional news in a Facebook post on Sunday morning.
“We plan for all our restaurants to be closed Monday until further notice," the statement said. "We will be taking it day by day as we work to reopen and rebuild. For anyone who knows our family knows we won’t give up and will work endlessly to do what we need to do to continue the BBQ legacy and support our 150 employees and community we love dearly.”
The cause of the fire is still under investigation.
"We do have a multiple-agency investigation being conducted that's through the city of West Columbia, also SLED [South Carolina Law Enforcement Division], state fire and the ATF," Solomon said. "This is a common practice with large dollar loss incidents.”
The fire department asked anyone in the area to stay away from the actual fire scene as the fire is still under investigation.
Columbia will not host rounds of the NCAA’s March Madness men’s basketball championship in 2027 or 2028, despite submitting a bid earlier this year. Columbia’s problem is its lack of full-service hotels, explained Scott Powers, executive director of Experience Columbia Sports, the city’s sports tourism agency.“While it wasn’t a surprise, we’re disappointed,” Powers said, explain...
Columbia will not host rounds of the NCAA’s March Madness men’s basketball championship in 2027 or 2028, despite submitting a bid earlier this year.
Columbia’s problem is its lack of full-service hotels, explained Scott Powers, executive director of Experience Columbia Sports, the city’s sports tourism agency.
“While it wasn’t a surprise, we’re disappointed,” Powers said, explaining that the NCAA informed the city earlier this month that it would not be among host cities for tournaments in 2027 or 2028.
In 2019, the city broke a nearly 50-year streak and was chosen to host a portion of the NCAA men’s basketball tournament for the first time since 1970. Almost 48,000 tickets were sold for the six games hosted in Columbia that year, and the overall economic impact to Richland and Lexington counties was $11.3 million.
It was a big moment for Columbia, not only because of the economics, but also because March Madness draws international attention and it was a chance for South Carolina’s capital city to show its assets.
The city keeps hoping to recapture that moment, but every year since the city last won a host position the requirements have gotten more stringent, Powers said. In 2019, they found creative ways around the full-service hotel problem. But the NCAA hasn’t been willing to make the same concessions in more recent years.
Columbia and the surrounding area do have a lot of hotels. There were at least 160 hotels with a total of 13,263 rooms in the Columbia metro area as of December 2023, according to the state Restaurant and Lodging Association. That’s also a significant increase from December 2019, when there were 129 hotels and under 12,000 rooms. So the region is also adding hotels. But they aren’t adding the right kind of hotels fast enough.
The NCAA wants host cities with eight to 10 full-service hotels with in-house food and beverage options, with four meeting rooms of at least 2,000 square feet. And it wants each of the eight teams playing in the tournament rounds to have their own hotel to avoid any bad blood before or after games. There are only four hotels in the region that meet those requirements, Powers previously told The State, and the city hasn’t built any new ones in almost 20 years. The last NCAA-approved full-service hotel that opened in Columbia was the Hilton Columbia Center in 2007.
Columbia wasn’t the only city in the Carolinas to miss out on the host gigs. Charlotte is the only city in the Carolinas to have been selected by the NCAA this round. Powers thinks this indicates that smaller cities might not stand a chance in the future.
Powers said he will keep bidding to host NCAA tournament rounds, but he’s not optimistic that Columbia will get selected, at least until after 2030, because bids have to be submitted up to two years prior and Columbia won’t change enough in that time. He said one solution could be to limit the number of small hotels that can be built downtown in favor of larger projects.
Developer Ben Arnold has plans to build one new full-service hotel in the Vista in coming years, and the Convention Center has also been planning a hotel project adjacent to its property.
Powers added that he doesn’t think the NCAA’s decision is an indication that Columbia isn’t a good fit to host high-profile events, pointing to the recent Premier League Rivals in Red match hosted at Williams-Brice. While there are limits to what the city can support, he said, Powers believes Columbia will still continue to build momentum to host bigger events.
“Obviously we know we’re not going to host a Superbowl,” he said.
This story was originally published October 22, 2024, 12:04 PM.
The State
Morgan Hughes covers Columbia news for The State. She previously reported on health, education and local governments in Wyoming. She has won awards in Wyoming and Wisconsin for feature writing and investigative journalism. Her work has also been recognized by the South Carolina Press Association.