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.
01
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.
03
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 Charleston, SC are designed to help military members and veterans access affordable housing.
05
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.
02
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.
04
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.
06
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 Charleston, 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.
CHARLESTON, S.C. (WCBD) The city of North Charleston and the Charleston County School District are collaborating to improve academic achievement at north Charleston schools with a joint commission. School leaders say this is a call to action to create change in North Charleston schools.After a previous North Charleston Mayor called to leave the Charleston County School District several months ago, the city of North Charleston and Charleston County School District are working together to improve their schools. North Charleston schools ...
CHARLESTON, S.C. (WCBD) The city of North Charleston and the Charleston County School District are collaborating to improve academic achievement at north Charleston schools with a joint commission. School leaders say this is a call to action to create change in North Charleston schools.
After a previous North Charleston Mayor called to leave the Charleston County School District several months ago, the city of North Charleston and Charleston County School District are working together to improve their schools. North Charleston schools have faced problems with absences, homelessness, language barriers and more that the city and school district are working to fix.
“There’s a sense of collective responsibility to address the problem and of course our school and our communities aren’t the problem but there are things that are really tough that we are working through things connected to personal immigration access to healthcare those things are really tough for a community but it’s not if everyone comes together and brings their resources and connects those,” said Stephen Larson, from the CCSD joint commission
“We have come together to make things happen in north Charleston. Mayor Burgess and Anita Huggins want to make sure that all children are treated equally and get the best here in North Charleston to make all our children succeed,” said Dr. Kathi Love, the children and family coordinator for the city of north Charleston.
The list of recommendations includes more access to community centers in the North Charleston literacy and tutoring program, access to career and technical education and collaboration on joint land purchase for academic athletic and recreational use. They will also launch a community involvement campaign against truancy, gun violence and substance abuse.
“I think it’s a positive start and I think we’re going to continue and this way we can be a pilot program for other areas,” said Love.
The city and school district will work together on each of these recommendations. The city will provide land for children’s activities, more community centers for tutoring and people from the city will work on initiative against absences and substance abuse. The school district will work to hear students’ needs to identify what is important for them to succeed.
“We have disproportionate access to the children; we see them every day so not only do we have access on how to make our communities healthier and more engaged in school. We can also be really effective with other messages from other points of view in the community to come in and support what kids are doing,” said Larson.
The joint commission says for the initiative to succeed everyone in the city must play an active role.
Just in time for Halloween, Forbes magazine is out with its list of most haunted houses in each state.South Carolina’s is 20 South Battery, formerly the Battery Carriage House in Charleston. Now an 11-room inn, the house dates to 1843 and has seen any number of uses, from private homes for native Charlestonians and after the Civil War a Union Army officer.It was a place to rent a room for Navy sailors and holds the distinction of being the location ...
Just in time for Halloween, Forbes magazine is out with its list of most haunted houses in each state.
South Carolina’s is 20 South Battery, formerly the Battery Carriage House in Charleston. Now an 11-room inn, the house dates to 1843 and has seen any number of uses, from private homes for native Charlestonians and after the Civil War a Union Army officer.
It was a place to rent a room for Navy sailors and holds the distinction of being the location where The Society for the Preservation of Old Dwellings (now the Preservation Society of Charleston, and the oldest preservation society in the country) was formed in 1920.
The house was renovated for an inn after serving as apartments for college students and then renovated anew in 2018 in a painstaking historic fashion that brought it Charleston’s highest honor, the Preservation Society’s Carolopolis Award.
But the ghost stories have endured, spread along by various ghost tour companies that show all of the many Charleston places believed to be haunted.
Forbes highlights the “a headless apparition, a spectral gathering and the courteous ‘Gentleman Ghost.”
Ghost tour operator Julian Buxton points out the menacing and ugly inhabitant in Room 8, a legless spirit of a Confederate soldier.
Ghost City Tours says the Room 8 apparition has also been a lady in white or a small child.
In Room 3, a couple saw a flying orb and called in a psychic to get rid of it, according to Ghost City Tours.
Room 10 has the best chance of seeing a ghost, Ghost City tours states.
That’s where the Gentleman Ghost shares the room with guests.
“People who have seen the apparition of the Gentleman Ghost have described him as a grayish shadow. He usually appears to be of average height and built, and tends to glide about the room rather stylishly,” the tour company states on its website. “The ghost is quite fond of the bed, and has been known to startle guests by lying peacefully on the bed.”
To view Forbes’ entire list of most haunted houses in every state, click here.
MORNING NEWSBREAK | South Carolinians set a new voting record on what was the state’s first day of the two-week early voting stretch in the 2024 election.The State Election Commission said 125,913 voters cast a ballot Monday, beating the previous one-day record for early voting during the 2022 midterms at 70,10o.On top of early voting ballots, more...
MORNING NEWSBREAK | South Carolinians set a new voting record on what was the state’s first day of the two-week early voting stretch in the 2024 election.
The State Election Commission said 125,913 voters cast a ballot Monday, beating the previous one-day record for early voting during the 2022 midterms at 70,10o.
On top of early voting ballots, more than 47,000 absentee ballots had been returned as of Tuesday, according to the commission.
“We are thrilled to see voters embracing the convenience of early voting, and we are anticipating a significant turnout for this election,” said Howie Knapp, the agency’s executive director.
Here’s the breakdown of ballots cast in the Lowcountry:
Voting centers are open from 8:30 a.m. to 6 p.m. through Saturday Nov. 2. The early voting centers, which can be found through scvotes.gov, are closed Sunday, Oct. 27.
Meanwhile, the state American Civil Liberties Union filed a lawsuit Tuesday alleging the state Department of Motor Vehicles’ system made it impossible for some 17,000 eligible teenagers to register to vote while obtaining a driver’s license or other identification. The lawsuit also names the State Election Commission.
In other headlines:
CP NEWS: Cogswell throws wrench in Ashley River pedestrian bridge plan. Charleston Mayor William Cogswell presented a revamped new design Tuesday for a pedestrian-bike bridge across the Ashley River, which has already been designed, vetted, approved and funded for about $80 million after years of work. But now the new plan unveiled at a city council meeting represents a possible wrench in the works. The freshman mayor’s proposed changes could delay the construction — and likely cause a hike in costs, observers say.
Charleston chosen as one of the friendliest places in the U.S. Among two recent studies, Charleston was dubbed a top location for varying accolades. Among them: home to some of America’s kindest and most helpful locals, and a favorite city in which to celebrate Halloween.
Charleston Waterkeeper kicks off shellfish harvesting with oyster recycling. Charleston Waterkeeper hosted its first weekly oyster recycling event Tuesday where volunteers picked through debris to sort oyster shells. Volunteers were looking for items such as saltine cracker wrappers, forks, and even hot sauce containers.
Patriots Point powers Charleston economy with $205M impact. Patriots Point is estimated to have a $205 million economic impact on the Charleston Tri-county region, according to a study by the University of South Carolina’s Darla Moore School of Business.
Charleston residents request non-lethal coyote control. The Wagener Terrace community in downtown Charleston is suggesting a formal coyote mitigation plan that focuses on education, deterrence and avoidance over lethal action.
Charleston Co. leaders look to improve Dorchester Road. Charleston County leaders are seeking public feedback regarding a project that will look at Dorchester Road from the county line on the road down to Michaux Parkway. A study conducted in this area showed that almost 1,500 car accidents were reported just from 2018 to 2022, causing nine deaths and over 500 injuries.
Coastal Carolina Fair returns to Ladson in time for Halloween. The return of the Coastal Carolina Fair is a true sign that fall is here! This year’s event opens on Halloween and runs through November 10.
Radio Shack returns to S.C. Electronics lovers can head to Northwoods Mall in North Charleston to shop at the state’s only official Radio Shack store.
Lowcountry count reveals snapshot of homeless population. The numbers from the 2024 Point in Time Count were released Tuesday by the Lowcountry Continuum of Care, which counted the number of people experiencing homelessness in a single night.
$1.7M of Johns Island land considered for new county park. Charleston County Parks is looking at $1.7 million worth of land around Simmons Creek on Johns Island to bring greater water access to parts of the area that are seeing some of the largest growth as a new county park.
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| Oct 22 2024 at 07:48 AM | LogisticsYusen Logistics (Americas), Inc., a leading global supply chain company specializing in ocean and air freight forwarding, warehousing, and supply chain management services, is pleased to announce its relocation and expansion to a new facility in Charleston, SC. This new 89,000 sq. ft. transload and distribution center features 130 dock doors and 645 trailer parking spaces, making it ideal for trans...
| Oct 22 2024 at 07:48 AM | Logistics
Yusen Logistics (Americas), Inc., a leading global supply chain company specializing in ocean and air freight forwarding, warehousing, and supply chain management services, is pleased to announce its relocation and expansion to a new facility in Charleston, SC. This new 89,000 sq. ft. transload and distribution center features 130 dock doors and 645 trailer parking spaces, making it ideal for transloading services. Located near the Port of Charleston, the operation can handle thousands of containers annually, ensuring seamless unloading and preparation for final delivery.
“We are excited to continue supporting our customers from a new permanent location in Charleston,” says Greg Futato, Senior Vice President of the Contract Logistics Group for Yusen Logistics. “We outgrew ourtemporary transload center, where we transloaded approximately 8,000 cargo containers annually. This move allows us to enhance our capabilities to support the significant growth of our current major retail client and provide services to new customers in the Charleston market.”
SC Ports President and CEO Barbara Melvin stated, “South Carolina Ports congratulates our partners at Yusen Logistics on this critical warehouse expansion that will support our retail shippers and importers in the booming Southeast. This investment provides much-needed capacity for our customers and keeps the South Carolina port market competitive”.
Yusen Logistics’ Contract Logistics Group serves as the company’s warehousing and distribution arm. With 35 distribution facilities across the U.S., the group operates more than 7.4 million square feet of warehouse space, with transload distribution centers strategically located at key East and West Coast ports, including Charleston, Savannah, New York/New Jersey, Los Angeles/Long Beach, and Seattle/Tacoma. Recent expansions have included a 320,000-square-foot facility in Indianapolis, IN, a 180,000-square-foot facility in Sumner, WA, and the acquisition of Taylored Services in 2023, which added 2.9 million square feet of capacity in the U.S.
“As with all our operations, the new Charleston site will integrate our best-in-class logistics experts, processes, and technology to deliver services that consistently exceed our customers’ expectations,” adds Futato. “Our customer-focused approach, based on Kaizen—continuous improvement—allows us to optimize distribution, materials handling, order processing, transloading, and shipment management,resulting in faster fulfillment and better service.”
"The new Charleston location is at 2000 Charleston Regional Parkway, Charleston, SC 29492. It will replace the company's current site and will open in late November 2024."
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Published: Oct. 21, 2024 at 7:49 PM PDT|CHARLESTON, S.C. (WCSC) - The future of the Citadel Mall is on its way to becoming a new and improved development.The City of Charleston had its Design Review Board meeting earlier this afternoon and approved the design guidelines presented.This is a 75-page-long document, outlining some of the design elements that will be considered when that process begins including mixed-use outdoor and indoor properties.Kim Simmons is the assistant manager at Edwin Watts, right across th...
Published: Oct. 21, 2024 at 7:49 PM PDT|
CHARLESTON, S.C. (WCSC) - The future of the Citadel Mall is on its way to becoming a new and improved development.
The City of Charleston had its Design Review Board meeting earlier this afternoon and approved the design guidelines presented.
This is a 75-page-long document, outlining some of the design elements that will be considered when that process begins including mixed-use outdoor and indoor properties.
Kim Simmons is the assistant manager at Edwin Watts, right across the street from the Citadel Mall.
“The Citadel Mall needs a facelift,” Simmons says. “You know I just think it would be great for this area and West Ashley in general, to have more things to do too.”
She says the potential ideas for the redesigns could improve their business, among other local stores in the area.
The applicants presented their final draft of the Design Guidelines for future development, where they want to incorporate a Charleston aesthetic while considering West Ashley families.
“Oh, the beautiful pastel colors, the columns, and the Spanish moss…if they could get that somehow designed in, I’d spend as much time as I could there,” Community member Mick Levitz says.
While presenting their ideas to the board, the applicants suggest a traditional, timeless environment while modernizing what needs to be done.
Design Review Board member Ashley Jackrel says the outdoor space, landscaping and greenery in the design guidelines could improve the location’s sustainability while attracting more people.
“This is kind of a sea of asphalt right? Like who wants to hang out in the Citadel Mall parking lot in the middle of summer… I know I don’t. And so there have been some really creative strategies employed there at the mall but in terms of really making it a healthy environment it really takes a full overhaul, right?” Jackrel says.
Following the meeting board members were excited for future plans.
“So it is incredibly difficult to come up with a design guideline document outlining what the expectations are, without really being kind of somewhat restrictive with what that creativity could look like in that final product,” Jackrel says.
As for the next steps, these are the expectations set for the future designers and architects which have not yet been confirmed.
The applicants did say they expected to start development in 2025, but Jackrel said it may take longer depending on their creative process.
The 88-plus acre existing site includes over 1.1 million square feet of retail uses, and the document stated that Belk, Dillard’s, Target and the Medical University of South Carolina are staying put.
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