Buy a home at a reasonable rate with a VA loan in Charleston, SC

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.

What is a VA Loan in Charleston, SC?

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:

  • Single-Family Homes
  • Condominiums
  • Multi-Unit Properties
  • Manufactured Homes
  • New Construction Homes

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.

Va Mortgages Charleston, SC

This program was created by the federal government to make it easier for those who have served our country to become homeowners, and it is widely considered the strongest benefit program available for this purpose.

What are the Biggest Benefits of Having a VA Loan in Charleston, SC?

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

Benefit:

No Down Payment Needed

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

Benefit:

Less Strict Credit Requirements

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

Benefit:

Help with Closing Costs

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

Benefit:

No Need for Private Mortgage Insurance

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

Benefit:

Bankruptcy and Foreclosure

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

Benefit:

DTI Ratio Flexibility

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.

How to Determine Your VA Loan Eligibility

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.

  • If you have completed 90 days of service during wartime or 181 days of service during peacetime, you may qualify as an active-duty military member or veteran.
  • If you have served in the National Guard or Reserve for a minimum of six years, or have completed 90 days of active duty under Title 32 orders, with at least 30 of them being consecutive, you may be eligible for a VA loan in Charleston, SC.
  • If your spouse was a service member who passed away while on active duty or due to a service-connected disability, and you haven't remarried, you may be eligible for a VA loan. In some cases, surviving spouses who remarried after the age of 57 and after Dec. 16, 2003, may also be eligible. Spouses of prisoners of war or service members missing in action may also be eligible for VA loans, as well.
  • You meet the necessary requirements for credit and income to be eligible for a VA loan. It's important to note that while the VA doesn't set a minimum credit score for VA loans, individual lenders may have their own standards. In addition to credit, your lender will also evaluate your income and debts to assess your ability to repay the mortgage.
  • The property you're interested in purchasing complies with the necessary safety standards and building codes. It's also worth mentioning that in most cases, the borrower is required to make the residence their primary home within 60 days of purchase. However, there are certain circumstances in which this timeline can be extended up to 12 months.
 HomeReady Mortgages Charleston, SC

Follow These 5 Steps to Begin the VA Home Loan Process

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.

 Home Ready Mortgages Charleston, SC

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.

A Word of Advice from Mission One Mortgage

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.

The Key to Homeownership Starts with a VA Loan in Charleston, SC

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.

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Latest News in Charleston, SC

Felts: Consider broader implications for S.C. about cutting federal spending

All South Carolinians would do well to consider a March 10 report from WalletHub written by managing editor John Kierman. The report reveals that South Carolina ranks fifth among states most dependent on the federal government, receiving $3.42 for every dollar sent to the federal treasury.A more than threefold return on investment would typically be seen as a remarkable deal and any investor getting that t...

All South Carolinians would do well to consider a March 10 report from WalletHub written by managing editor John Kierman. The report reveals that South Carolina ranks fifth among states most dependent on the federal government, receiving $3.42 for every dollar sent to the federal treasury.

A more than threefold return on investment would typically be seen as a remarkable deal and any investor getting that type of return would be crowing. So why will this likely not get more attention?

First, as a relatively poor state, our return is not measured in total dollars sent to the feds and received back—larger states contribute more and get more overall. Still, according to the Rockefeller Institute Data Team, South Carolina’s net balance with the federal government amounted to $34.87 billion in 2022 (excluding COVID-related funds). On a per capita basis, that translates to $5,552 for every resident.

Federal funds are often mixed with state money, making it difficult to discern their origins when services are delivered. Many local governments also receive federal money directly and I doubt many have much interest in distinguishing these funds from state and local revenues. The old adage holds true: “All money is green.”

Given the fiscal battles unfolding in Washington, we should all pay close attention. A significant portion of federal funds supports individuals, many of whom live in impoverished rural and urban areas. Don’t be skeptical? Visit Chicora-Cherokee in North Charleston specifically or just drive about anywhere in Marlboro County or Dillon County. Meanwhile, wealthier retirees in Charleston may not encounter hungry schoolchildren or have to wait at the Barrier Islands Free Medical Clinic on Johns Island. Pockets of poverty can be conveniently ignored by many of us—but that doesn’t mean it isn’t there and in significant numbers.

Beyond individual aid, federal dollars flow to all of us in the form of vital public services, including roads, public health, safety and recreation. The logic behind this is straightforward: states compete for tax dollars, just as counties and cities do. Florida, for example, became a retirement haven partly due to its lack of an income tax.

Tax breaks can attract businesses, but the federal government, unlike lower levels of government, operates on a vastly larger scale and is more effective at revenue generation, even if its spending efficiency is often debated and it does in fact send a lot of dollars back to states. This partnership has historically worked well for South Carolina. The response of big business to federal cuts and changing economic policy remains to be seen, but major economic shifts take time—large ships turn slowly.

Federal support for South Carolina comes in myriad forms. As of last December, the Charleston-North Charleston metropolitan area alone employed 12,400 federal government workers. While this is a modest percentage of total employment, it has a meaningful impact — particularly when considering the many private-and nonfederal public sector jobs that rely on federal funding. It is not just job creators that create jobs. All jobs do in and of themselves creating additional economic activity, as workers spend their paychecks, sustaining countless local businesses.

To those celebrating the aggressive spending cuts taking place in Washington, consider the broader implications. State officials who mimic these federal policies should also proceed with caution. South Carolina’s reliance on federal support is not just an abstract statistic — it is a tangible reality that affects communities, jobs and economic stability. Let’s not applaud too vigorously and smack our own nose off our face.

Andy Felts is professor emeritus of political science at the College of Charleston where he taught political theory and public administration. He lives in Charleston on James Island.

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Highly anticipated restaurant sets opening date in Charleston

A new restaurant from the owners of a popular private events company has set an opening date in Charleston.Merci, led by Courtney and Michael Zentner of The Drifter, will open March 22. Hours of operation are 5-10 p.m. Wednesday through Saturday.Housed inside a circa 1820s Federal-style building in downtown’s mostly residential Harleston Village, Merci is the Zentners’ first restaurant. It draws inspiration from the couple’s travels to Euro...

A new restaurant from the owners of a popular private events company has set an opening date in Charleston.

Merci, led by Courtney and Michael Zentner of The Drifter, will open March 22. Hours of operation are 5-10 p.m. Wednesday through Saturday.

Housed inside a circa 1820s Federal-style building in downtown’s mostly residential Harleston Village, Merci is the Zentners’ first restaurant. It draws inspiration from the couple’s travels to Europe and establishments they frequented in New York and Boston.

Merci’s food offering reflects Michael Zentner’s resume, which includes a stint at Charleston Grill. The restaurant’s culinary ethos also nods to The Drifter, the couple’s pandemic-born bread-baking business that morphed into a full-scale private events company with multiple employees.

“We kind of always envisioned The Drifter turning into something like this, but something very small,” Zentner said.

Leading large-scale dinners over the past five years has enabled the chef to hone his skills in a way that wasn’t possible in restaurants. The menu at the 20-seat Merci, featuring European-inspired creations made with local ingredients, is an extension of that cooking.

“You get such direct feedback,” Zentner said of the events. “As a (restaurant) chef, you don’t really get that very often.”

Options will include duck ballotine and house-made focaccia topped with stracciatella cheese, pistachios, fermented hot honey and Benton’s ham. Steak tartare will be amplified by fresh-baked charcoal black bread, and fresh gnudi will be brightened by peas.

Merci’s offering leans light, but meat-forward plat du jours — lamb on Fridays and beef Wellington on Saturdays, for instance — are more robust.

Courtney Zentner collaborated with local designer Helen Rice to bring vintage tableware, antique furniture, art and Spanish light fixtures inside the 200-year-old building. The setting is given a contemporary touch with artwork, custom cherry cabinetry and a six-seat bar, where wine from an all-French list will be poured.

Merci is located at 28 Pitt St. next door to Petit Merci, the Zentners’ small bakery and provisions shop. The restaurant will accept walk-in diners, and reservations can be made on resy.com.

For more information, visit mercichs.com.

This SC restaurant ranks among the South’s top ‘bucket list’ destinations. Here’s why

A South Carolina restaurant serves “dock to table” seafood — and people can’t wait to eat there.So much so, the dining spot now ranks on a list of the top 15 restaurants that Southern Living readers would love to try.“One of our favorite reasons to travel within our region is in search of the best restaurants,” the magazine wrote in a March 4 report. “Our regional cuisi...

A South Carolina restaurant serves “dock to table” seafood — and people can’t wait to eat there.

So much so, the dining spot now ranks on a list of the top 15 restaurants that Southern Living readers would love to try.

“One of our favorite reasons to travel within our region is in search of the best restaurants,” the magazine wrote in a March 4 report. “Our regional cuisine, from soul food to barbecue, is famous around the world. And while many try to replicate our food, nothing comes close to comparing to the excellent dishes you can try at legendary restaurants across the South.”

Southern Living said it created the rankings as it sought to find out which Southern restaurants top people’s “bucket lists.” In late February, it posed the question on Facebook, garnering about 200 comments and dozens of reactions. Editors studied the responses and restaurants’ online reviews as they determined the winners, a spokesperson told McClatchy News via email.

Charleston isn’t a stranger to being recognized as a favorite place for travelers to visit. It also has ranked as one of the top U.S. destinations for food lovers, McClatchy News reported.

“While there are dozens of bucket list-worthy restaurants in Charleston, the one that came up time and time again when we polled our readers was Chubby Fish,” the magazine wrote. “Chef/Owner James London’s creative small plates featuring local seafood and produce are absolute stunners, as are the raw bar offerings like the popular Caviar Sammich.”

Chubby Fish also serves dishes ranging from rainbow trout to chili garlic shrimp. The restaurant said its rotating menu features “fresh catches straight from the Atlantic Ocean and local rivers.” It launched in 2018, and people still flock to the city for a chance to eat at one of its 40 seats.

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“If you want to dine here, arrive early,” Southern Living wrote. “The restaurant doesn’t take reservations, so folks start lining up at 4 p.m. to be the first ones in the door when they open at 5 p.m.”

Chubby Fish topped “bucket lists” after Food & Wine magazine in April named it one of the nation’s best places to eat. More recently, the restaurant was a semifinalist for a prestigious James Beard Award.

This time around, Chubby Fish was the only place in South Carolina to earn a spot on the Southern Living list, which wasn’t organized in ranked order. The other winning dining destinations were located across the South, including in the culinary hot spots of New Orleans and Savannah, Georgia.

In the past, Southern Living has told McClatchy News it focuses on the following states: Alabama, Arkansas, Delaware, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, Missouri, North Carolina, Oklahoma, South Carolina, Tennessee, Texas, Virginia, Washington, D.C., and West Virginia.

Charleston removed statue of John C. Calhoun almost 5 years ago. A fight over its fate continues.

The future of a bronze effigy of John C. Calhoun continues to be debated in South Carolina courts — rather than in City Hall — years after Charleston City Council initially voted to remove the figure from its pedestal overlooking Marion Square.Four of the council's 13 members, including Mayor William Cogswell, have turned over since that una...

The future of a bronze effigy of John C. Calhoun continues to be debated in South Carolina courts — rather than in City Hall — years after Charleston City Council initially voted to remove the figure from its pedestal overlooking Marion Square.

Four of the council's 13 members, including Mayor William Cogswell, have turned over since that unanimous vote to take the statue down in June 2020. But the current council receives periodic updates in private on the back-and-forth legal battle.

On March 11, council went into executive session to consult their attorney — one of a few exceptions in state law under which public bodies can close their meetings — to discuss settlement terms covering a lawsuit over what to do with the 12-foot-tall statue. No public action or discussion occurred after the 20-minute meeting behind closed doors.

A pending appeal is the latest in a series of legal maneuvers by several of Calhoun's descendants and the Board of Field Officers of the Fourth Brigade — a historic militia which originally owned Marion Square over which a caped Calhoun monument loomed atop a 125-foot stone pillar for over 100 years — in hopes of returning the statue to public display locally.

A recent amicus brief the state's attorney general filed in a separate suit involving a Confederate highway marker that was removed from outside what's now the Charter School for Math and Science, appears to have given Calhoun supporters hope that S.C. Attorney General Alan Wilson may also support their cause.

The Calhoun attorneys included Wilson's brief in their appeal, which is pending in the S.C. Court of Appeals.

The Calhoun appealers allege that a Charleston Circuit Court judge erred in dismissing part of a lawsuit the groups filed in 2022 to prevent the city from lending the statue to an art exhibit in Los Angeles.

The judge ruled that only Wilson has the power to enforce the state's Heritage Act, which protects Confederate statues and other monuments. Wilson has long held that private citizens can bring lawsuits under the state law, according to attorneys for his office and the Calhoun supporters.

Attorneys for the city maintain the Heritage Act applies to war memorials, which the Calhoun statue is not. Wilson said the same back 2020 when the statue was first taken down.

Calhoun, a former U.S. senator and vice president, died a decade before the first shots of the Civil War rang out over Charleston Harbor. He was known as an ardent defender of slavery, the reason for South Carolina's secession.

A day after City Council's 2020 vote, Calhoun's likeness was plucked from his perch and has since sat in an undisclosed warehouse while plans for what to do with it have been stalled in court.

Risk of high winds, thunderstorms and tornadoes in store for SC

A storm system currently churning over the middle of the country is lining up to deliver some potentially severe weather across the Palmetto State over the weekend.A severe weather alert issued March 14 by the S.C. Department of Natural Resources warns that the worst weather will likely occur to the west of the state, but ...

A storm system currently churning over the middle of the country is lining up to deliver some potentially severe weather across the Palmetto State over the weekend.

A severe weather alert issued March 14 by the S.C. Department of Natural Resources warns that the worst weather will likely occur to the west of the state, but South Carolina could see damaging winds and tornadoes starting late March 15 and lasting through March 16.

The severity of the storm and the timing of its arrival will vary across the state, with impacts starting along the western border and moving east until the squall line moves offshore during the evening hours on March 16.

Much like the storm that moved through the state on March 12, this system will pull a cold front from the Great Lakes down into the South. Unlike the storm earlier this month, warmer and more humid air will already be in place, which could fuel more severe thunderstorms and create more favorable conditions for the formation of tornadoes.

The Storm Prediction Center puts the worst of that weather in Alabama, Louisiana and Mississippi on March 15.

"Our primary concern will be locally damaging winds. Like last Wednesday, it will be pretty windy even outside the thunderstorms, but the storms will cause the strongest wind gusts. The next concern is isolated tornadoes; the tornado risk is higher this time around," wrote Frank Strait, SCDNR severe weather liaison.

Damaging hail could occur in some locations, and flash flooding may occur as this storm is expected to be slower moving than the system that raced through the region last week. The greatest risk for flash flooding will be in the Upstate, Strait said.

The Upstate will bear the brunt of the storm first, starting in the early morning hours of March 16, and by midday it will likely be over the Midlands.

"If this timing is correct, the storms reach the Coastal Plain during the warmest and most unstable part of the day, so this may be where the greatest severe weather risk occurs," wrote Strait.

In the Lowcountry, a National Weather Service advisory projects the timing of storm impacts to be between 10 a.m. and 5 p.m. on March 16, but that could change. The advisory warns of 60 mph wind gusts, isolated tornadoes and "marginally severe" hail up to the size of a quarter. A wind advisory for Lake Moultrie may be required, and high surf from Charleston to Edisto is also likely.

According to NWS, an earlier arrival will diminish the risks, while a later arrival could result in a higher risk for severe weather.

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