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.
COLUMBIA, S.C. (WIS) - The Columbia Metropolitan Airport has issued a statement after the Federal Aviation Administration gave a warning that 40 airports would see flight cuts due to the ongoing government shutdown.The airport said that its flights were not directly affected at this time, but that many airports it offers direct flights to are affected, which could have impacts for fliers leaving the airport.“CAE and its airport staff will remain fully operational as normal. We are monitoring the situation closely and will...
COLUMBIA, S.C. (WIS) - The Columbia Metropolitan Airport has issued a statement after the Federal Aviation Administration gave a warning that 40 airports would see flight cuts due to the ongoing government shutdown.
The airport said that its flights were not directly affected at this time, but that many airports it offers direct flights to are affected, which could have impacts for fliers leaving the airport.
“CAE and its airport staff will remain fully operational as normal. We are monitoring the situation closely and will provide additional updates as we know more,” the airport said in a statement.
They also thanked its staff for their continued work.
“Due to the ongoing government shutdown, the FAA announced that beginning Friday, November 7, airlines will temporarily reduce flights at the 40 busiest airports. While CAE is not directly affected, many of our nonstop destinations are to these major hubs - which could impact travelers here in Columbia.
We advise those with upcoming travel plans to please check with their airline for the most up-to-date travel information regarding their flight status.
CAE and its airport staff will remain fully operational as normal. We are monitoring the situation closely and will provide additional updates as we know more.
We are extremely grateful for our TSA agents and ATC staff and their continued commitment to getting passengers where they need to be safely."
Airports that Columbia offers direct flights to that will be seeing flight cuts are:
The FAA said the flight cuts would begin to be implemented on Friday.
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COLUMBIA, S.C. (WIS) - The City of Columbia has announced that it will implement a permanent clear bag policy for Finlay Park.The city said the policy will be effective when the park reopens on Nov. 15. Officials also said the move is “to help keep all visitors safe and ensure a great experience for everyone.”Later Thursday, Columbia Mayor Daniel Rickenmann confirmed to WIS that the policy will also be in effect beyond the reopening and will apply to all visitors and events at the park.“Right now it&rsq...
COLUMBIA, S.C. (WIS) - The City of Columbia has announced that it will implement a permanent clear bag policy for Finlay Park.
The city said the policy will be effective when the park reopens on Nov. 15. Officials also said the move is “to help keep all visitors safe and ensure a great experience for everyone.”
Later Thursday, Columbia Mayor Daniel Rickenmann confirmed to WIS that the policy will also be in effect beyond the reopening and will apply to all visitors and events at the park.
“Right now it’s a park policy,” he said. “We’re going to work with the public. But in general, it’s really about trying to protect the park.”
Rickenmann also said concerns about public safety and other issues played a large role in the implementation of the policy.
“We need to make sure the park is safe. I mean, it’s the number one issue everyone has talked about,” Rickenmann said. “I’d rather take a chance and have some people upset and inconvenienced in the beginning...then take a chance of something happening to an individual.”
Rickenmann added that the policy would be enforced by park rangers and other security officers.
Per the policy, approved bags include wristlets, small clutches, clear totes, backpacks and fanny packs, a gallon plastic freezer bag and diaper bags.
Prohibited bags include purses, backpacks, luggage, trash bags, coolers and camera bags unless you are a credentialed member of the press.
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Classic rock icons Journey will come to Columbia next year as part of the long-running band’s farewell tour, promoters said Thursday in a news release.The Rock & Roll Hall Of Fame inductees will bring their “Final Frontier Tour” to Colonial Life Arena on May 18, according to the release.“This tour is our heartfelt thank you to the fans who’ve been with us every step of the way — through every song, every era, every high and low,” lead guitar player Neal Schon said in the release. Sc...
Classic rock icons Journey will come to Columbia next year as part of the long-running band’s farewell tour, promoters said Thursday in a news release.
The Rock & Roll Hall Of Fame inductees will bring their “Final Frontier Tour” to Colonial Life Arena on May 18, according to the release.
“This tour is our heartfelt thank you to the fans who’ve been with us every step of the way — through every song, every era, every high and low,” lead guitar player Neal Schon said in the release. Schon was a founding member of the band in 1973.
Tickets for the Columbia show will go on sale to the public on Nov. 14 at 10 a.m., but multiple presale events will begin Nov. 11 at ticketmaster.com.
Information about ticket prices was not available.
Tickets are only available online the first week that they go on sale. After that, any tickets that are still available can be purchased the next Tuesday or Friday that the Colonial Life Arena box office is open — as well as on the ticket giant’s website.
It’s the only scheduled stop in South Carolina for Journey, which also will perform twice in North Carolina (Charlotte on May 20 and Greensboro on May 21), for the band’s only other shows in the Carolinas.
“It’s been an incredible ride,” keyboard player Jonathan Cain said in the release. “We’ve shared our music with millions and this tour is about gratitude, connection and one last chance to feel that magic together.”
That ride most recently included a stop at Colonial Life Arena in Columbia in 2023, when the band headlined a tour with fellow classic rock stars Toto.
No opening or supporting acts are listed for the upcoming tour.
Journey was most prominent in the 1970s and 80s, but hit songs like “Don’t Stop Believin,” “Any Way You Want It,” “Faithfully,” “Lights,” and “Wheel In The Sky,” among others, have sustained the group’s popularity for decades and introduced it to new generations of fans.
Journey has 19 top-40 singles, 25 gold and platinum albums, and has sold more than 100 million albums globally, according to the release. Journey’s “Greatest Hits” album is certified 15 times-platinum, making the group one of the few bands to ever have been diamond-certified, and the song “Don’t Stop Believin’” has been streamed over one billion times.
The group that was formerly fronted by Steve Perry was inducted into the Rock & Roll Hall of Fame in 2017. Current lead singer, Arnel Pineda, is a native of the Philippines who was discovered on YouTube by Journey’s founder and lead guitarist Neal Schon, promoters said.
“I’m honored to be part of this legacy and I’m grateful for having been welcomed with such open arms,” Pineda said in the release. “Every night on stage has been a dream come true.”
Nimes Real Estate has entered a new market with the acquisition of Columbia Lofts, a 330-bed student housing community in Columbia, S.C. TSB Realty brokered the deal, while TSB Capital Advisors secured the financing on behalf of the buyer.Global Student Accommodation previously owned the asset, according to Yardi Matrix information. The firm acquired it from University Communities in a portfolio sale in April 2024. Prior to selling, GSA obtained a $500 million refinancing loan for 23 assets, including this property.Fully occupi...
Nimes Real Estate has entered a new market with the acquisition of Columbia Lofts, a 330-bed student housing community in Columbia, S.C. TSB Realty brokered the deal, while TSB Capital Advisors secured the financing on behalf of the buyer.
Global Student Accommodation previously owned the asset, according to Yardi Matrix information. The firm acquired it from University Communities in a portfolio sale in April 2024. Prior to selling, GSA obtained a $500 million refinancing loan for 23 assets, including this property.
Fully occupied at the time of sale, Columbia Lofts witnessed impressive year-over-year rent growth for the current academic year, TSB Capital Advisors told Multi-Housing News.
READ ALSO: Why Student Housing Scores High Marks
Located at 211 Main St. in the city’s downtown, the community is within walking distance of the University of South Carolina in Columbia campus. Columbia Metropolitan Airport is some 8 miles southwest.
Originally built as a warehouse in 1896, the property was converted to residential use in 1945 and then to student housing. Renovated in 2012, the four-story building has one-, two-, three- and four-bedroom floorplans ranging from 681 to 1,320 square feet.
Amenities at the 170-unit community include a swimming pool, barbecue and picnic area, as well as study rooms, a resident lounge and laundry facilities. The property also has 270 parking spaces.
TSB Realty Executive Managing Director Randall Calvert brokered the sale. TSB Capital Advisors Vice President Tyler Martin arranged the financing.
A total of 76 student communities changed hands year-to-date as of September for a combined $3.7 billion, the latest Yardi Matrix student housing report shows. This figure was considerably lower than the $5 billion registered during the same period of 2024.
In 2024, University of South Carolina at Columbia ranked first for student housing investment volume. The institution saw roughly $134 million in assets trading for the average price per bed of $191,350.
COLUMBIA, S.C. (WIS) -Despite the ongoing government shutdown, Columbia Metropolitan Airport (CAE) reports operations have remained smooth, with no significant delays or Transportation Security Administration (TSA) issues.However, recent announcements of flight cancellations at major airports across the country have raised concerns for travelers flying to and from Columbia, with connections at those airports getting flights cancelled.Gregg Hornsby, interim president at CAE, said while the airport has not been directly impacted,...
COLUMBIA, S.C. (WIS) -Despite the ongoing government shutdown, Columbia Metropolitan Airport (CAE) reports operations have remained smooth, with no significant delays or Transportation Security Administration (TSA) issues.
However, recent announcements of flight cancellations at major airports across the country have raised concerns for travelers flying to and from Columbia, with connections at those airports getting flights cancelled.
Gregg Hornsby, interim president at CAE, said while the airport has not been directly impacted, the ripple effects from cancellations at nearby hubs like Charlotte and Atlanta could affect passengers.
“We could still see the same number of flights, but there could be delays later on,” Hornsby said. “That’s the part that we just don’t know right now — whether it’s for this weekend or as we go into Thanksgiving week.”
Byron Day, who flew into Columbia from Louisville to visit his fiancée, said he had no trouble arriving but is concerned about his return flight.
“When that news came down, I was a little worried about traveling because I didn’t know if my flight would be canceled on the way back,” Day said. “I’m going back on Monday.”
The Federal Aviation Administration (FAA) has canceled flights at 40 airports nationwide. The news has left Day thinking twice about flying for Thanksgiving.
“My family lives back home in Virginia, and we were thinking about flying together to visit them in central Virginia,” Day said. “But now we’re thinking about just driving.”
Others, like Janice Padgett and Nikita Pete, are relieved to have returned home before the cancellations began.
“It would make me think about driving, yes, definitely,” Padgett said. “We travel annually for our work conference, and thankfully, it seems like we made it back just in time before all the craziness. I’m done flying for the year, but it definitely would make me think twice about driving wherever I need to travel now,” said Pete.
Airport officials are advising travelers with connecting flights to check with their airlines, consider purchasing backup tickets and look for nonstop options when possible. Some airlines are offering free flight changes in response to the disruptions.
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