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

Couple feeds hundreds on the Cainhoy peninsula

Feeding of the Multitudes founders serve community for decadesTucked away in Huger, South Carolina, there’s a couple on a mission to answer the biblical call to “feed the multitudes,” ensuring that no one in their community goes hungry.Rev. Dr. Levi Wright and his wife, Janet Wright, are not just handing out food – they’re spreading hope, kindness, and a whole lot of love through Feeding of the Multitudes. What started with a few bags of groceries has blossomed into a powerhouse operation that serv...

Feeding of the Multitudes founders serve community for decades

Tucked away in Huger, South Carolina, there’s a couple on a mission to answer the biblical call to “feed the multitudes,” ensuring that no one in their community goes hungry.

Rev. Dr. Levi Wright and his wife, Janet Wright, are not just handing out food – they’re spreading hope, kindness, and a whole lot of love through Feeding of the Multitudes. What started with a few bags of groceries has blossomed into a powerhouse operation that serves over 600 families each month, feeding over 2,600 individuals in the process.

From driving a 24-foot truck full of fresh food to distributing meals in their Sunday best, the Wrights are proving that with a little faith and a lot of heart, you can change the world – one meal at a time.

Founded in 2002 and officially recognized as a 501(c)(3) nonprofit in 2015, FOTM has grown from serving 16 families to distributing over 300,000 pounds of food annually. Distributions occur every Saturday and Sunday at 3 p.m. at the pantry located at 2130 Cainhoy Road.

“Inspired by the biblical account of Jesus feeding the multitudes with two fish and five loaves, we founded Feeding of the Multitudes with a mission rooted in faith and compassion,” Rev. Levi said. “Our organization provides a substantial amount of food at minimal cost to the communities of Cainhoy, Wando, and Huger areas with significant food insecurity and high need.”

Feeding of the Multitudes addresses the pressing needs of a community where food insecurity is prevalent.

“Our organization delivers a significant quantity of food year-round to our predominantly Black low-income community. We provide over 600 families and 2,600 to 2,800 individuals with life-sustaining, healthy food products – produce, meat, dairy, bread, and pantry items – weekly, every Saturday and Sunday,” Rev. Levi said.

“We serve low-income families, social security dependent senior citizens, military veterans, and families with children. Notably, 91% of Cainhoy Elementary School children come from families classified as living in poverty.”

In an effort to “cancel hunger,” the Wrights rise early each weekend, leaving behind their Lincoln Navigator to drive a 24-foot Freightliner refrigerator truck, picking up donations from stores such as Trader Joe’s, Publix, and Sam’s Club.

Without taking a paycheck, they handle everything from sorting the food to distribution, often still dressed for church as they balance their roles as food pantry leaders and ministry figures.

“We collect donations from local grocery stores like Sam’s Club, Trader Joe’s, and Publix, ensuring the community receives fresh and nutritious food,” Janet said.

In just the past three months, over 100 new families from Berkeley and Charleston counties have joined the FOTM distribution program. The Wrights and their team of 10 to 12 dedicated volunteers, work tirelessly to distribute food items, serving 200 to 250 families each weekend.

“We hear stories from single mothers who no longer have to send their children to bed or school hungry and seniors who can now afford medication because of the food we provide,” Rev. Levi said.

It’s testimonials like these that keep the Huger couple and their volunteers serving every weekend.

Today, the organization thrives through contributions from partners like the Lowcountry Food Bank, Thrivent, The Daniel Island Foundation, ONE Fellowship Church, God’s Way Outreach, Nucor Steel, Coastal Community Foundation, South Carolina Port Authority, Huger/Wando Men’s Coalition, and several other local donors.

Janet highlighted how essential these local contributions are to the Cainhoy community, saying, “without agencies like Feeding of the Multitudes, the 40 million pounds of food that the Lowcountry Food Bank collects annually would go to waste.”

Additionally, FOTM participates in the Fresh Express Program, delivering fresh produce into the community, and partners with the Meals Connect program to pass out excess grocery food packages to those in need, preventing further food waste.

The Wrights attribute their success to the unwavering support of volunteers and donors.

“The work we do is only possible because of the generous hearts of our volunteers and donors,” Janet said.

Beyond FOTM food distributions, the Wrights juggle additional responsibilities. Janet Wright owns Clements Ferry Alterations Shoppe, while Rev. Dr. Levi serves as the senior pastor of New Hope Missionary Baptist Church in Mount Pleasant. Despite their demanding schedules, they remain steadfast in their mission to serve others.

“We hope our efforts embody the spirit of the parable that inspired us, proving that a little faith and a lot of love can indeed go a long way,” Janet said.

For more information on the nonprofit or volunteering, visit the Feeding of the Multitudes Facebook page or contact Dr. Rev. Levi and Janet Wright directly at 843-696-3720 or 843-697-0551.

Donations can be made by sending checks to Feeding of the Multitudes at 1060 Red Hill Road, Huger, SC 29450.

January development updates for Cainhoy, Daniel Island

Here are the developments before the various City of Charleston boards and committees this week, as well as results, if any, from the prior week’s items specific to Daniel Island and the Cainhoy area.More detailed agendas and results can be found at charleston-sc.gov/agendacenter.UPCOMING: TECHNICAL REVIEW COMMITTEEJan. 16: Cainhoy - Proposed industrial building with associated infrastructure, on 19.79 acres located at 1075 Jack Primus Road. TMS: B2680000059. Owner: SRE EV Jack Primus LLC Applicant...

Here are the developments before the various City of Charleston boards and committees this week, as well as results, if any, from the prior week’s items specific to Daniel Island and the Cainhoy area.

More detailed agendas and results can be found at charleston-sc.gov/agendacenter.

UPCOMING: TECHNICAL REVIEW COMMITTEE

Jan. 16: Cainhoy - Proposed industrial building with associated infrastructure, on 19.79 acres located at 1075 Jack Primus Road. TMS: B2680000059. Owner: SRE EV Jack Primus LLC Applicant: Seamon, Whiteside & Associates, Inc. Contact: Preston Busbee, pbusbee@seamonwhiteside.com

Jan. 16: Daniel Island Self Storage – Proposed new self-storage building located at 1050 Forrest Acres Circle in Cainhoy. TMS: B2710002027. Owner: Ryan Hyler Applicant: Barrier Island Engineering Contact: Andy Bajoczky, andy@barrieislandeng.com

Jan. 16: The Waterfront Phase 4 Site – Proposed multifamily development located on 3.9 acres, located at 200 Daniels Landing Drive, in Daniel Island. TMS:B2750000228. Owner: Daniel Island 4 EW Investor LLC. Applicant: Thomas & Hutton Engineering Co. Contact: Bryce Lemon, lemon.b@tandh.com

BOARD OF ZONING APPEALS – SITE DESIGN

No upcoming items pertaining to Daniel Island or Cainhoy.

RESULTS: TECHNICAL REVIEW COMMITTEE

Jan. 9: Cainhoy Del Webb – Amenity Center – Proposed amenity center located on 8.9 acres in Cainhoy. TMS: B2620000064.Owner: Pulte Homes Centex Homes Applicant: Thomas & Hutton Engineering. Contact: Steven Roach, roach.s@tandh.com. Results: Revise and return.

Jan. 9: The Waterfront – Public Roads Phase 4 – Proposed road extension and improvements on 1.05 acres located at 200 Daniels Landing Drive, in Daniel Island. TMS: B2750000228. Owner: Daniel Island 4 EW Investor LLC. Applicant: Thomas & Hutton Engineering. Contact: Brian Riley, riley.b@tandh.com. Results: Open pending delivery of stormwater comments.

Jan. 9: Seven Farms at Pier View Pedestrian Improvements – Proposed pedestrian improvements located in Daniel Island. Owner: City of Charleston. Applicant: City of Charleston Contact: James Wallace, wallacej@charleston-sc.gov. Results: No return/paperwork comments.

Jan. 9: Clements Ferry Road and Clements Crest Lane Intersection Improvements – Proposed removal of raised median and installation of new turn lane, located at 1020 Clements Crest Lane in Cainhoy. TMS:B2670000149. Owner: City of Charleston Applicant: Reveer Group LLC Contact: Michael Delventhal, Michael.delventhal@mankiewicz.com. Results: Open pending delivery of stormwater comments.

Jan. 9: Scrubz Carwash – Proposed a new car wash, located on .858 acres at 1991 Clements Ferry Road in Cainhoy. TMS:B2680000125. Owner: Clements Ferry LLC. Applicant: Onsite Civil Group Contact: Stephen Davis, stevedavis@homesc.com. Results: Open pending delivery of stormwater comments.

BOARD OF ZONING APPEALS – SITE DESIGN

No upcoming items pertaining to Daniel Island or Cainhoy.

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