Buy a home at a reasonable rate with a VA loan in Eastover, 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.

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What is a VA Loan in Eastover, 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 Eastover, 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 Eastover, 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 Eastover, 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 Eastover, 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 Eastover, 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 Eastover, 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 Eastover, 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 Eastover, 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 Eastover, SC

'I drink it everyday:' Eastover mayor gives update on water quality

After months of construction and repairs, Eastover's water is finally safe to drink again.EASTOVER, S.C. — A bit of relief for many in Eastover after months of concerns over their water quality.Bruce Edwards, a resident of Eastover, describes the headache he faced when the town was having water issues in late 2022"They were handing out flyers saying boil the water because something was wrong with the system, low pressure, sometimes the water was off, " he said.According to ...

After months of construction and repairs, Eastover's water is finally safe to drink again.

EASTOVER, S.C. — A bit of relief for many in Eastover after months of concerns over their water quality.

Bruce Edwards, a resident of Eastover, describes the headache he faced when the town was having water issues in late 2022

"They were handing out flyers saying boil the water because something was wrong with the system, low pressure, sometimes the water was off, " he said.

According to Eastover Mayor Philip Gunter, during the colder months, the town saw around 20 different leaks on water mains in the town

"The system was kinda dirty, so we had to a lot of hydrant flushing, " said the mayor.

Those issues got SCDHEC attention.

An enforcement order from December claims a team from DHEC rated the town 'unsatisfactory' for drinking water and said it 'needed improvement' in areas such as protection from contamination and source quality.

Gunter says it's been a team effort trying to improve those scores.

In a Thursday DHEC board meeting, members touted a recent EPA survey that gave the agency good marks for South Carolina's water quality.

Gunter says the town's water quality is back to DHEC's standards.

"They did their job, they wanted us to do our job as well and let it be known that it's serious out there." He says, "The water is pretty good right now, we've had a lot of success with the water."

Gunter adds crews have been working hard since the winter to get back on track.

"Making sure the line pumps and different things like that are working properly. During the winter storm things like that burst and got destroyed, some parts got broken, pipes got broken, all inside the well. I can say we're about 90%, we still got some really small things that we got to work on that's going to take some outside help to come in," said the mayor.

Edwards admits he is still a bit weary of the tap water, but for Mayor Gunter, consuming the town's tap water is something he does daily.

"I trust the water, I drink the water."

Town of Eastover to receive roughly $330K in COVID-relief funding

The money comes as part of the American Rescue Plan Act supporting communities around the nation following the pandemic.More VideosRICHLAND COUNTY, S.C. — More than $300,000 will go to the Town of Eastover as part of the American Rescue Plan Act (ARPA) supporting communities...

The money comes as part of the American Rescue Plan Act supporting communities around the nation following the pandemic.

More Videos

RICHLAND COUNTY, S.C. — More than $300,000 will go to the Town of Eastover as part of the American Rescue Plan Act (ARPA) supporting communities around the country.

Over the last few months, News19 has spotlighted how cities and towns are using their share of millions distributed around the country as part of the Act.

Like many communities, Mayor Phillip Gunter said Eastover has received half of its funds. The town is expecting roughly $330,000 in total.

"It means a lot for the town," Mayor Gunter said. "We really need it to uplift our water system for safer water for the community... also to help out with some of our infrastructure."

RELATED: Pot of money up for grabs for nonprofits, small businesses in Richland County

He says they've already started spending the money on water and sewer projects, including improvements to the town's water tower, but there's still a lot more to do to revitalize the rural community, which has fewer than 1,000 residents.

"We had everything when I was a little boy, you know?," Mayor Gunter said. "The video store, the bank was there then, the little grocery store we had.... So, I just want to see those things come back to Eastover."

They're petitioning the state for additional dollars to continue making improvements with a focus on downtown developments.

"We need that grocery store; we need a laundry mat," Gunter said. "So, those are the kind of things that I'm really trying to concentrate on.... Painting of buildings and those kinds of things."

RELATED: DHEC to study disaster response in Columbia's Lower Richland community

Mildred McMillian spent her life in Eastover and says she's excited for the opportunity to see the community improve.

"Just helping the town out, so it can be just like some of the other places around here... that this town become a little more beautified than it is," McMillian said. "It's just like a family over the whole town. Everybody getting along together....They're trying to do the best they can in this town."

The mayor says he's also working with Richland County to try to bring a new sheriff's department substation, strengthening available services for residents.

International Paper spins off plant near Columbia, retains Georgetown mill

Digital communications have already sifted away demand for printer and copier paper over the last couple decades. Coronavirus shuttering offices accelerated that trend.For that reason, International Paper is slicing so-called free sheet paper production from its balance sheets in the second half of 2021, including the company's Eastover Paper Mill near Columbia.Eastover and several other mills will fall under a new spinoff company that will be run by International Paper's senior vice president of industrial packaging. But beyon...

Digital communications have already sifted away demand for printer and copier paper over the last couple decades. Coronavirus shuttering offices accelerated that trend.

For that reason, International Paper is slicing so-called free sheet paper production from its balance sheets in the second half of 2021, including the company's Eastover Paper Mill near Columbia.

Eastover and several other mills will fall under a new spinoff company that will be run by International Paper's senior vice president of industrial packaging. But beyond a boost for stockholders, major changes are unlikely at legacy paper giant's largest mill.

International Paper will transfer shares of the new company to its stockholders and will retain its own ownership shares in the new, free-standing company, which it estimates will have $4 billion in annual sales.

The company said it is not planning any operational changes for the nearly 40-year-old mill that employs 700 workers in Richland County.

The company's other South Carolina mill in Georgetown, which produces more specialized products, including the paper sticks used in cotton swabs and the paper backing to adhesive labels, will remain under the International Paper banner.

CEO Mark Sutton said on an investor call this month that turning the printing papers segment into a standalone company would create more value by keeping the company focused on cardboard and fluff pulp, the absorbent material used in diapers and other goods.

But the move had analysts speculating about the future of what International Paper calls SpinCo, the copy paper spinoff, with several saying the move makes it a more likely acquisition target. Mark Wilde, an analyst with Bank of Montreal, said he doesn't know what will ultimately happen to SpinCo.

"But the Eastover Mill itself will probably be running for quite a while," he said, even if it changes hands. That's because the facility is International Paper's largest and most cost-effective.

The pandemic has brought on declines up to 30 percent in the printing and writing paper segment. Before that competition was already heavy between manufacturers, said Patricia Marques, a paper industry consultant with Fisher International who also spent 15 years working for International Paper.

"Companies are playing the last man standing strategy," Marques said. "The ones that survive are the ones that have very low cost."

By Sutton's estimates, Eastover is one of the top three free sheet mills in North America.

"Eastover is probably going to be one of the very last mills to make white paper," Wilde said, estimating it will still be producing a decade from now, whether that's for SpinCo or another owner.

In the United States, International Paper's Georgetown, Selma, Ala., and Ticonderoga, N.Y., sites make similar products. Abroad, there are three more in Brazil and one each in France, Poland and Russia.

Georgetown County Economic Development Director Brian Tucker said, based on his conversations with International Paper, he expects the mill to operate well into the future. With about 750 employees, the mill is Georgetown County's largest employer.

One analyst's thoughts about the Georgetown mill are that it's a bit more up in the air.

That's because the bulk of production at Georgetown is in fluff pulp and it is possible International Paper could choose to exit that business, Wilde said. The company has struggled to make its large investment in the sector profitable despite a number of initiatives to improve performance.

All of the major paper companies — International Paper, Domtar and Packaging Corporation of America — are facing the same decline issues and are making similar decisions when it comes to adapting for the future. Most are turning to cardboard boxes used by e-retailers, like Amazon, an industry sector that the pandemic has sent booming.

Packaging Corp. has converted mills in Jackson, Ala., and Pensacola, Fla. to cardboard box production.

Domtar has opted to either close mills, like its million-ton Portland, Ala., operation, or convert mills, like its Bennettsville operation, to fluff pulp or container board.

Georgia Pacific, once the fourth-largest paper company, shuttered all of its paper operations in 2019.

"White paper is a shrinking market and over time there's going to be more consolidation and more mill closures or conversions," Wilde said.

And the pandemic is forcing decisions now rather than companies holding out a few more years.

"I think most companies assume, even as we get a vaccine, they’re probably not going to recover all the volume they've lost," Wilde said. "That's because, even when we go back to work, our habits probably changed quite a bit."

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International Paper's Eastover mill to get 10 more years of tax breaks. It's not alone.

International Paper came to Eastover in 1999 when it bought out industry competitor Camp Union for $5 billion and inherited its property. With 700 workers, the paper mill alone could employ almost everyone living in the small Midlands town.Hoping to maintain the company’s presence, Richland County recently extended an agreement to the paper maker, giving it another decade worth of tax breaks in exchange for $175 million worth of equipment investments.It’s a practice that economic developers say is becoming more comm...

International Paper came to Eastover in 1999 when it bought out industry competitor Camp Union for $5 billion and inherited its property. With 700 workers, the paper mill alone could employ almost everyone living in the small Midlands town.

Hoping to maintain the company’s presence, Richland County recently extended an agreement to the paper maker, giving it another decade worth of tax breaks in exchange for $175 million worth of equipment investments.

It’s a practice that economic developers say is becoming more commonplace for a number of counties across South Carolina as more of these companies run through their original incentive periods.

“Sometimes it’s easier to keep what you’ve got than trying to bring in something new,” says John Truluck, director of economic development for Dorchester County in the Lowcountry.

The ability to extend these agreements, called “fee-in-lieu of tax” arrangements, was made possible by state lawmakers about a decade ago. It’s rearing its head a lot more today, compared to five or 10 years ago, because more of those original deals are now expiring, says Burnie Maybank, a tax attorney and former director of the state Department of Revenue.

When they expire, a company’s property tax bill can shoot up to the highest in the country, Maybank says.

South Carolina sets its corporate tax rate for manufacturers around 10 percent but many fee agreements made by counties back that down to 6 percent, or even 4 percent for the largest investors and employers.

Critics who decry the tax breaks often question their fairness, saying they shift tax burdens to smaller or existing businesses.

For Richland County, luring in International Paper has been among its largest successes, Maybank says.

“They’ve always had sort of a soft spot for (the company),” he says.

Other extensions granted by the county have been in exchange for much less investment, ranging from $3 million to $20 million, and include: Kemira, a chemical maker in Eastover; Colonial Life, a Columbia insurance provider; Amcor, a Blythewood plastics company; Spirax Sarco, a Blythewood valve manufacturer; and Mars Petcare, a Columbia petfood maker.

There was also one given to Tyson for a $9 million investment in its pork plant. That facility is now preparing to shutter in Richland County.

International Paper’s is the largest single capital investment announcement to come to Richland County since 2017.

When deciding on an extension, counties weigh how large a company is and the role they play in the community. Other factors include whether the business is planning to invest more and create jobs.

In International Paper’s case, it’s a matter of its sheer size, Maybank says.

The Eastover Mill manufactures freesheet paper, mostly used in printers and copy machines but also some personal hygiene products. This is a segment of the industry that has struggled greatly with the boom of electronic communication, says Patricia Marques, a paper industry consultant with Fisher International who also spent 15 years working for International Paper.

With the international coronavirus pandemic closing schools and offices, the printing and writing paper sector took an even bigger hit this year, leading to declines up to 30 percent. Before that competition was already heavy between manufacturers.

“Companies are playing the last man standing strategy,” Marques says. “The ones that survive are the ones that have very low cost.”

Mills that share a common owner are also competing with each other for investment dollars. Keeping costs down requires modernization. If a mill can’t argue for investment dollars, costs go up, their candidacy for future investments goes down and they’re ultimately shuttered.

International Paper’s mill in Georgetown, as well as those in Riverdale, Ala., and Ticonderoga, N.Y., make similar products and are therefore Eastover’s competition.

The last investment of real size by the company in its Eastover facility was $125 million made in 2005. Richland County’s incentive could help give Eastover an edge over the next decade.

Because the economic development community is tight-knit in South Carolina, Maybank says counties that are choosing not to extend agreements could gain a reputation that hurts them in attracting new industry.

In Dorchester County, Truluck says officials haven’t approved any extensions because companies with expiring agreements have not sought them to date. That’s likely, he says, because industry in his county arrived later than in other parts of the state, though the county did recently offer an extension in another way by allowing a company to include an upcoming expansion to help meet its investment goals.

In the Upstate, which has been South Carolina’s industrial engine for some time, starting with giants like BMW more than 25 years ago, these extensions are coming up more often. The German carmaker’s Spartanburg County facility had one approved in 2017.

“It’s all just sort of rolling in now,” says Kevin Landmesser, who conducts economic development in nearby Greenville County. Though he says he can’t recall which companies have made an appearance lately.

Landmesser says when recommending a company for an extension, economic developers evaluate a deal with a business mindset requiring both sides to see a benefit.

In the case of International Paper, Richland County economic development director Jeff Ruble says the deal came with the benefit of more investment by the company without further cost for services by the county.

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