VA loans were established prior to the end of World War II and have since assisted numerous veterans, service members, and military families in fulfilling their dream of owning their a home. In recent times, the program has become increasingly significant, with VA loan volume skyrocketing and offering substantial financial advantages that enable countless veterans to purchase homes, thereby making homeownership a possibility for those who may not have qualified otherwise.
If you sacrificed comfort and security to help protect our great nation, Mission One Mortgage thanks you for your service. We believe that there's no greater honor than to serve those who have served our country. We're not afraid to go above and beyond for our veterans because that's exactly what they did for us.
A VA loan is a mortgage option that is backed by the government and available to Veterans, service members, and surviving spouses. It is offered by private lenders such as banks and mortgage companies and not directly by the Department of Veterans Affairs.
VA home loans come with competitive interest rates and terms and can be used to purchase a variety of properties, including:
One of the great benefits of VA loans is that eligible Veterans can buy a home with no down payment, no mortgage insurance, lenient credit requirements, and the lowest average fixed rates in the market.
At Mission One Mortgage, we work with many Veterans who know that VA loans exist but don't quite understand the full range of benefits they provide. If that sounds familiar, keep reading. This section was written especially for you.
01
One of the standout benefits of the VA Loan program is that qualified borrowers can purchase a home without having to make a down payment up to the conforming loan limit of their county. This is a significant advantage over conventional and FHA loans, which typically require minimum down payments of 5 percent and 3.5 percent, respectively.
For example, on a $400,000 mortgage, a conventional loan would require a $20,000 down payment, while an FHA loan would require $14,000. Saving up that kind of cash can take service members and veterans years, but with the VA Loan, they can pursue homeownership without having to scrape and stockpile for years on end.
03
It's important for military buyers to stay informed about credit score requirements when considering home financing options. Although credit score requirements have eased up a bit, it's still necessary to meet certain benchmarks set by conventional and FHA lenders. However, even meeting these benchmarks can be a challenge for many buyers.
Most VA lenders require a credit score of at least 620, which falls in FICO's "Fair" credit score range. Borrowers will typically need to meet a higher threshold for conventional mortgages, particularly if they want to secure a low-interest rate. It's worth checking out VA Loan rates to learn more about financing options.
Despite common misconceptions, military buyers don't need a perfect credit score to obtain financing. While a higher credit score can certainly help, it's important to remember that VA loans in Eastover, SC are designed to help military members and veterans access affordable housing.
05
Closing costs are an inevitable part of the home-buying process, no matter what type of mortgage product you choose. However, if you're a veteran, you may be pleased to know that the VA places limits on the fees and costs you're required to pay at the time of closing. Additionally, homebuyers have the option to ask sellers to cover all loan-related closing costs, as well as up to 4 percent of the purchase price for other expenses like prepaid taxes, insurance, and collections.
02
Coming up with a down payment can be challenging for both conventional and FHA homebuyers. In addition, they are required to pay for mortgage insurance unless they can make a sizable down payment, usually 20% of the purchase price. For instance, on a $400,000 mortgage, this would be a staggering $80,000 in cash.
FHA loans carry an upfront mortgage insurance premium and annual mortgage insurance. The latter now lasts for the life of the loan. On the other hand, conventional homebuyers will pay this monthly cost until they have built up enough equity, which can take several years.
Fortunately, VA loans do not require any mortgage insurance. However, there is a mandatory funding fee that goes directly to the Department of Veterans Affairs. Borrowers with a service-connected disability are exempt from paying this fee, which helps keep the program going for future generations.
04
If you've experienced a financial setback such as a foreclosure, short sale, or bankruptcy, you may be worried about your chances of securing a VA home loan. However, don't lose hope just yet. With VA loans, it's still possible to be eligible for a home loan just two years after a foreclosure, short sale, or bankruptcy. In some cases, veterans who file for Chapter 13 bankruptcy protection can be eligible for a VA loan just a year after the filing date.
It's worth noting that the waiting periods for conventional or FHA financing can be significantly longer than those for VA loans. Additionally, even if you've lost a VA-backed mortgage to foreclosure, you may still be eligible for another VA loan.
So, if you're a veteran who's experienced a financial setback but still dreams of owning a home, don't give up hope. Explore your options and see if a VA loan with Mission One Mortgage could be the solution you need.
06
It's important to keep in mind that VA lenders typically prefer borrowers to spend no more than 41 percent of their gross monthly income on major debts, such as mortgage payments or student loans. However, it's possible to get a VA home loan even if you have a higher DTI ratio. Some lenders may offer up to 55 percent or more depending on your credit score and ability to meet additional income requirements. This can give homebuyers more flexibility and greater purchasing power when it comes to finding their dream home.
Remember - if you have any questions about the benefits you just read about - like what credit score Mission One Mortgage requires for a VA loan - contact our office today. It would be our pleasure to help you navigate the VA loan process, one step at a time.
One of the most common questions we get at Mission One Mortgage revolves around VA loan eligibility. Who is actually eligible for this type of loan? What are the requirements for getting a VA loan? If you meet the following requirements, chances are you'll be eligible for a VA loan.
Curious what the general steps are for purchasing a home with a VA loan? You're not alone. Keep reading to get a feel for what you have to do to enjoy the wonderful benefits of homeownership.
When applying for a VA home loan benefit, the Certificate of Eligibility (COE) is an important document that verifies your eligibility to your lender. If you have already used your VA loan benefit in the past, a current COE can help you determine how much remaining entitlement you have. Additionally, it can ensure that your entitlement has been restored for previous VA-backed loans that were paid in full.
After you've applied for your COE, it's a good idea to examine your finances. We're talking about items such as income, expenses, credit profile, and your monthly budget. That way, you know for sure that you're ready to purchase a home.
As a veteran, you have the choice of going through a bank, credit union, or a private VA mortgage company like Mission One Mortgage. Most lenders will have different loan interest rates and fees, so it's important to shop around. Remember - Mission One specializes in VA loans in 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.
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.
SCDOT eyes safety improvements for Garners Ferry Road with proposed changes to various intersections that locals fear could affect traffic flow.EASTOVER, S.C. — More changes could soon be coming to Garners Ferry Road as the South Carolina Department of Transportation (SCDOT) considers a series of safety improvements along one of the Midlands’ most dangerous roadways.SCDOT hosted a public hearing on December 1, in Eastover to discuss seven proposed changes aimed at improving traffic safety and easing congestion along...
SCDOT eyes safety improvements for Garners Ferry Road with proposed changes to various intersections that locals fear could affect traffic flow.
EASTOVER, S.C. — More changes could soon be coming to Garners Ferry Road as the South Carolina Department of Transportation (SCDOT) considers a series of safety improvements along one of the Midlands’ most dangerous roadways.
SCDOT hosted a public hearing on December 1, in Eastover to discuss seven proposed changes aimed at improving traffic safety and easing congestion along portions of the road.
However, in a packed room, some neighbors and business owners worry that the proposed alterations could make driving more difficult rather than safer.
According to SCDOT, the section of Garners Ferry Road between Horrell Hill Road and U.S. Highway 601 has recorded 21 fatal crashes over the past decade, making it a high-priority area for safety upgrades.
Many of the department’s proposals focus on modifying crossover intersections in Eastover, including areas near Old Congaree Run by Bunky's and Piney Branch Road. Suggested changes include adding medians to restrict certain movements, converting crossovers into left-turn-only lanes, and in some cases, completely closing crossovers. These adjustments would require drivers to make right turns only onto Garners Ferry Road and use designated U-turn locations to travel in the opposite direction.
Ronnie Gregory, owner of Middleboro Trailer Sales, voiced concerns over how right-turn-only access could impact both safety and convenience.
“The right turn only I’m having a problem with. Having to go right, then go find a U-turn area and go back the other direction, I don’t think is going to work for safety purposes down the road,” Gregory said.
A proposed change at Piney Branch Road would eliminate the crossover entirely and create designated left-turn lanes for eastbound and westbound U-turns. Longtime business owners in the area expressed strong opposition, saying the change could hurt local commerce and disrupt daily travel patterns.
“We don’t need to shut down any of our crossways,” said Angelique Helfridge, owner of Angels Diner right off Piney Branch Road. “That’s detrimental to the businesses. It’s detrimental to the people that are traveling the roads that have been doing this every single day.”
Eastover residents expressed wanting more traffic lights to be put along the corridor to help slow down traffic, but DOT staff said estimated the intersections wouldn't have enough cars on a daily basis to justify a stop light.
SCDOT officials emphasized that the project is still in the early planning phase and currently has no allocated funding. As a result, the proposed changes are not final, and not all seven projects will necessarily move forward. Public feedback will play a role in determining which intersections are prioritized for potential funding and construction.
“We’ve asked folks to rank the intersections by their interests, like which intersection do you really want to be improved the most and which do you not care about as much,” said Ginny Jones, SCDOT’s public involvement director.
Residents can submit public comments on the proposed changes through December 19.
Eastover Chips, a subsidiary of The Price Companies, is opening a new wood chipping facility in Richland County that will create 27 jobs.EASTOVER, S.C. — Eastover Chips, Inc., a subsidiary of The Price Companies, announced it is establishing operations in Richland County, an investment that will create 27 new jobs.The Price Companies is one of the nation’s leading providers of sustainable services in the pulp and paper industry and operates more than 40 locations across the country. Eastover Chips will become part o...
Eastover Chips, a subsidiary of The Price Companies, is opening a new wood chipping facility in Richland County that will create 27 jobs.
EASTOVER, S.C. — Eastover Chips, Inc., a subsidiary of The Price Companies, announced it is establishing operations in Richland County, an investment that will create 27 new jobs.
The Price Companies is one of the nation’s leading providers of sustainable services in the pulp and paper industry and operates more than 40 locations across the country. Eastover Chips will become part of that nationwide network.
The company will construct a new wood chipping facility at 4001 McCords Ferry Road in Eastover to serve the Sylvamo paper mill. Operations are expected to be online in the first quarter of 2026. Individuals interested in joining the Eastover Chips team are encouraged to visit the company’s contact page.
To support the project, the Coordinating Council for Economic Development awarded a $100,000 Set-Aside grant to Richland County to assist with the costs of site preparation and building construction.
“Eastover Chips represents an exciting expansion for The Price Companies as we grow our nationwide system of world-class wood-processing facilities,” said The Price Companies CEO Dick Carmical. “We are thrilled to partner with the excellent team at Sylvamo and grateful for the opportunity to invest in the great state of South Carolina.”
Gov. Henry McMaster called the announcement another milestone for the state’s forestry industry.
“We celebrate Eastover Chips’ decision to invest and create 27 new jobs in Richland County. This investment is another great milestone for South Carolina’s forestry industry, and we look forward to creating a strong partnership with the company as it finds success in our state,” McMaster said.
State Forester Scott Phillips added, “The establishment of Eastover Chips is a timely boost for South Carolina’s forestry supply chain. This investment strengthens our industry and reflects the confidence companies have in the future of forestry in our state.”
Richland County Council Chairwoman Jesica Mackey highlighted the project’s impact on the local economy.
“We welcome Eastover Chips as the newest addition to our growing manufacturing sector in Eastover,” Mackey said. “As a supplier for our long-standing partner Sylvamo, the wood chip processor expands job opportunities in lower Richland and highlights the powerful potential that’s possible within our community for new and existing industries to collaborate, grow and strengthen their operations.”