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

Want to know more?

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Latest News in Folly Beach, SC

South Carolina drone show fail injures spectator on NYE

What was meant to be a dazzling alternative to fireworks ended in chaos as drones from South Carolina’s Folly Beach New Year’s Eve show plummeted to the ground, injuring one spectator. The mishap, reminiscent of a recent drone show debacle in Florida, has sparked an investigation into what went wrong.The Folly Association of Business (FAB), which organized the event, had aimed to offer an environmentally friendl...

What was meant to be a dazzling alternative to fireworks ended in chaos as drones from South Carolina’s Folly Beach New Year’s Eve show plummeted to the ground, injuring one spectator. The mishap, reminiscent of a recent drone show debacle in Florida, has sparked an investigation into what went wrong.

The Folly Association of Business (FAB), which organized the event, had aimed to offer an environmentally friendly celebration with a high-tech twist. The drone show kicked off at 7 p.m. on Tuesday night with about 250 drones, but within three minutes, it spiraled into disaster.

Spectators shouted warnings as drones began falling. According to Sgt. Zack Halpern of the Folly Beach Department of Public Safety, the falling drones caused a scene of confusion and concern before the remaining drones initiated a controlled descent. One man sustained facial injuries during the incident. He was treated on-site and released, according to FAB’s statement.

FAB confirmed they are collaborating with Lightyear Drones, the drone show operator, and local authorities to determine the cause of the failure. “New Year’s Eve is a time to celebrate, and for reasons beyond our control, we were not able to deliver the spectacular drone show we had planned for the community. At this time, we do not have details on what went wrong with the display,” FAB stated.

Lightyear Drones has expressed regret over the incident, emphasizing their commitment to audience safety. “The wellbeing of our audience is our utmost priority, and we regret any distress or inconvenience caused,” the company said.

The Federal Aviation Administration (FAA) has been notified and is expected to contribute to the investigation of the drone show fail.

Stuart White, a certified FAA drone operator who attended the event, suggested to local media that high winds from an incoming cold front might have been the root cause. “These systems are not necessarily designed to work well in the wind, that’s in my opinion where the failure happened and honestly, I think it should’ve been canceled before they attempted to do it at all, but there’s immense pressure on the people who are providing that service to make it happen,” he explained.

White estimated hearing at least 15 drones collide mid-air before falling.

More: DJI’s top 2024 gadgets: Drones, cameras, and power solutions

Folly Beach hosts Lowcountry Hanukkah celebration

FOLLY BEACH, S.C. (WCSC) - Hundreds of people gathered on Folly Beach to celebrate the fourth night of Hanukkah.Many said what it meant for the people of the Jewish faith to gather in the Lowcountry while celebrating with others with different cultures and backgrounds.“By setting up the menorah, lighting singing songs, and saying our prayers little bit about how we celebrate Hanukkah,” attendee Shosanna Richek said.Rabbi Joseph Rosen led those who attended the lighting of the menorah in song and readings of S...

FOLLY BEACH, S.C. (WCSC) - Hundreds of people gathered on Folly Beach to celebrate the fourth night of Hanukkah.

Many said what it meant for the people of the Jewish faith to gather in the Lowcountry while celebrating with others with different cultures and backgrounds.

“By setting up the menorah, lighting singing songs, and saying our prayers little bit about how we celebrate Hanukkah,” attendee Shosanna Richek said.

Rabbi Joseph Rosen led those who attended the lighting of the menorah in song and readings of Scripture to celebrate this holiday season.

“Knowing how faith conscious the Lowcountry is, there’s a lot of curiosity and a time when we’re feeling lots of intense some divisions, whatever they may be, having these opportunities to bring people together through spiritual education and share and enjoy is oh so important,” Rosen said.

Both Rosen and Richek believe this celebration is a chance for everyone to join hand and hand.

Richek, a reformed Jew, says everyone is welcome in their temple.

“Just as I attend with my fiancé, his church and I learn more about the Bible. I think it’s important to learn about the different cultures we have,” Richek said.

Rosen said his favorite part of the holiday season is the food.

After the lighting of the menorah, everyone indulged in traditional Jewish fried desserts, representing the oil lasting eight days in Jerusalem.

“Each holiday has its own special treats, and so to designate this time that are treats have waited meeting as well. Just adds a little extra spirit,” he said.

In addition to their delicious treats, they also danced and sang to soak in the holiday spirit.

Being this is the third year of the celebration on Folly Beach, and Rosen’s first time experiencing it, he said he understands the weight behind this unity.

“It’s important Having these experiences is really important to bring people together and build resilience so that when the tough times, we find ways to lean on feather, and learn from each other, rather than fall back to suspicion in fear.”

Rosen said he hopes all people feel welcomed with open arms in their temples.

Copyright 2024 WCSC. All rights reserved.

Folly Beach community to hold third annual Hanukkah celebration Saturday

Published: Dec. 27, 2024 at 2:08 AM PST|FOLLY BEACH, S.C. (WCSC/AP) - A celebration scheduled for Saturday night on Folly Beach will gather people in a celebration of the Festival of Lights.On eight consecutive nightfalls, Jewish people gather with family and friends to light one additional candle in the menorah, a multibranched candelabra.In Hebrew, Hanukkah means “dedication,” and the holiday marks the rededication of the Temple in Jerusalem in the 2nd century BC, after a small group of Jewish fighters libe...

Published: Dec. 27, 2024 at 2:08 AM PST|

FOLLY BEACH, S.C. (WCSC/AP) - A celebration scheduled for Saturday night on Folly Beach will gather people in a celebration of the Festival of Lights.

On eight consecutive nightfalls, Jewish people gather with family and friends to light one additional candle in the menorah, a multibranched candelabra.

In Hebrew, Hanukkah means “dedication,” and the holiday marks the rededication of the Temple in Jerusalem in the 2nd century BC, after a small group of Jewish fighters liberated it from occupying foreign forces.

With the tiny supply of ritually pure oil they found in the temple, which they expected to last only a day, they lit the menorah and it stayed lit for eight days. The ritual of lighting a nightly candle, as well as the emphasis on cooking foods in oil such as potato pancakes called latkes, memorialize this miraculously long-lasting oil.

Residents and guests of Folly Beach are celebrating Hanukkah for the third year in a row with prayers from a Rabbi at Folly River Park. Visitors will see the lighting of the Menorah and participate in songs with multilingual song sheets. Organizers say the most important aspect of the event is incorporating everyone into the festivities.

Folly Beach resident and event founder Nadine Vogel says she started the holiday event two years ago. Vogel says many Christmas events were happening in the area for the holiday season but no mentions of the Jewish holiday.

She says the help of the city mayor, residents and local businesses helped bring the Festival of Lights to Folly Beach with donations and contributions. The event gets larger each year as visitors outside of the area also attend.

“Although we did it for the Folly residents,” Vogel says. “We have found that year after year we have people coming from West Ashley, from John’s Island or from Mount Pleasant. Year one we had 75 people here, last year we counted over 80.”

The celebration continues in the Folly Beach Community Center with music, traditional holiday food and games like playing the dreidel, a four-sided spinning top. Vogel says everyone from all religious backgrounds are welcome to celebrate. She says she hears positive feedback from the community as the event is an opportunity to learn about other cultures and religions.

“All the way to, ‘I’m so glad my children learned how to play dreidel, they have friends who are Jewish and they felt left out, they didn’t know how to play,’ or ‘This is so much like our religion,’” Vogel says. “You know, I think we live in a time that we need more understanding about each other’s practices and just each other as people and I think that’s what this does.”

Guests are receiving gifts for the first time in this event. A lottery drawing will take place to receive a prize for all ages that was donated by the community. Vogel hopes each family will leave with a present for the holiday.

The event begins at 5 p.m. in Folly River Park, located on Center Street.

Hanukkah began this year at sundown on Christmas Day for the first time since 2005. It continues through New Year’s Day.

EDITOR’S NOTE: An earlier version of this story incorrectly stated the event was scheduled to take place Friday night. It begins Saturday at 5 p.m. We regret the error.

Copyright 2024 WCSC. The Associated Press contributed to this story. All rights reserved.

Dive into 2025 with these three polar plunges in the Charleston area

CHARLESTON, S.C. (WCBD) — It’s a New Year’s tradition unlike any other.Thousands of people across the country are preparing to usher in the new year with a quick (and we mean quick) dip into icy waters — including here along the South Carolina coast.One of the first polar bear plunges dates back to the early 1900s when the L Street Brownies in Boston took the plunge into the icy cold Dorchester Bay in 1904. The club has been celebrating the new year with a plunge ever since, according to ...

CHARLESTON, S.C. (WCBD) — It’s a New Year’s tradition unlike any other.

Thousands of people across the country are preparing to usher in the new year with a quick (and we mean quick) dip into icy waters — including here along the South Carolina coast.

One of the first polar bear plunges dates back to the early 1900s when the L Street Brownies in Boston took the plunge into the icy cold Dorchester Bay in 1904. The club has been celebrating the new year with a plunge ever since, according to NationalToday.com.

While many take the dip for fun, some plunge into freezing waters to raise money for charity. It’s also believed the dips boost the immune system, activate endorphins, and reduce stress.

Ocean temperatures in Charleston Harbor are currently in the low to mid-50s. Partly cloudy skies are expected on Jan. 1 with temperatures in the mid-60s.

Whether you plan to join in the festivities yourself or just want to support those brave swimmers, dive into 2025 with these polar plunges around the Charleston area:

Dunleavy’s Pub has organized a polar plunge in support of the Special Olympics of South Carolina each year for the past three decades. The organization provides year-round sports training and athletic competition in myriad Olympic-type sports for children and adults with intellectual disabilities.

Participants will gather on the beach around 1:30 p.m. on New Year’s Day with the plunge to happen at 2 p.m.

The pub, located at 2213 Middle Street on Sullivan’s Island, will open at 9 a.m. for plungers to enjoy refreshments before the main event.

Splash into the new year dressed as one of Charleston resident Bill Murray’s iconic characters at the 11th annual Bill Murray Look-a-Like Polar Plunge on Folly Beach.

The plunge will take place beachside at the Tides Hotel (1 Center Street) at noon following an 11 a.m. costume contest. Prizes for Best Overall Bill Murray, Best Girl, Best Guy, and Best Team/Family Costume will be awarded.

The Kiawah Island Golf Resort will hold its annual polar plunge in front of the Sanctuary Hotel (1 Sanctuary Drive) at 11:45 a.m.

The event is free and open to the public. Towels will not be provided.

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