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 Goose Creek, 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 Goose Creek, 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.
Operations Are Underway at Newport News Shipbuilding Charleston OperationsGOOSE CREEK, S.C., (Jan. 27, 2025) — HII (NYSE: HII) announced today it has closed on its acquisition of an advanced manufacturing facility and assets and begun work at its Newport News Shipbuilding (NNS) — Charleston Operations site in South Carolina.“HII is committed to going where the labor is to increase shipbuilding capacity and increase throughput for our national security customers,” HII President a...
Operations Are Underway at Newport News Shipbuilding Charleston Operations
GOOSE CREEK, S.C., (Jan. 27, 2025) — HII (NYSE: HII) announced today it has closed on its acquisition of an advanced manufacturing facility and assets and begun work at its Newport News Shipbuilding (NNS) — Charleston Operations site in South Carolina.
“HII is committed to going where the labor is to increase shipbuilding capacity and increase throughput for our national security customers,” HII President and CEO Chris Kastner said. “This lets us efficiently add trained talent and state-of-the-art manufacturing capabilities to the urgent job of building ships, making it a unique opportunity to immediately accelerate throughput at Newport News Shipbuilding in support of the Navy and AUKUS.”
HII announced last month its intent to acquire the facility and associated assets. Since then, more than 99% of the legacy workforce have accepted offers to continue to work on site, supporting the construction of nuclear-powered submarine modules and aircraft carrier units for U.S. Navy programs. Working closely with the South Carolina state and regional leadership, HII plans to create hundreds of additional jobs to support the increased demand and growth at the Charleston facility.
In addition to existing trained talent, HII’s acquisition also provides:
“This is great news for the South Carolina economy. This investment will allow us to expand our manufacturing footprint more aggressively in the shipbuilding industry,” U.S. Sen. Lindsey Graham, R-S.C., said. “If you can drive it, fly it, shoot it or float it, South Carolina makes it.”
“The expansion of our nation’s largest military shipbuilder in South Carolina underscores the pivotal role our state plays in strengthening America’s national security,” U.S. Sen. Tim Scott, R-S.C., said. “The dedicated shipbuilders in the Charleston area are part of a highly skilled workforce that will propel our nation forward. This innovation and modernization in our defense industrial base will create jobs and draw resources to our state’s already robust Navy presence.”
About HII
HII is a global, all-domain defense provider. HII’s mission is to deliver the world’s most powerful ships and all-domain solutions in service of the nation, creating the advantage for our customers to protect peace and freedom around the world.
As the nation’s largest military shipbuilder, and with a more than 135-year history of advancing U.S. national security, HII delivers critical capabilities extending from ships to unmanned systems, cyber, ISR, AI/ML and synthetic training. Headquartered in Virginia, HII’s workforce is 44,000 strong. For more information, visit:
MEDIA CONTACT
Todd CorilloTodd.T.Corillo@hii-co.com757-688-3220
Danny Hernandez Danny.J.Hernandez@hii-co.com202-264-7143
General Inquiries:
hii_communications@hii-co.com
Sign Up For Email Alerts
Cautionary Statement Regarding Forward-Looking Statements
Statements in this release, other than statements of historical fact, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue,” “guidance,” “projections,” “outlook,” and similar words or phrases or the negative of these words or phrases generally identify these forward-looking statements. Forward-looking statements include, among other things, statements relating to the Company’s future financial condition, results of operations or cash flows, and expected benefits of the transaction. Forward-looking statements are based upon assumptions, expectations, plans and projections that we believe to be reasonable when made, but which may change over time. These statements are not guarantees of future performance and inherently involve a wide range of risks and uncertainties that are difficult to predict. Specific risks that could cause actual results to differ materially from those expressed or implied in these forward-looking statements include, but are not limited to: those discussed in this release; those identified under “Risk Factors” and other important factors disclosed in our Annual Report on Form 10-K for the year ended December 31, 2023 and from time to time in our other filings with the SEC; the possibility that anticipated benefits of the acquisition may not be realized or may take longer to realize than expected; the risk that management time may be diverted on acquisition and integration-related matters; and other events or circumstances that could adversely impact the business. There may be other risks and uncertainties that we are unable to predict at this time. You are urged to consider the limitations on, and risks associated with, forward-looking statements and not unduly rely on the forward-looking statements including the accuracy thereof. Forward-looking statements are based on information, plans and estimates as of the date they are made and there may be other factors that may cause actual results to differ materially from these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, subsequent events or otherwise, except as required by applicable law.
GREENVILLE, S.C., Jan. 28, 2025 /PRNewswire/ -- Pacolet Milliken, LLC, and its wholly owned subsidiary Bushy Park, announced today that Newport News Shipbuilding (NNS), a division of Huntington Ingalls Industries, has become a major tenant at Bushy Park in connection with NNS's acquisition of W International.NNS, headquartered in Newport News, Virginia, acquired W International, an advanced metal fabricator that has been a residen...
GREENVILLE, S.C., Jan. 28, 2025 /PRNewswire/ -- Pacolet Milliken, LLC, and its wholly owned subsidiary Bushy Park, announced today that Newport News Shipbuilding (NNS), a division of Huntington Ingalls Industries, has become a major tenant at Bushy Park in connection with NNS's acquisition of W International.
NNS, headquartered in Newport News, Virginia, acquired W International, an advanced metal fabricator that has been a resident at Bushy Park since late 2018. This strategic move strengthens NNS's position as a global leader in naval shipbuilding and defense technology. NNS designs, constructs, and maintains nuclear-powered aircraft carriers and submarines, and has a strong legacy of excellence that has spanned over 135 years.
Operations at Bushy Park are expected to be largely unchanged. W International employs approximately 500 people, and its campus consists of 45 acres and four buildings totaling 451,000 square feet, all within the larger 1,530-acre Bushy Park site.
"We are thrilled to welcome Newport News Shipbuilding to Bushy Park. NNS' presence will undoubtedly contribute to the vibrant industrial community we are cultivating at Bushy Park," said Kent Fonvielle, President of Bushy Park.
With NNS' acquisition of W International, and Leonardo DRS's naval facility currently under construction at Bushy Park, Bushy Park will be home to two of the largest defense contractors supporting the US Navy's shipbuilding program. Leonardo DRS is currently building a $120 million manufacturing, integration, and test facility for U.S. Navy submarine propulsion systems at Bushy Park which is slated to be fully operational in 2026.
"The decision of Leonardo DRS to establish their operations here and NNS to acquire W International is a testament to the value and quality that Bushy Park offers," said William Crawford, CEO of Pacolet Milliken. "Bushy Park's location, workforce availability, and unique existing infrastructure, including water access, make it an advantageous site for supporting these manufacturers."
About Pacolet Milliken and Bushy Park
Pacolet Milliken, LLC is a leader in the institutional management of private investment capital. Headquartered in Greenville, SC, Pacolet is a family-owned investment firm that owns and manages a diverse set of power & infrastructure and real estate assets located across the United States. Pacolet Power & Infrastructure owns a diverse set of power, renewables and infrastructure assets, including a regulated electric portfolio, an industrial utilities company and a substantial solar and landfill gas portfolio. Pacolet Real Estate has a national portfolio of industrial, multi-family, office, and retail properties, and currently focuses on multi-family and industrial warehouse development in the Southeast, the Southwest and Southern California. In both Divisions, Pacolet seeks to positively impact the communities in which it operates and be a steward of the environment from a generational perspective.
https://www.pacoletmilliken.com
Bushy Park is a 1,530-acre industrial park located in Berkeley County just outside of Charleston, SC. The site is home to ten different industrial and manufacturing companies. Bushy Park provides a suite of utilities to its tenants such as steam, nitrogen, compressed air, electricity, natural gas, and process water in addition to available land. The site supports logistics through an onsite rail line and barge slip. Bushy Park is owned by Pacolet Milliken, LLC and is an important asset in the Power & Infrastructure Division.
View original content to download multimedia:https://www.prnewswire.com/news-releases/bushy-park-welcomes-newport-news-shipbuilding-to-bushy-park-goose-creek-sc-302362545.html
SOURCE Pacolet Milliken LLC
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
A Goose Creek shopping center has changed hands for $8 million.The Food Lion-anchored plaza at 1316 Red Bank Road consists of 62,193 square feet of space, with the grocery store taking up slightly more than half. Other tenants include a Cricket, a liquor store, H&R Block, Rent-A...
A Goose Creek shopping center has changed hands for $8 million.
The Food Lion-anchored plaza at 1316 Red Bank Road consists of 62,193 square feet of space, with the grocery store taking up slightly more than half. Other tenants include a Cricket, a liquor store, H&R Block, Rent-A-Center, a nail salon and a dry cleaner.
A Circle K convenience store outparcel fronts the property at Red Bank and Harbour Lake Drive.
The new owner is Mount Pleasant-based Scrooge Industries LLC, which purchased the property for a family trust and is affiliated with Mount Pleasant-based Paragano Associates. The seller was Harbour Lake Plaza Venture.
Ani Paulson and Ally Paragano with Marcus & Millichap helped close the deal, as well as the $4.2 million sale of a Big Lots-anchored retail center in West Columbia in early December and the $18.75 million sale of The Shoppes at Montague Corners in North Charleston in July.
Meanwhile, another Food Lion-anchored shopping center is on the market. Island Plaza at 1291 Folly Road on James Island is home to Gold's Gym, Dollar Tree, Cato, Fam's Brewing Co. and Scramblers Golf Club.
Dog and Duck is opening a location in Nexton in Summerville.
Rod Bradley, who co-owns the restaurant chain with Andy Reed, said he's targeting a November opening.
The new restaurant at 430 Cross Park Lane will be 4,000 square feet. Bryan Fogle with Coldwell Banker Commercial Atlantic represented Dog and Duck and Mackenzie Deutsch with Bridge Commercial represented the seller.
The restaurant will be Bradley and Reed's fifth location, with others in Charleston, Mount Pleasant and Moncks Corner. The Park West site is temporarily closed for repairs after an electrical fire.
Beyond Distilling is making spirits bright this holiday season.
The North Charleston distillery has teamed up with The Loutrel to create a signature liquor for the downtown Charleston hotel.
The Garden Reserve Bourbon Whiskey is a single-barrel, locally aged concoction.
Beyond is a small manufacturer of 12 employees, most of whom have intellectual disabilities. The company distills gin, rum and whiskey on-site for sale around the U.S.
"Everything is done by hand," owner Tyler LaCorta said.
The collaboration with The Loutrel has been in the works for years, he added, and now is finally ready to be served at the Veranda Lounge at The Loutrel.
Everything But Water, which has been in business for 15 years, has moved from The Shops at The Charleston Place to space across the road at 241 King St.
The shop sells designer swimwear, resort wear and accessories year-round.
Shoppers can select from bikinis and one-piece bathing suits — including in D+ cup sizes — sundresses, cover-ups, hats, jewelry, sandals and more.
A new hair salon is coming to Goose Creek.
KD Studio has leased 1,163 square feet of space at 108 Central Ave. The tenant was represented by Oswald Cooke & Associates. Wellbrick Properties represented the landlord.
An aerial view of W International’s facilities in South Carolina. Navy shipbuilder HII plans to purchase “substantially all” assets from the company. (Photo courtesy of HII.)WASHINGTON — Navy shipbuilder HII today announced its plans to acquire “substantially all of the assets” of South Carolina-based metal fabricator W International and use the new location to begin submarine module construction beginning next year.HII said the deal is expected to close in the fourth quarter of 2024 pending ...
An aerial view of W International’s facilities in South Carolina. Navy shipbuilder HII plans to purchase “substantially all” assets from the company. (Photo courtesy of HII.)
WASHINGTON — Navy shipbuilder HII today announced its plans to acquire “substantially all of the assets” of South Carolina-based metal fabricator W International and use the new location to begin submarine module construction beginning next year.
HII said the deal is expected to close in the fourth quarter of 2024 pending regulatory approvals though did not disclose any information about the costs.
The facilities are in Charleston, SC, roughly 400 miles south of HII’s Newport News Shipbuilding, which manufactures US Navy aircraft carriers and works with General Dynamics Electric Boat to produce Virginia and Columbia-class submarines.
“HII is committed to increasing build rates for our Navy customer, and this investment in capacity alongside the Navy will help us do that,” HII President and CEO Chris Kastner said in a statement. “It lets us efficiently add trained talent and state-of-the-art manufacturing capabilities to the urgent job of building ships, making it a unique opportunity to accelerate throughput at Newport News Shipbuilding in support of the Navy and AUKUS.”
The deal includes 480,000 square feet of manufacturing space on a 45-acre site as well as access to a barge and rail lines to transport completed modules back to either Newport News or General Dynamics Electric Boat. HII said it plans to offer employment to “substantially all” of W International’s current employees.
“Submarines will be the first priority. That’s where we’re starting,” Jennifer Boykin, Newport News Shipbuilding’s outgoing president, told reporters today. “But we do see the opportunity to — because of the size of the of the facility — also include aircraft carrier unit builds.”
The acquisition comes amid the backdrop of numerous efforts by the Navy and industry to bolster the submarine industrial base. The service has spent the past year working with Texas-based non-profit BlueForge Alliance to recruit more shipyard workers with an initial goal of adding 100,000 workers over the next decade. Speaking at a Tuesday event hosted by the Center for Maritime Security, Navy officials told attendees they had recently upped that goal closer to 140,000 workers.
The service also recently inked a deal with a private investment firm and shipbuilder Austal USA to purchase and develop a piece of land in Mobile, Ala, for submarine module construction. Austal itself has recently become a more active player in the submarine industrial base, getting work from General Dynamics Electric Boat and making facility expansions to support those efforts.