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

Hanahan Middle School students learn to save lives

HANAHAN, S.C. (WCIV) — Learning how to save lives one class at a time is the goal of a course at Hanahan Middle School."Our principal came to me last year , wanting to start a new class," teacher Susan Hill said. "And we did."Read more: Berkeley County begins construction of Nexton Middle School...

HANAHAN, S.C. (WCIV) — Learning how to save lives one class at a time is the goal of a course at Hanahan Middle School.

"Our principal came to me last year , wanting to start a new class," teacher Susan Hill said. "And we did."

Read more: Berkeley County begins construction of Nexton Middle School

The new class, called Introduction to Health Professions, brings the medical world to the classroom.

"We go through a lot about the body systems, different tools used by health professionals, and different types of jobs," Hill said.

For students to get a complete understanding of what it’s like to work in the medical field, health professionals from the community are invited to come speak, including Rodney Profit, a training captain with Boeing Security and Fire.

Learning about these jobs isn't the only takeaway for the students; they leave the course certified in basic life support.

Learning how to save lives one class at a time is the goal of a course at Hanahan Middle School. (WCIV)

"We do everything from adult child infant, CPR, choking first aid, and AED usages to get these students certified in basic life support," Profit said. "Students are given a chance to kind of look and explore what's out there for them and letting them know that there are no hurdles. If there are any hurdles, they can transverse those hurdles, but no one can tell them they can't do what they want to do.”

This encouragement has left students with the world at their fingertips.

"This has opened a lot more like pathways," student Lianny Martinez said.

Student, Savannah Wika said, "I would say it really like helped me realize what I really want to do for like a job. It really opened up what's happening when you go to the hospital."

Read more: BCSD approves $1.5K and $500 bonuses for fourth incentive of the year

The course also includes off-campus field trips. The class recently visited Charleston Southern University (CSU), where students got a tour of the campus.

For Hill, she believes each and every one of the students are more than capable of accomplishing their dreams.

"I just hope they understand how valuable they are and what a future they have," she said. "They have their whole lives in front of them and I'm just really excited to see what they do with that."

Hill says she could not be prouder of her students and teaching them has been a rewarding experience.

11th Hanahan military fest celebrates veterans, offers post-service resources

BERKELEY COUNTY, S.C. (WCSC) - Hundreds gathered in Hanahan on Saturday for a full-day affair dedicated to honoring the nation’s veterans.Several community members say it is vital to prioritize our Lowcountry military before, during and after their service.“That’s what it’s all about,” Navy Veteran Jerry Oldham says. “Right here. I’m one of you all, you’re one of us. We’re in this all together.”After two tours in Vietnam and several years of service, Oldham now ...

BERKELEY COUNTY, S.C. (WCSC) - Hundreds gathered in Hanahan on Saturday for a full-day affair dedicated to honoring the nation’s veterans.

Several community members say it is vital to prioritize our Lowcountry military before, during and after their service.

“That’s what it’s all about,” Navy Veteran Jerry Oldham says. “Right here. I’m one of you all, you’re one of us. We’re in this all together.”

After two tours in Vietnam and several years of service, Oldham now calls the Lowcountry his home.

He believes post-military resources didn’t always exist, but they are more important than ever.

“There’s more programs, opportunities, more things that look to help veterans today that weren’t there in the past.”

400,000 veterans currently live in the state out of 20 million nationwide, according to studies done by the South Carolina Department of Health and Environmental Control.

28% of them are experiencing a disability of some kind, whether physical or mental health-related.

Besides the day filled with speeches, songs, treats and trinket shopping, a handful of vendors were in attendance to support transitioning and post-service veterans.

“Whether it’s a lifelong career or just a few years, they come out different than when they went in,” City of Hanahan Mayor Christie Rainwater says. “They often need services and support.”

“Education, employment, nutrition, housing, social networking, all the different things which hug a veteran through their transition,” Palmetto Pathfinder Jean Brooks adds.

Palmetto Pathfinder is one of the many options available to veterans who need assistance.

It is a three-day mentorship program through the statewide Department of Veterans Affairs.

“A Pathfinder is a mentor for other veterans,” Brooks says. “We can speak to each other in our own language and provide resources.”

Oldham says it is heartwarming to see advocacy and celebration from the community in a time where it is becoming “less common.”

“It kind of hurts me sometimes, the things that happen today because people just don’t appreciate it.”

The City of Hanahan has been a long-time supporter with a population consisting of mostly military families.

They say they hope to continue to foster relationships and work toward making resources more accessible until the festivities start again next year.

“To those post-military, say ‘Hey, how can we support you, what are you in need of? You have served us, now we want to serve you.’”

For information on Veterans Affairs services, click here.

For information on the Palmetto Pathfinder Program, click here.

Copyright 2023 WCSC. All rights reserved.

County, City of Hanahan Holding Ribbon-Cutting for Railroad Avenue Extension

MONCKS CORNER, S.C. – (Tuesday, March 14, 2023) – Berkeley County, in partnership with the City of Hanahan, will celebrate the completion of Railroad Avenue Extension in Hanahan with a ribbon-cutting ceremony on Friday, March 17 at 10 a.m. The event will take place in front of the Hanahan Recreation Center ballfields across from Mabeline Road in Hanahan.This critical road project, which was managed by the S.C. Department of Transportation, has been in the works since the 1990s. The County ...

MONCKS CORNER, S.C. – (Tuesday, March 14, 2023) – Berkeley County, in partnership with the City of Hanahan, will celebrate the completion of Railroad Avenue Extension in Hanahan with a ribbon-cutting ceremony on Friday, March 17 at 10 a.m. The event will take place in front of the Hanahan Recreation Center ballfields across from Mabeline Road in Hanahan.

This critical road project, which was managed by the S.C. Department of Transportation, has been in the works since the 1990s. The County celebrated the project’s groundbreaking in spring 2021.

Kiewit Infrastructure South constructed the project, which consisted of extending Railroad Avenue from Mabeline Road to Eagle Landing Boulevard and adding a two-lane roadway along the eastern side of the existing CSX rail line, with a sidewalk along one side of the road.

The project provides a safer connection between North and South Hanahan. Specifically, drivers will no longer have to enter Rivers Avenue and cross the railroad twice; and first responder vehicles will also have a better and safer access to those communities, overall improving emergency response times.

This project cost an estimated $20.1 million, including approximately $16 million from Berkeley County’s One-Cent Sales Tax Program—specifically from the referendum voters passed in 2014—and $4 million from federal funds.

“This road extension project, which has been decades in the making, is a gamechanger for the Hanahan community and public safety. We are thankful to Berkeley County voters for approving the County’s One-Cent Sales Tax referendum and to Congressman Henry Brown for securing federal funds to pay for this long-awaited infrastructure project. We are confident the result will be faster emergency response times and safer travel for all.” -Berkeley County Supervisor Johnny Cribb

“Thanks to the perseverance and hard work of so many who have passed the torch of this much needed project, we are finally celebrating the infrastructure connectivity of Hanahan through Railroad Avenue Extension. I am grateful for the collaboration of many different agencies to make this happen. Hanahan is now safer, transportation is easier, and quality of life is better.” -Hanahan Mayor Christie Rainwater

The City of Hanahan will also host a “Meet in the Street Block Party” event at 5:30 p.m. on Friday to commemorate the road project’s completion. There will be a food truck and other festivities. For more information, go HERE.

###

-Prepared by the Berkeley County Public Information Office-

Commentary: What makes a home? Hanahan has an answer to that.

Hanahan ... home sweet home. I regret to say I wasn’t born here. But I sure got here as fast as I could.Growing up in Hanahan would have felt like an American dream.However, I truly believe that not growing up here has created a deeper appreciation for where I now choose to live and raise my family. While the location is ideal and central to the Charleston region, it’s the culture and family values that I treasure most.Throughout this year, Hanahan has been celebrating its 50th birthday. This area was populat...

Hanahan ... home sweet home. I regret to say I wasn’t born here. But I sure got here as fast as I could.

Growing up in Hanahan would have felt like an American dream.

However, I truly believe that not growing up here has created a deeper appreciation for where I now choose to live and raise my family. While the location is ideal and central to the Charleston region, it’s the culture and family values that I treasure most.

Throughout this year, Hanahan has been celebrating its 50th birthday. This area was populated as far back as the 1600s, and one would find plantations where homes, parks and businesses now stand.

Sir John Yeamans founded Yeamans Hall, and brothers Arthur and Edward Middleton established Otranto Plantation to name a few of the first settlers.

After Reconstruction, the Charleston region grew, and so did its needs, especially for water.

To meet that need, the Commissioners of Public Works was established and purchased the Goose Creek Reservoir.

It later developed a vast system of tunnels and a pumping station to supply potable water to the region.

In addition to being a businessman and influential leader of this time, J. Ross Hanahan was named the first chairman of the Commissioners of Public Works. Upon his departure, the pumping station was named after him, and the area became known as Hanahan.

Schools were built. Business were created. Homes were established.

In September of 1973 (only a year after North Charleston officially became a city), the city of Hanahan was officially incorporated.

The city is still known for its award-winning schools, sports and community culture.

I recently co-authored a book called “Hanahan,” released by Arcadia publishing, as a part of its Images of America series.

When we met with people to learn about how Hanahan came to be, the stories weren’t just logistical. They were personal.

Stories of jumping off the train trestle into the water, dads coming home from work from the shipyard or paper mill, students at Senior Hill, first dates at the Arcadia Rollerdrome at Port Park, fishing at Mabeline Lodge and more.

Many stories started with “One time ...” or “Back in the day ...”

While the formation of the city itself is so important, just as important are the stories of the daily experiences of the people who became the city of Hanahan.

I began by referring to Hanahan as home sweet home. Many reading this will think of a place, a location, maybe even a house.

However, those who live in Hanahan know that home sweet home means the people, because through this extraordinary community one quickly learns that home is not a place but a person, or in our case, the people who surround us.

Christie Rainwater is Mayor of Hanahan.

Community rallies around Hanahan family after devastating house fire

HANAHAN, S.C. (WCIV) — A Hanahan family is getting an outpouring of support after losing everything in a house fire.A fire spread through the Stewarts' Rembert Drive home Sunday in the blink of an eye. Neighbor Mike Hinson said he dropped what he was doing to help because he knew it was right."Meghan was in a panic," Hinson said. "I brought the kids in, found them something to watch on TV, and made them a little snack just to kind of get their minds off stuff."A fire gutting their home is just t...

HANAHAN, S.C. (WCIV) — A Hanahan family is getting an outpouring of support after losing everything in a house fire.

A fire spread through the Stewarts' Rembert Drive home Sunday in the blink of an eye. Neighbor Mike Hinson said he dropped what he was doing to help because he knew it was right.

"Meghan was in a panic," Hinson said. "I brought the kids in, found them something to watch on TV, and made them a little snack just to kind of get their minds off stuff."

A fire gutting their home is just the latest obstacle for Meghan had Bobby Stewart.

Read more: "2 mobile homes destroyed in Colleton County fire, investigation ongoing."

Meghan fought breast cancer for five years.

Bobby is recovering from surgery.

Long-time neighbor Hinson said he had to help his fellow neighbors, remembering the support the family gave him when his wife had cancer.

"Two years ago, my wife passed away, and so many people come together for me," Hinson said. "You can't give that back. She helped my wife, Sheila, get through it the best that she could. And we did the same for her, just returning what it is that we had borrowed."

His front porch is now a sort of landing zone.

People are stopping by with bags filled with clothes and shoes for the kids, toiletries, and other items.

Read more: "Firefighter falls through floor during house fire response in downtown Charleston: CFD."

All to make life a little easier for the Stewarts.

Hinson said this is what the Hanahan community is all about.

"These people right here are the people who are doing it for the right reasons," Hinson said. "You know, it's coming from the heart. All in all, if nothing else, they feel a lot of love."

A GoFundMe for the Stewarts was created. It can be seen here.

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