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.
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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.
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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 Isle of Palms, SC are designed to help military members and veterans access affordable housing.
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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.
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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.
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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.
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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 Isle of Palms, 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.
An Isle of Palms homeowner will argue before a judge this week that the state's challenge to the retaining wall built behind his oceanfront home is null and void.The hearings for the case that has pitted Isle of Palms property owners Rom and Renee Reddy against the Department of Environmental Services will begin on May 6 in the state Administrative Law Court in Columbia, and are expected to last unti...
An Isle of Palms homeowner will argue before a judge this week that the state's challenge to the retaining wall built behind his oceanfront home is null and void.
The hearings for the case that has pitted Isle of Palms property owners Rom and Renee Reddy against the Department of Environmental Services will begin on May 6 in the state Administrative Law Court in Columbia, and are expected to last until May 8.
A clerk confirmed on May 5 that the hearings would be held the morning of May 6, despite a motion filed by the Reddys on April 30 asking for a 90-day continuance.
Reddy recently fired his team of lawyers from firm Williams Mullen. The termination came shortly after ALC Chief Justice Ralph Anderson denied the Reddys' motion for summary judgment on April 24, which would have bypassed the need for trial.
This is the second team of lawyers Reddy has fired. He parted ways with his original counsel from Finkel Law Firm in July 2024.
In the order, Anderson reaffirmed the state's authority to manage South Carolina beaches, including the power to issue permits for building in the critical area, a section of the shoreline where development and construction is limited.
In an email to Anderson on April 29, Reddy attributed the termination to an irreconcilable fee dispute. He filed a motion for a 90-day continuance, a delay to give him time to hire more lawyers. Reddy noted that no attorneys were willing to take up the case without at least three months to prepare for trial.
If the request was denied, the homeowner and founder of SC DOGE said he would appear and represent himself.
Opening statements are set to begin as scheduled on May 6.
DES filed a petition for injunctive relief in the Administrative Law Court in February 2024 after the state agency became aware of the ocean-facing wall behind the Reddys' home on the Isle of Palms. The state fined the homeowners $289,000 for the wall, which they say is an unauthorized structure in the protected area of the beach.
The Reddys' have fought against the state's claims, arguing that the definition of "critical area" is too vague, and questioned the constitutionality of the term. Reddy has characterized the legal proceedings as "tyranny."
"Ultimately, this is a question of whether a government can confiscate a private citizen's land in the name of environmental protection with no compensation," Reddy said in an April statement to The Post and Courier.
DES, joined by the Coastal Conservation League, will argue to uphold the state's jurisdiction over the beaches. They are also seeking to have the wall removed and the beach restored to its original state.
Set in the marshes between Mount Pleasant and Isle of Palms, Little Goat Island is a small undeveloped patch of land. Countless visitors to the popular IOP tourism town pass right over the island each summer as they fight the crowds on the connector bridge on their way to the beach.Sandwiched between two heavily populated communities, Little Goat Island is one of the last undeveloped sea islands in the Lowcountry and a "time capsule" that still looks much as it did a century ago, according to the Lowcountry Land Trust. Now i...
Set in the marshes between Mount Pleasant and Isle of Palms, Little Goat Island is a small undeveloped patch of land. Countless visitors to the popular IOP tourism town pass right over the island each summer as they fight the crowds on the connector bridge on their way to the beach.
Sandwiched between two heavily populated communities, Little Goat Island is one of the last undeveloped sea islands in the Lowcountry and a "time capsule" that still looks much as it did a century ago, according to the Lowcountry Land Trust. Now it's permanently protected from any future development thanks to a donated conservation easement, the nonprofit announced March 31.
“Undeveloped islands like this are increasingly rare,” Natalie Olson, the sea islands program director at Lowcountry Land Trust, wrote in a press release announcing the acquisition. "By preserving this land, we are ensuring that both wildlife and future generations can experience its natural beauty. This conservation effort also helps protect the delicate coastal ecosystem and support biodiversity and climate resilience.”
Little Goat Island is 28 acres of upland habitat surrounded by nearly 400 acres of salt marshes, according to the Land Trust. As a relatively undisturbed salt marsh habitat, the island provides critical refuge for Lowcountry oysters, birds, aquatic species and native plants. No goats graze on Little Goat Island.
"We're so excited to be able to preserve Little Goat Island in perpetuity,” Kim Chesson, who owns the island with her husband, wrote in a statement. “My parents lived across from this island for over 20 years, and now we have a house that overlooks it. We love that it will stay undeveloped for our family and for our Isle of Palms neighbors to enjoy!"
The donation of the Little Goat Island conservation easement expands a growing corridor of conserved land along Sullivan's Island and Isle of Palms, according to the Land Trust. That includes Gold Bug Island, Sullivan's Island Beach and parts of Goat Island — a separate piece of land northeast of Little Goat Island.
ISLE OF PALMS — A judge reaffirmed the Department of Environmental Services' authority over state beaches and denied a request for summary judgment in the Isle of Palms seawall case.The April 28 order from Administrative Law Court Chief Judge Ralph Anderson sets the stage for a trial to begin next week in Columbi...
ISLE OF PALMS — A judge reaffirmed the Department of Environmental Services' authority over state beaches and denied a request for summary judgment in the Isle of Palms seawall case.
The April 28 order from Administrative Law Court Chief Judge Ralph Anderson sets the stage for a trial to begin next week in Columbia where attorneys for Isle of Palms homeowners Rom and Renee Reddy will argue that the ocean-facing retaining wall they built was not constructed in the critical area of the beach, a section of the shoreline where development and construction is limited.
Whether the state's definition of the "critical area" is unconstitutionally vague will also be up for debate.
Over a year has passed since the case was filed by DES against the homeowners. In that time, the administrative law court allowed the Coastal Conservation League to intervene in the case. It also has given Reddy time to launch DOGE SC, a political action committee that advocates in reducing state agencies by half.
Attorneys for the Reddys filed a motion for summary judgment in March, asking the court to rule in favor of the homeowners and invalidate the state environmental agency's previous administrative orders against them, including a $289,000 civil penalty.
The environmental department asserts that the wall behind the Reddys' beachfront home near Breach Inlet was built within the critical area of the beach and ignored a handful of stop-work orders from the agency.
If granted, the summary judgment would have bypassed the need for a trial and render DES enforcement actions, like the fines and orders to remove the wall from the beach, invalid.
Judge Anderson declined to offer a summary judgment, instead reaffirming the department's authority over the state's beaches, including the power to issue permits for building in the critical area.
"Because the Department is the only state agency authorized to permit or deny alterations or utilizations within critical areas, it undeniably has jurisdiction over the Beach Critical Area," Anderson wrote in his order.
Hearings for the case are set to begin May 6.
Rom Reddy, in a written statement to The Post and Courier, said the denial for summary judgment was "no surprise," and that he fully expects Anderson to rule against him at trial.
"Article 1 of the SC constitution says I should 'enjoy the right to a speedy and public trial by an impartial jury' not a trial by a judge who is part of the unelected agency state that accused and convicted me of wrongdoing with no due process," Reddy said.
The homeowners maintain that the wall is outside the state's jurisdiction, and the litigation amounts to an unlawful taking of property.
"This is not justice but tyranny. Ultimately, this is a question of whether a government can confiscate a private citizen's land in the name of environmental protection with no compensation," Reddy said.
Leslie Lenhardt, an attorney for the South Carolina Environmental Law Project, said the Coastal Conservation League is pleased with the order. The law project is representing the conservation league in the case.
"Mr. and Mrs. Reddy were setting forth an argument that (environmental regulators) didn't have any authority to regulate or prohibit such a hard erosion control structure on the beach, on the public beach, and Judge Anderson very summarily rejected that argument," Lenhardt said. "While there are questions that remain, this is just a real positive move in the right direction."
DES representatives declined to comment on the order due to the ongoing litigation.
Reach Anna Sharpe at 843-806-6790.
A collaborative push to address flood-prone areas of Isle of Palms and beach erosion on the back side of the island has seen SeamonWhiteside (SW+) pour their energies into recommending effective resilience measures.On the heels of offering a final presentation of their sea level rise strategy at the March Isle of Palms City Council meeting, SW+ reps Ryne Phillips and Colleen Williams have identified a key factor causing coastal erosion — septic systems....
A collaborative push to address flood-prone areas of Isle of Palms and beach erosion on the back side of the island has seen SeamonWhiteside (SW+) pour their energies into recommending effective resilience measures.
On the heels of offering a final presentation of their sea level rise strategy at the March Isle of Palms City Council meeting, SW+ reps Ryne Phillips and Colleen Williams have identified a key factor causing coastal erosion — septic systems.
These residential wastewater treatment and disposal mechanisms that are not connected to a public sewer system occupy most of the lowest areas on the island. It's in these parts, said Phillips, where much of the flooding and tidal inundation happens.
"You've got to get rid of septic systems so that they don't overflow and [bring] sewage. It's not just the flooding, it's a water quality public health issue," stated Phillips who serves as the SW+ Water Resources Team Leader.
The architecture and civil engineering firm is currently interfacing with the Isle of Palms Water & Sewer Commission in securing federal funding to get the island off septic systems and linked to a sewer network.
In addition to septic systems, recounted Williams, the City is working off its 2023 Master Plan focusing on drainage improvements. The plan features a multi-use path elevation project on Waterway Boulevard, as the City is in the process of acquiring a release from each abutting homeowner prior to breaking ground.
"So, what we tried to recommend were improvements that supported these ongoing efforts. So — three categories: programs, policies and projects. We talked about every new development be tapped into a sewer line, and not a septic field," Williams continued.
The SW+ Land Planner went on to detail green infrastructure solutions in terms of advising the City to require increased tree canopy to stabilize the soil and create pervious surfaces. In addition, Williams and her colleagues have recommended living shorelines, rain gardens and private incentive programs, all in the pursuit of dissipating flood water in an aesthetically pleasing manner.
SW+'s blueprint — formally adopted by City Council in March — projects what the firm "absolutely needs to happen" by 2040 in order to line up their stormwater infrastructure solutions by 2050.
Activities in progress to mitigate erosion include the constant replacement of lost sand spearheaded by Steven Traynum of Coastal Science & Engineering (CSE).
On that front, CSE is working alongside the US Army Corps of Engineers (USACE) to renourish the beach, particularly along Breach Inlet.
"The USACE is currently placing sand along the south end of the island as part of a beneficial use project to improve navigation of the intracoastal waterway," said Traynum in a email to the Moultrie News.
"They plan to place 550,000 cy (cubic yards) of sand over the course of several months, with most of the material being placed along the mid to low-tide beach. The project is likely to continue through most of the summer. The City has secured another contractor to redistribute some of this material into a restored dune between Breach Inlet and 10th Avenue. That work is ongoing and will likely be completed in early May."
One issue with that, Phillips noted, is the Army Corp's unique requirements for contractors to redistribute their sand. Those specifications from the federal agency have driven up prices for contractors "astronomically," according to Phillips.
"If you want to live on the beach, on the salt, on the Isle of Palms, where it erodes, they're going to invest millions and billions," reported Phillips. "The sea level rise, on the backside of the island and the marsh ... I think the real solution is preventing that tidewater from coming inland through pipes."
The Clemson grad went one step further in arguing in favor of prohibiting people to build in low-lying areas or, at the very least, require them fortify and elevate before construction.
On that note, Phillips credited the City for its earnest attempts to elevate, enhance land mass and preventing water from penetrating the island's interior.
"But you can't protect one little point, right? Like if there's one crack in the wall, the wall fails as a whole. And that's with most coastal cities, not just Isle of Palms," he explained. "We just randomly keep putting our finger on the cracks and more cracks keep forming."
Both Phillips and Williams suggested that the continued implementation of new gray infrastructure (roads, buildings, pipes) and green infrastructure will be instrumental in handling high tides.
Or more specifically, as Phillips observed, their mission will demand a balancing act of using traditional pipes to remove tidal water and green infrastructure (rain gardens, bioswales, etc.) to keep water from pooling and ponding along local roads.
Added Williams: "If we can reestablish some marsh on the backside of the island that helps prevent erosions, that helps slow down the influx of water."
To view SW+'s Sea Level Rise Adaptation Plan, visit https://www.iop.net/sea-level-rise-adaptation-plan.
#SeaLevelRiseAdaptationPlan #IsleofPalms #BeachErosion #FloodingSouthCarolina #SeamonWhiteside #RynePhillips #ColleenWilliams #StevenTraynum #USArmyCorpsofEngineers #USACE #CoastalScienceandEngineering
The clear float of a Man-o-war jellyfish rests on the sand after it was left stranded high and dry by the high tide. (Photo: National Park Service/Nathaniel Pinson)LOWCOUNTRY, S.C. (WCIV) — If you've been for a stroll along some Lowcountry beaches in recent weeks, you may have come across a few jellyfish washed up on shore. Most of the jellyfish you see in South Carolina are harmless, but some should be left alone.Officials with the Lowcountry's local beach communities want locals and visitors alike to know what to look o...
The clear float of a Man-o-war jellyfish rests on the sand after it was left stranded high and dry by the high tide. (Photo: National Park Service/Nathaniel Pinson)
LOWCOUNTRY, S.C. (WCIV) — If you've been for a stroll along some Lowcountry beaches in recent weeks, you may have come across a few jellyfish washed up on shore. Most of the jellyfish you see in South Carolina are harmless, but some should be left alone.
Officials with the Lowcountry's local beach communities want locals and visitors alike to know what to look out for when heading out into the ocean.
The Charleston area starts to see a larger amount of Cannonball jellyfish in the spring, which are the most common jelly in South Carolina -and least venomous.
“Cannonballs are largely harmless to humans and they're a favorite food of leatherback sea turtles," Erin Weeks with the South Carolina Department of Natural Resources explained. "Typically, when cannonballs appear, we know leatherbacks are not far behind. Like other jellies, cannonballs are poor swimmers that follow where ocean currents push them; thus, they often wash ashore, especially after offshore storms.”
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Jellyfish glide through the currents and end up washing up on shore. Some are more notorious than others.
Portuguese man o’ wars look like jellyfish, but they are actually just a relative, are bit more complex, and can be more harmful.
“Portuguese man o' wars are less frequently seen in the warmer months but merit greater caution," Weeks said. "These animals are easily distinguished by a bright blue, inflated 'float' that rests on the surface of the water, and they should be avoided both on the beach and in the water. Man o' wars can trail long tentacles that cause a very painful sting.”
Man o' wars tend to drift through the Gulf Stream up to the waters off the coast of the Palmetto State.
To prevent getting stung, avoid touching washed up Man o’ wars, as they are still venomous. If you are stung seek medical help immediately.
For more information on jellyfish from the SCDNR, click here.
Officials said reporting sightings of jellyfish help prevent stings. To report a jellyfish sighting contact the Folly Beach Fire Department at 843-588-2433 on Folly Beach, the Sullivan's Island Fire Department at 843-883-9944 on Sullivan's Island, or the Isle of Palms Fire Department at 843-886-4410 on Isle of Palms.