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

Kiawah Island ponders next steps after proposed sale of Captain Sams Spit

KIAWAH ISLAND, S.C. (WCSC) - The Town of Kiawah is continuing its fight to protect Captain Sams Spit, a sandy inlet that’s stirred a legal battle over development rights for years.Officials became aware that Kiawah Partners, the owners of the land in question, have now offered to sell the land to the state. An agreement between Kiawah Partners and the town recently expired, prompting the town t...

KIAWAH ISLAND, S.C. (WCSC) - The Town of Kiawah is continuing its fight to protect Captain Sams Spit, a sandy inlet that’s stirred a legal battle over development rights for years.

Officials became aware that Kiawah Partners, the owners of the land in question, have now offered to sell the land to the state. An agreement between Kiawah Partners and the town recently expired, prompting the town to look for options to keep the land untouched.

Kiawah Town Council discussed what action to take in the executive session this week after they got word of the possible sale. Council members authorized their legal counsel to send a note to South Carolina Attorney General Emory Smith regarding Captain Sams Spit.

Executive Director of the South Carolina Environmental Law Project Amy Armstrong explained that it’s unknown what state ownership would mean.

“The state hasn’t said what it would do, who would actually hold it, or what they would do with it,” Armstrong said. “It’s not necessarily assured that just because the state buys it that it’s going to stay exactly how it is today.”

The letter includes three attachments, one of which is the town’s demand letter to Kiawah Development Partners, dated Jan. 8, 2024, and it lays out obligations that were outlined in the contract between the town and developer that recently expired, that the developer did not fulfill.

One concern is that money will be wasted if the state agrees to purchase the land because Kiawah Partners should have already placed a conservation easement on the Spit, recorded a no-development covenant, and conveyed portions of the spit to the island’s Home Owners Association.

“The public doesn’t see why public funds need to be added to the cost of locking down what was supposed to be locked down by an agreement,” Kiawah property owner and land development lawyer Tim Hazel said. “So, in our opinion, it seems that we’re looking at potentially a waste of public funds to get to the point where we should be anyway.”

Kiawah town officials said in part, “The Town of Kiawah Island has a duty to ensure the developer honors its obligations under the development agreement.”

Island property owner and land development lawyer Tim Hazel said while this back-and-forth battle is extremely frustrating, he’s glad that the town is on the same side of this as residents.

Hazel said while this back-and-forth battle is extremely frustrating, he’s glad that the town is on the same side of this as residents.

“It’s funny because we’re not aligned on some of the issues involving development on Kiawah Island but this issue in particular, I think to the credit of the town council and the mayor, there is an effort to enforce what the town had negotiated in 2013,” Hazel said.

Armstrong said it’s encouraging that permanent protection for Sams Spit is potentially closer, but she’s keeping a cautious eye out for what comes next.

“If the community association owns part of the land and then there’s a conservation easement on the other part that the Kiawah conservancy holds, then that assurance that there’s not going to development out there and that would be a favorable outcome,” Armstrong said.

Kiawah councilmember Brad Belt said he could not comment on pending legal issues, but that “As has been noted at public meetings, the Town’s goal is to both preserve the access the public currently has to Beachwalker Park and the beach areas of the Spit and to protect the highlands area of the Spit, which is critical habitat for bobcats, nesting sea turtles and migrating shorebirds, from any development.”

Kiawah Partners declined a request for comment.

Copyright 2024 WCSC. All rights reserved.

Kiawah Island residents criticize development approval process

KIAWAH ISLAND, S.C. (WCSC) - Residents on Kiawah Island are keeping a close eye on presented plans to fix an issue they say they had to point out in the first place. The issue is not enough parking for a development currently being built called “The Cape.”The developers recently submitted a site development revision for “Cape Point parking and emergency access,” but it&...

KIAWAH ISLAND, S.C. (WCSC) - Residents on Kiawah Island are keeping a close eye on presented plans to fix an issue they say they had to point out in the first place. The issue is not enough parking for a development currently being built called “The Cape.”

The developers recently submitted a site development revision for “Cape Point parking and emergency access,” but it’s intended to address only part of the parking deficiency, as they have yet to submit revised plans for the rest of the parking issues. This follows the town and planning director telling them they must do so, only after residents discovered the original plans were approved with a significant lack of parking.

Residents fear the lack of transparency of the plans will continue.

“We’re worried as a community that the planning director will overlook once again, so the community has gotten involved, and we are watching very closely,” Kiawah property owner and land development lawyer Tim Hazel said.

The community feels like they aren’t involved enough in what gets approved and says decisions are made behind closed doors by the planning director alone, and not with the commission as a whole.

Town of Kiawah Planning Director John Taylor Jr. explained the approval process is straightforward.

“Developers will submit plans to the town, we will review those plans and issue comments and work back and forth until the developer addresses the comments and once that is addressed, we will be able to issue approval,” Taylor said.

Hazel said he’s never experienced the doors being open for developers but closed to the community.

“There’s a general sense that the mayor and council want nothing to do with discussions as to community input, the developer isn’t doing a very good job of including the community’s input on these plans so it’s very frustrating,” Hazel said.

Taylor said they have heard from the community throughout this process and have received “tons of emails.”

“The town has responded and listened in,” he said. “We’ve brought in a third-party engineer to review Beachwalker projects which I thought was a positive and a request by the planning staff to do that just to give the community comfortability in our review standards and processes.”

It was told that the town council may be considering changes to the development review process at their next meeting.

Copyright 2023 WCSC. All rights reserved.

Town of Kiawah Island takes action to protect Captain Sam Spit

CHARLESTON, S.C. (WCSC) - There’s been a back-and-forth battle over the potential development on a Kiawah Island sandy inlet for more than 15 years.An agreement between the developer that owns the property, known as Captain Sam Spit, and the town recently expired, and the town is now taking action to keep the land untouched.Two obligations were outlined in the contract that the developer did not fulfill, and this led to the town issuing a demand letter a few weeks back. The letter asks for those requirements to be carried...

CHARLESTON, S.C. (WCSC) - There’s been a back-and-forth battle over the potential development on a Kiawah Island sandy inlet for more than 15 years.

An agreement between the developer that owns the property, known as Captain Sam Spit, and the town recently expired, and the town is now taking action to keep the land untouched.

Two obligations were outlined in the contract that the developer did not fulfill, and this led to the town issuing a demand letter a few weeks back. The letter asks for those requirements to be carried out, according to the town.

The obligations in question are that the developer transfers ownership of some highlands on the spit to the community association, and that they protect the remaining highlands with deed restrictions.

“That means, since nothing has been developed, all of Sam Spit will be prohibited from being developed,” Kiawah resident Alex Fernandez said.

Kiawah Resort Associates said they formally responded to the town, but it is unclear what was said.

At a special-called town council meeting Wednesday afternoon, a motion was passed for the town’s legal counsel to pursue the town’s rights in enforcing what was laid out in the demand letter.

“The community is whole-heartedly behind this, there’s no doubt about it,” Fernandez said. “It’s a beautiful place and we want it to remain in the present state.”

Amy Armstrong, Executive Director of the South Carolina Law Enforcement Project, has played a large role in fighting to keep the spit untouched.

“Between the birds and the dolphins and the turtles, it’s just a very ecologically rich piece of land and once an area like this is developed, it’s gone forever,” Armstrong said.

The debacle has faced the South Carolina Supreme Court a handful of times.

Armstrong and Fernandez are passionate about protecting the land and the wildlife of Captain Sam Spit.

“We want to save these last remaining natural places from permanent destruction and loss,” Armstrong said.

“The Town of Kiawah Island has a duty to ensure the developer honors its obligations under the development agreement. This includes the conveyance and deed restriction obligations for Captain Sam’s Spit,” town officials said in a statement.

At the end of Wednesday’s meeting, it was said that after 15 years, maybe some kind of resolution is close.

Copyright 2024 WCSC. All rights reserved.

Resident concerns push beach boardwalk changes on Kiawah Island

KIAWAH ISLAND, S.C. (WCSC) - A new concern surrounding development being built on Kiawah Island has recently come to light by residents and change is now in the works.The questions revolve around two boardwalks that were built for “The Cape,” beachfront condominium complexes, to give the people that will be staying there beach access.The boardwalks stick out too far onto the beach, and it raised a red flag for Jim Gidcumb, who bikes on the beach daily.“At high tide, all of a sudden there’s this bo...

KIAWAH ISLAND, S.C. (WCSC) - A new concern surrounding development being built on Kiawah Island has recently come to light by residents and change is now in the works.

The questions revolve around two boardwalks that were built for “The Cape,” beachfront condominium complexes, to give the people that will be staying there beach access.

The boardwalks stick out too far onto the beach, and it raised a red flag for Jim Gidcumb, who bikes on the beach daily.

“At high tide, all of a sudden there’s this boardwalk that runs right into the ocean,” Gidcumb said. “I could not pass it and neither could pedestrians or emergency vehicles, and so I said something isn’t right here.”

After he and others expressed concerns, staff with DHEC’s Ocean and Coastal Resource Management came on-site to assess if the builds were compliant. They determined that recent beach erosion caused the boardwalks to be on the active beach, and the developer is working to shorten the structures.

“It’s a real safety hazard if you can’t traverse this beach at all hours,” Gidcumb said.

The Town of Kiawah said they are assessing to ensure that the boardwalks are compliant and respond to needs of accessibility for emergency and code enforcement vehicles.

“The next step will be to figure out how far back these boardwalks need to be to be in compliance,” Gidcumb said.

DHEC said as long as the boardwalks are shortened properly, they will meet the requirements of the applicable state regulation.

“It would be better to be proactive than reactive, as we’re kind of in a reactive mode now, but that’s fine,” Gidcumb said. “Catching it before it was completed means it can now be addressed and remediated.”

Gidcumb said at the end of the day he just wants to ride his bike on the beach safely and he appreciates the town and developer’s response on this issue.

For more information about this from the Town of Kiawah, click here.

Copyright 2024 WCSC. All rights reserved.

Editorial: Stop wasting money; start conserving Capt Sam's Spit

For years, we have called for the conservation of the fragile, ever-shifting southern tip of Kiawah Island, a slice of land many know as Capt. Sam’s Spit. We reiterate that call for a deal — and encourage leaders in our state government and conservation community to focus anew on it — particularly as the property remains in between controversial efforts to develop homes there.As The Post and Courier’s Toby Cox reported, the property is tied up in a complicated legal dispute over a 2013 Amended and Restated Deve...

For years, we have called for the conservation of the fragile, ever-shifting southern tip of Kiawah Island, a slice of land many know as Capt. Sam’s Spit. We reiterate that call for a deal — and encourage leaders in our state government and conservation community to focus anew on it — particularly as the property remains in between controversial efforts to develop homes there.

As The Post and Courier’s Toby Cox reported, the property is tied up in a complicated legal dispute over a 2013 Amended and Restated Development Agreement between the town of Kiawah Island and developer Kiawah Resort Associates that expired last month. At issue is whether the developer met contractual obligations to transfer ownership of some of the property’s highlands to the community association and to protect the remaining highlands with deed restrictions. These actions would protect the spit from development efforts, but the developer says these obligations were contingent on development, which did not occur.

Since 2008, developers have sought state permits to build 50 homes on the land, but the complexity of running a road and utility lines to the property has resulted in years-long court battles and appeals that stopped the plans. But those hoping for the property’s conservation should not count on permitting battles and environmental lawsuits alone; the land has some value, and its owners deserve to be compensated to some degree for a conservation agreement that would preclude development. Of course, there may be a wide disagreement over the dollars involved, given the property’s proximity to the high-valued real estate of Kiawah Island as well as the folly of building on land so subject to erosion and flooding.

Town officials sent the developer a letter this month asking it to fulfill the two obligations, and it’s certainly possible this could lead to yet another legal battle. That turn would be regrettable. It would be much better for both sides to focus on a conservation deal that would settle this matter once and for all.

The U.S. Supreme Court issued a precedent-setting ruling in 1992 in a case only five islands north of Kiawah (Lucas v. South Carolina Coastal Council), saying if government restricts all potential use of a piece of private property, that is considered a "taking" — and the property owner is owed compensation. We agree with what Amy Armstrong, executive director and general counsel at the S.C. Environmental Law Project, told Ms. Cox: "As long as the developer owns the property, there’s a threat."

The property is valuable for conservation not only because it provides habitat for wildlife but also because it adjoins Charleston County's Kiawah Beachwalker Park, which is so popular most summer weekends that there is a waiting list for its limited parking spaces. And that's not surprising: Beachwalker offers access to more than a mile's worth of beach and creekfront, around which bottlenose dolphins, sea turtles and seabirds are common visitors. In short, it's one of South Carolina's most pristine sections of beach publicly accessible by car.

Both South Carolina and Charleston County leaders should engage on ways to strike a conservation deal here for many reasons, including the prevention of unwise attempts to harden the land for development and the preservation of wildlife habitat and high-quality public access. The time to strike that deal is now, before more dollars are wasted on legal battles or ill-considered development plans.

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