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 Moncks Corner, 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 Moncks Corner, 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.
It was a birthday card from his mother and the fortuitous glance at a recruitment poster that sparked Moncks Corner native James B. "Jimmy" Story's desire to see the world.On Jan. 30, those travels took him to an airport in the southern African nation of Angola to welcome a North Charleston-built 787 Dreamliner jet as it joins the fleet of the country's flagship airline."Angola is increasingly seeing itself as a gateway into southern Africa, and this is just another opportunity for them to expand their reach and ...
It was a birthday card from his mother and the fortuitous glance at a recruitment poster that sparked Moncks Corner native James B. "Jimmy" Story's desire to see the world.
On Jan. 30, those travels took him to an airport in the southern African nation of Angola to welcome a North Charleston-built 787 Dreamliner jet as it joins the fleet of the country's flagship airline.
"Angola is increasingly seeing itself as a gateway into southern Africa, and this is just another opportunity for them to expand their reach and their engagement with the world," said Story, the U.S. ambassador to Angola and a diplomat with decades of experience from Afghanistan to Venezuela.
Story calls the Dreamliner's arrival — the first of four Boeing 787s that TAAG Angola Airlines is set to receive — "a vibrant demonstration of the growing economic and commercial ties between the two countries."
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It's also an example of the typically unheralded but important work Story and other ambassadors do every day to encourage trade and business relations between the U.S. and its allies — negotiating deals, lining up financing and acting as a liaison between American manufacturers and foreign dignitaries.
"So many people just don't know what we do or why we have an embassy abroad," he said. "This is a pretty tangible example of how your representatives abroad are supporting people back home.
It's fair to say taking up residence at the Angolan embassy in Luanda was furthest from Story's mind as a child growing up in Moncks Corner. But he credits his teachers at Berkeley High School — "I'm a proud Stag," he said — and his education at the University of South Carolina, where he majored in interdisciplinary studies, for giving him the preparation he needed.
Story took a year off after graduating from USC in 1993, traveling to Costa Rica to figure out his next move.
In that pre-internet era, Story was a frequent visitor to the U.S. embassy in the capital of San Jose, which had the latest English-language magazines and newspapers. One day, while sitting in the public reading room sorting through his mail, Story opened a birthday card from his mother.
"She wrote: Enjoy your year abroad — no one will ever pay you to travel again," Story said. "I took that as a personal challenge."
Putting the card back in its envelope, he glanced at the wall of the reading room and saw his fate staring back at him.
"There was a sign that said: See the world, join the Foreign Service," he recalled. "I'm like, what's the Foreign Service? So, when I got back to South Carolina, I started to research it where we used to get all of our information — at the public library."
That eventually led him to Georgetown University in Washington, D.C., where he earned a master's degree in foreign service.
Since then, he's held numerous roles during a 25-year career including chargé d’affaires in Curacao and Eswatini as well as consul general in Rio de Janeiro, director for the Bureau of International Narcotics and Law Enforcement Affairs in Colombia, senior civilian for agricultural development in Afghanistan and ambassador to Venezuela before his current position in Angola.
Regardless of where in the world he is, Story said he tries to bring a part of the Palmetto State with him. The South Carolina flag hangs in his office and on New Year's Day he invites representatives of the host country for a traditional meal of hoppin' john and collard greens.
"It's fun to share who we are as people," he said. "I think it really humanizes us, because we represent the United States and all of its many, many different permutations. There are not that many of us from South Carolina in the foreign services, so I like to bring that to the world."
One of his key tasks is promoting economic development, and it's particularly rewarding when he can spread some of South Carolina's manufacturing skills to the rest of the world.
Such as helping to bring the Dreamliner to Angola.
The 787-9 that touched down last week is the initial Dreamliner joining the Angola airline's fleet as part of the carrier's move to modernize its equipment and expand its route network. Still on order is another 787-9 and a pair of stretched 787-10s, all of them built at the Boeing plant off International Boulevard.
"The introduction of the Boeing 787-9 reinforces our commitment to efficiency and leading sustainability standards, while leveraging our ability to connect Angola with key international destinations," the airline said in a written statement. "We're on target to gradually replace our outdated aircraft and offer our passengers a superior flying experience."
Anbessie Yitbarek, Boeing's vice president of commercial sales and marketing for Africa, said the new jet "will enable TAAG Angola Airlines to open new routes and expand their international network."
Trade with Angola is a two-way street.
America imports petroleum, copper, coffee and other commodities from Angola. The African nation also has significant reserves of critical minerals like cobalt and lithium that are needed to manufacture batteries that power electrical vehicles built in South Carolina and elsewhere in the U.S.
In turn, Angola is one of the biggest importers of U.S. poultry, purchasing roughly $160 million worth of chicken annually. New Jersey-based Acrow Bridge is supplying 186 modular steel bridges to help the nation rebuild structures destroyed during the country's civil war. And Cincinnati-based Gates Air is sending 168 FM transmitters to modernize and expand Angola's radio signals.
"Right now, we're advocating very strongly for (satellite internet provider) Starlink, which would like to have an operational gateway in Angola," Story said.
Story, who has a home near Folly Beach, believes the type of cooperation fostered by trade and economic development efforts, like last week's Dreamliner delivery, helps to strengthen America and its workers.
"These types of projects, they all create American jobs and American exports," he said. "It makes America more prosperous."