VA loans were established prior to the end of World War II and have since assisted numerous veterans, service members, and military families in fulfilling their dream of owning their a home. In recent times, the program has become increasingly significant, with VA loan volume skyrocketing and offering substantial financial advantages that enable countless veterans to purchase homes, thereby making homeownership a possibility for those who may not have qualified otherwise.
If you sacrificed comfort and security to help protect our great nation, Mission One Mortgage thanks you for your service. We believe that there's no greater honor than to serve those who have served our country. We're not afraid to go above and beyond for our veterans because that's exactly what they did for us.
A VA loan is a mortgage option that is backed by the government and available to Veterans, service members, and surviving spouses. It is offered by private lenders such as banks and mortgage companies and not directly by the Department of Veterans Affairs.
VA home loans come with competitive interest rates and terms and can be used to purchase a variety of properties, including:
One of the great benefits of VA loans is that eligible Veterans can buy a home with no down payment, no mortgage insurance, lenient credit requirements, and the lowest average fixed rates in the market.
At Mission One Mortgage, we work with many Veterans who know that VA loans exist but don't quite understand the full range of benefits they provide. If that sounds familiar, keep reading. This section was written especially for you.
01
One of the standout benefits of the VA Loan program is that qualified borrowers can purchase a home without having to make a down payment up to the conforming loan limit of their county. This is a significant advantage over conventional and FHA loans, which typically require minimum down payments of 5 percent and 3.5 percent, respectively.
For example, on a $400,000 mortgage, a conventional loan would require a $20,000 down payment, while an FHA loan would require $14,000. Saving up that kind of cash can take service members and veterans years, but with the VA Loan, they can pursue homeownership without having to scrape and stockpile for years on end.
03
It's important for military buyers to stay informed about credit score requirements when considering home financing options. Although credit score requirements have eased up a bit, it's still necessary to meet certain benchmarks set by conventional and FHA lenders. However, even meeting these benchmarks can be a challenge for many buyers.
Most VA lenders require a credit score of at least 620, which falls in FICO's "Fair" credit score range. Borrowers will typically need to meet a higher threshold for conventional mortgages, particularly if they want to secure a low-interest rate. It's worth checking out VA Loan rates to learn more about financing options.
Despite common misconceptions, military buyers don't need a perfect credit score to obtain financing. While a higher credit score can certainly help, it's important to remember that VA loans in Mount Pleasant, SC are designed to help military members and veterans access affordable housing.
05
Closing costs are an inevitable part of the home-buying process, no matter what type of mortgage product you choose. However, if you're a veteran, you may be pleased to know that the VA places limits on the fees and costs you're required to pay at the time of closing. Additionally, homebuyers have the option to ask sellers to cover all loan-related closing costs, as well as up to 4 percent of the purchase price for other expenses like prepaid taxes, insurance, and collections.
02
Coming up with a down payment can be challenging for both conventional and FHA homebuyers. In addition, they are required to pay for mortgage insurance unless they can make a sizable down payment, usually 20% of the purchase price. For instance, on a $400,000 mortgage, this would be a staggering $80,000 in cash.
FHA loans carry an upfront mortgage insurance premium and annual mortgage insurance. The latter now lasts for the life of the loan. On the other hand, conventional homebuyers will pay this monthly cost until they have built up enough equity, which can take several years.
Fortunately, VA loans do not require any mortgage insurance. However, there is a mandatory funding fee that goes directly to the Department of Veterans Affairs. Borrowers with a service-connected disability are exempt from paying this fee, which helps keep the program going for future generations.
04
If you've experienced a financial setback such as a foreclosure, short sale, or bankruptcy, you may be worried about your chances of securing a VA home loan. However, don't lose hope just yet. With VA loans, it's still possible to be eligible for a home loan just two years after a foreclosure, short sale, or bankruptcy. In some cases, veterans who file for Chapter 13 bankruptcy protection can be eligible for a VA loan just a year after the filing date.
It's worth noting that the waiting periods for conventional or FHA financing can be significantly longer than those for VA loans. Additionally, even if you've lost a VA-backed mortgage to foreclosure, you may still be eligible for another VA loan.
So, if you're a veteran who's experienced a financial setback but still dreams of owning a home, don't give up hope. Explore your options and see if a VA loan with Mission One Mortgage could be the solution you need.
06
It's important to keep in mind that VA lenders typically prefer borrowers to spend no more than 41 percent of their gross monthly income on major debts, such as mortgage payments or student loans. However, it's possible to get a VA home loan even if you have a higher DTI ratio. Some lenders may offer up to 55 percent or more depending on your credit score and ability to meet additional income requirements. This can give homebuyers more flexibility and greater purchasing power when it comes to finding their dream home.
Remember - if you have any questions about the benefits you just read about - like what credit score Mission One Mortgage requires for a VA loan - contact our office today. It would be our pleasure to help you navigate the VA loan process, one step at a time.
One of the most common questions we get at Mission One Mortgage revolves around VA loan eligibility. Who is actually eligible for this type of loan? What are the requirements for getting a VA loan? If you meet the following requirements, chances are you'll be eligible for a VA loan.
Curious what the general steps are for purchasing a home with a VA loan? You're not alone. Keep reading to get a feel for what you have to do to enjoy the wonderful benefits of homeownership.
When applying for a VA home loan benefit, the Certificate of Eligibility (COE) is an important document that verifies your eligibility to your lender. If you have already used your VA loan benefit in the past, a current COE can help you determine how much remaining entitlement you have. Additionally, it can ensure that your entitlement has been restored for previous VA-backed loans that were paid in full.
After you've applied for your COE, it's a good idea to examine your finances. We're talking about items such as income, expenses, credit profile, and your monthly budget. That way, you know for sure that you're ready to purchase a home.
As a veteran, you have the choice of going through a bank, credit union, or a private VA mortgage company like Mission One Mortgage. Most lenders will have different loan interest rates and fees, so it's important to shop around. Remember - Mission One specializes in VA loans in Mount Pleasant, 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.
MOUNT PLEASANT, S.C. (WCSC) - Resiliency is the Town of Mount Pleasant’s main focus when it comes to its long-term goals.The town has released a draft of its Five-Year Comprehensive Plan and is asking for public feedback.In 2020, the Long Range Plan was adopted, looking ahead to 2030. However, with a new requirement made by the state and the changes over the last five years, Mount Pleasant had to make some revisions.SC Code §6-29-510 (D)(10) requires that a resiliency element be added to the list of planning e...
MOUNT PLEASANT, S.C. (WCSC) - Resiliency is the Town of Mount Pleasant’s main focus when it comes to its long-term goals.
The town has released a draft of its Five-Year Comprehensive Plan and is asking for public feedback.
In 2020, the Long Range Plan was adopted, looking ahead to 2030. However, with a new requirement made by the state and the changes over the last five years, Mount Pleasant had to make some revisions.
SC Code §6-29-510 (D)(10) requires that a resiliency element be added to the list of planning elements, so that’s exactly what Town of Mount Pleasant Division Chief for Neighborhood Livability Liz Boyles said was their priority.
“Maybe it’s a pandemic, maybe it’s a storm, maybe it’s changing in the economy. How can we best be prepared to weather whatever that change is? That’s what the resilience element is about,” Boyles says.
As these additional revisions impact the community, one resident, Cathy Perry Nickles, says she started coming to Charleston in 1988, which was a different sight in comparison to today.
“Driving through Mount Pleasant was like driving through a barren town. There was hardly anything here. Now, it is just bursting at the seams, and it’s a great thing, but yes, I mean the town will have to accommodate that growth,” she says.
Boyles says the language is nearly the exact same as their 2020 adopted plan, but you may see some additional information, including a Hazard Mitigation Plan, a Hazard Vulnerability Analysis and a Community Forest Master Plan.
“Basically, bring it up to speed with the things that we have done since the plan was adopted five years ago,” Boyles said.
For example, they have now collected data from their “Public Input Matters” open houses in 2022 and 2023. With the surveys and the changes they’ve observed within the last five years, they made small edits throughout.
“That’s why it’s so important to bring in the whole conversation about the business community. If you’re talking about resilience, you know, sea level rise is one thing, but you know, having a healthy economy is a whole different thing,” Boyles says.
Boyles says that because this adopted long-range plan looks ahead to 2030, it can be a challenge with how often things could change in the Lowcountry. She says that’s why it is important to have input from those in the community.
For Nickles, she loves being part of that community and knows the town has to stay up to date with the constant changes.
“As anything in life happens, the bigger you get, the more revisions you have to make to accommodate that growth,” she says.
Below are the dates for the public meetings:
Boyles says the town’s planning commission will review the drafted plan on June 18.
For more details on the drafted plan, follow this link.
Copyright 2025 WCSC. All rights reserved.
Frank & Jack’s Restaurant on Ira will open at 1434 Ira Road in Mount Pleasant late this summer. The property is on just under two acres which its owners intend to utilize for a spacious outdoor area, restaurant and soft-serve ice cream shack.As the project’s partners fleshed out the identity of the restaurant, project leader Stephanie Samuels said it dawned on her that the lot off U.S. Highway 17 North in Mount Pleasant was of such a magnitude that it might be able to fill a gap in the community — a spot that can...
Frank & Jack’s Restaurant on Ira will open at 1434 Ira Road in Mount Pleasant late this summer. The property is on just under two acres which its owners intend to utilize for a spacious outdoor area, restaurant and soft-serve ice cream shack.
As the project’s partners fleshed out the identity of the restaurant, project leader Stephanie Samuels said it dawned on her that the lot off U.S. Highway 17 North in Mount Pleasant was of such a magnitude that it might be able to fill a gap in the community — a spot that can handle large groups for birthday or graduation parties.
“I feel like we are such a big market that caters towards tourists and weddings and everything else,” she said. “There’s really not a lot for those small celebrations to happen outside of your home.”
With Frank & Jack’s, Samuels and partner Hunter Floyd Williams say they hope to offer a place for the kids to hang out as well. The restaurant is the first for hospitality group High Tide Provisions. Other partners include Alice Lewis and chef Jonathan Rohland.
Williams, who is helping with Frank & Jack’s design, branding and creative direction, said that its size of the lot adjacent to Abide A While garden boutique, gave them the ability to develop a “chameleon space” as long as the infrastructure was in place. The interior will feature an open floor plan with nostalgic accents in a contemporary space. Along the walls, visitors may find geometric patterns with wood paneling and polished brass.
Nostalgia has also inspired the menu, crafted by Rohland, who met Samuels while working at Nordstrom. The two were part of the opening team for its Canadian restaurant market, which influenced Frank & Jack’s menu.
“The poutine came about as a throwback to Jonathan and I working together in Canada [which is] how we met. We had poutine every night. We fell in love with it,” Samuels said. “So we just took that and made our spin on it and our twist with short ribs.”
A gathering space
Samuels and the rest of the High Tide Provisions team were looking for a gathering place with enough space for kids to run around — that could also satisfy folks looking for a child-free night out.
Leaning on restaurant real estate trends showing a desire for outdoor space and need to carve out a distinct identity, the team found what they needed in the two acre property off of Highway 17.
The team wanted to make sure there was ample parking for guests. The diverse space totals 88 parking spots with the hope of partnering with nearby businesses for additional parking after 5 p.m. The partners also plan to install a restroom attached to the standalone ice cream shack.
“We had this opportunity with this lot next to Abide A While,” said Samuels. “It’s a little under two acres and that’s kind of what Mount Pleasant needed.”
Samuels and Williams explained that there was some apprehension to building a little further from the peninsula.
The team loves the lot, understanding that a location further outside of downtown would allow for the space to hone in their vision, but they also recognized Frank & Jack’s would need to be eclectic.
Overall, guests can expect an enterprise that utilizes its space to envelope the community — and meet the needs of Charleston’s ever-growing suburban population.
MOUNT PLEASANT, S.C. (WCSC) - Mount Pleasant town leaders will consider a change to an ordinance that would allow owners of a former restaurant to build a hotel in its place, a move the town’s mayor is against.The town’s planning commission has recommended amending the Seaside Farms Planned Development District Ordinance to allow for a small boutique-style hotel to be built. That hotel, which would be limited to no more than 25 rooms, would be built at the site of the former Yamato Steakhouse on Riviera Drive.The ow...
MOUNT PLEASANT, S.C. (WCSC) - Mount Pleasant town leaders will consider a change to an ordinance that would allow owners of a former restaurant to build a hotel in its place, a move the town’s mayor is against.
The town’s planning commission has recommended amending the Seaside Farms Planned Development District Ordinance to allow for a small boutique-style hotel to be built. That hotel, which would be limited to no more than 25 rooms, would be built at the site of the former Yamato Steakhouse on Riviera Drive.
The owners of the former restaurant hope to build the new hotel within the Neighborhood Retail and Office Tracts on a 2.4-acre parcel of land near the Isle of Palms Connector.
But Mayor Will Haynie says he does not believe many of the town council members are on board with the change based on conversations he has had with them. He says the neighborhood was initially designed to have grocery stores, restaurants, pharmacies, and retail all in one place to reduce driving traffic.
Adding a hotel there, he believes, would add to beach traffic.
“I just don’t see how putting something that is just for transient use is within the keeping of what the neighbors want and by far from what I’ve heard of seaside neighbors is they don’t want another hotel in there, not every single one, but by far the majority of them feel that way,” Haynie says.
One business owner who declined to speak on camera said with the Harris Teeter next to the potential development site going out of business, having a hotel may help bring in business from visitors.
Haynie said he would like to see that space turned into something people who live in that neighborhood can use.
“As Mount Pleasant has grown, one reason this was put up there was to be a place where when you get home, if you have to commute, maybe you can work from home, that you don’t have to leave and contribute to the traffic on all the major arteries,” he says. “And so I look at something like this through that intent and that was the original intent of that whole neighborhood, and I’d like to see it stay that way.”
Haynie said if the proposal gets voted down, the property owners must wait a year before they can reapply or that can be waived if they come back with a different plan.
If someone buys the property and uses the zoning as is, town council does not have to vote on everything that goes on there.
This proposal is unrelated to the Harris Teeter property. There are no plans to convert that space into housing or a hotel, and it currently has two strong leasing prospects, town leaders say.
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