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 North Charleston, 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 North Charleston, 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.
NORTH CHARLESTON, S.C. (WCSC) — Questions are growing after several community cats that had been living for years near a North Charleston The Home Depot suddenly disappeared.Caregivers say the cats weren’t just strays — they were part of a managed colony under a trap-neuter-return program, where animals are sterilized, vaccinated, and returned to the area they know.For Jennifer Conlon, those cats became part of her daily life.“They’ve been with us for years. We’ve spent so much time fi...
NORTH CHARLESTON, S.C. (WCSC) — Questions are growing after several community cats that had been living for years near a North Charleston The Home Depot suddenly disappeared.
Caregivers say the cats weren’t just strays — they were part of a managed colony under a trap-neuter-return program, where animals are sterilized, vaccinated, and returned to the area they know.
For Jennifer Conlon, those cats became part of her daily life.
“They’ve been with us for years. We’ve spent so much time fixing them, feeding them…they have homes here,” Conlon said.
But recently, she says, that routine was disrupted.
“A couple of them disappeared… and we found out they were trapping them over at Home Depot,” she said.
Advocates say posts began circulating online, alleging that a trapper had been hired to remove cats from the property.
Maggie Cloninger, president and co-founder of Hope for Feral Hearts, says there are still more questions than answers.
“There was a post in a private group saying this Home Depot had set out traps to remove colony cats that have lived here for years… and we haven’t been able to confirm where they went,” Cloninger said.
In a statement to Live 5 News, Home Depot acknowledged the situation, saying in part that it has asked the store to stop working with the trapper involved.
Still, caregivers say the biggest concern remains the cats’ whereabouts.
Under Charleston County ordinance, free-roaming cats that are part of a managed TNR program are allowed to remain in the community if properly cared for.
Animal welfare experts say those programs are designed to reduce overpopulation and stabilize colonies over time.
“Spaying and neutering these cats and returning them where they live… it prevents more from moving in. It’s what actually controls the population,” a representative with Charleston Animal Society said.
Advocates say if cats need to be removed, there is typically a process involving animal control, microchip checks and relocation to a verified rescue or sanctuary.
They say it’s unclear whether those steps were followed in this case.
Cloninger says relocating cats improperly can put them at serious risk.
“They rely on caregivers for food and shelter… so putting them somewhere unfamiliar—they don’t know how to survive. Right now, they could be fighting for their lives,” she said.
For those who cared for them, the situation is personal.
Until more information is released, caregivers say they’re left asking one question: “Where are the cats?”
CHARLESTON — Community members got their first real glimpse at potential designs for future affordable housing that city staff and architects from Europe and Savannah have been working on this week.The $125,000 week-long design effort is part of Mayor William Cogswell’s housing initiative called Project 3500 that aims to add 3,500 new affordable units by 2032 and redevelop wide swaths of the peninsula.Most onlookers March 18 marveled at the sketches and mock-ups that embrace Charleston’s historic charm. But so...
CHARLESTON — Community members got their first real glimpse at potential designs for future affordable housing that city staff and architects from Europe and Savannah have been working on this week.
The $125,000 week-long design effort is part of Mayor William Cogswell’s housing initiative called Project 3500 that aims to add 3,500 new affordable units by 2032 and redevelop wide swaths of the peninsula.
Most onlookers March 18 marveled at the sketches and mock-ups that embrace Charleston’s historic charm. But some expressed concerns about whether longtime low-income residents currently living at sites the city is targeting will be displaced.
Others wondered whether those residents might not have been able to attend the 5 p.m. weekday event held at the city’s Dock Street Theater downtown.
“This is very much still a work in progress,” Cogswell said adding that critiques about the accessibility of the location were valid.
Before any of the designs are finalized, Cogswell said city staff will go on the road and take them to the neighborhoods where residents will be most impacted.
To meet the city’s ambitious housing goal, Cogswell wants to redevelop nearly 100 acres across the peninsula combining properties the city owns with Charleston Housing Authority sites that were already earmarked for redevelopment, along with land the county owns along Morrison Drive.
Cogswell brought in architects and designers he and other city leaders met during a tour of Europe late last year to help plan and design the targeted sites into communities of density-packed, smaller buildings that look like downtown Charleston, rather than the tall boxy apartment complexes that have popped up along the upper peninsula.
“I’m gravitating toward the designs that keep it looking historic,” said Bri Meyer, a student blacksmith at the American College of the Building Arts. “Beauty shouldn’t dictate what you can afford.”
The city hopes developers, who will eventually take the designs and build them, will partner with the college in an effort to keep building costs down and also keep that future skilled workforce local.
Cassandra Stilley, who is studying stonemasonry, said the city is taking a novel approach by considering historic designs and materials to make new spaces where you can’t tell which apartment is affordable and which is “high end.”
Cogswell began the March 18 open house by saying that the design teams wanted feedback. But there was no way to record any suggestions, compliments or critiques residents brought. Cogswell said they were listening and would incorporate the verbal feedback as they move forward.
On March 16, at the kick-off event, Cogswell was caught off guard when the audience members asked questions about costs and the potential displacement of residents living at the targeted sites.
“It doesn’t feel true to genuine feedback,” said Lin Jay, an organizer with the Friends of Gadsden Creek.
Only a few acres remain of the once vibrant tidal creek that runs near Gadsden Green, one of the housing authority properties that is being redesigned. Jay said mock-up panels on display showed part of the remaining creek filled in and built over, which she said is alarming.
She’s less interested in the designs and called it “shiny stuff.” Her focus is wanting to preserve the natural amenity that the creek provides to the community surrounding it.
“I don’t think anyone’s against affordable housing,” said Margaret Ling, who lives near the Wagner Terrace neighborhood. “But are we actually listening to the people who live there?”
Cogswell has said that adding nearby city properties to the mix allows for a staggered build out, which will also help ensure that those currently living in Housing Authority properties won’t be displaced while the re-development happens.
“This effort is about creating housing that reflects Charleston and works for the people who call it home,” Cogswell said in a statement the city sent after this story published online. “We are committed to a thoughtful process, and we look forward to hearing from residents in the weeks ahead.”
The city plans to distribute comment cards at the final workshop on March 20, launch an online feedback form to collect input from residents across the city, and bring the preliminary design concepts directly into neighborhoods through a series of community meetings and pop-up events, according to the news release.
The week-long workshop will end March 20 with a wrap-up presentation where the design team will show the week’s progress and discuss next steps. That event starts at 5 p.m. at Dock Street Theater, 135 Church St.
Editor’s note: This story has been updated to reflect the updated location of the final workshop on March 20, and the city’s response to how it will handle feedback going forward.
NORTH CHARLESTON, S.C. (WCSC) — More than 1,000 families attended a community baby shower Saturday, with some arriving hours in advance, as Molina Healthcare of South Carolina and community partners distributed supplies to new and expectant parents.Over 5,000 diapers, baby wipes, baby clothing and food were distributed at the event. The Charleston Hispanic Association also gave out more than 10 tons of free food. Participants gathered information about maternal health resources and Molina member benefits.Molina Healthcare...
NORTH CHARLESTON, S.C. (WCSC) — More than 1,000 families attended a community baby shower Saturday, with some arriving hours in advance, as Molina Healthcare of South Carolina and community partners distributed supplies to new and expectant parents.
Over 5,000 diapers, baby wipes, baby clothing and food were distributed at the event. The Charleston Hispanic Association also gave out more than 10 tons of free food. Participants gathered information about maternal health resources and Molina member benefits.
Molina Healthcare of South Carolina organized the event in partnership with Healing Hurts Ministries, the Charleston Hispanic Association and Learn4Life.
David Irizarry, senior growth specialist for community engagement at Molina Healthcare, said two out of every five families skip a meal to pay for diapers.
“Today when you come out and you look around and you see moms smiling, and families coming together, it fills our heart, because we know these events are making a difference,” Irizarry said.
Dr. Tamela Brown, principal of Learn4Life High School Charleston, said the event brought the community together.
“It’s just a beautiful blend of community partners and education where our community can come in and get what they need,” Brown said.
Learn4Life is a tuition-free, nonprofit public school that provides students with learning opportunities, life skills and career training. To learn more about it, head to the Learn4Life website.
Nefateri Smalls, executive director of Healing Hurts Ministries, said the turnout reflected the scale of need in the community.
“I always have an expectation for the lives that we’re going to impact. But when I see them in numbers, it just lets you know that the need is not only great but that they recognize that there’s someone there that’s going to walk alongside them. So this, it really makes my heartbeat,” Smalls said.
The event comes as financial pressure on families continues to grow. According to data from the National Diaper Bank, the cost of diapers has increased by more than 20%. Rising gas and grocery prices have added to the strain on expectant families.