Buy a home at a reasonable rate with a VA loan in Sullivan's 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.
What is a VA Loan in Sullivan's 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.
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.
The VA has a guarantee program that ensures the government will pay back the lender a portion of a VA loan if the borrower fails to make payments. This guarantee reduces the risk for lenders, and as a result, they can offer more favorable terms and require no down payment.
Compared to conventional loans, VA loan rates are typically lower. The rate could either be fixed, meaning payments will remain the same, or adjustable, meaning that payments could change over time. However, keep in mind that adjustable-rate mortgages (ARMs) come with some risk, as you'll pay more if rates rise.
If you are eligible for a VA loan, you can complete the VA mortgage application process through lenders like Mission One Mortgage. While many lenders offer VA loans, not all of them do, and some lenders specialize in serving VA loan borrowers. Generally speaking, it's best to apply with multiple lenders in order to compare rate offers and find the best deal.
Debbie Haberny, the proud broker-owner of Mission One Mortgage, is a certified Vetted VA Professional. The main objective of her team is to simplify the mortgage process for veterans by providing them with relevant tools and knowledge. Debbie and her team of mortgage experts base their expertise on the VA Handbook and are committed to showing veterans all the options and opportunities available to them with their VA benefits. They also connect veterans with qualified lenders and resources to ensure their VA loan process is seamless.
Whether you're a first-time home buyer or a seasoned homeowner, we'll help you understand the differences between financing programs so you can select the one that's best for you.
What are the Biggest Benefits of Having a VA Loan in Sullivan's 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 Sullivan's 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.
(843)822-5685How 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 Sullivan's 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.
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.
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 Sullivan's 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 Sullivan's 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 Sullivan's Island, SC
This Exclusive Island With Beaches Like Florida Is South Carolina's Version Of Beverly Hills
Jason Dookeranhttps://www.thetravel.com/beverly-hills-of-south-carolina-island-with-beaches-like-florida/
South Carolina has no shortage of beautiful towns worth visiting, but this one is one of the state's best-kept secrets. Dolphins breach the crystal-clear waters as golf carts whisk past centuries-old live oaks. Picture a place where flip-flops meet fine dining, historic bunkers have been transformed into chic libraries, and every sunset feels like a private show.This slice of paradise isn't just another beach town – it...
South Carolina has no shortage of beautiful towns worth visiting, but this one is one of the state's best-kept secrets. Dolphins breach the crystal-clear waters as golf carts whisk past centuries-old live oaks. Picture a place where flip-flops meet fine dining, historic bunkers have been transformed into chic libraries, and every sunset feels like a private show.
This slice of paradise isn't just another beach town – it's where Southern charm and coastal luxury combine, creating an enclave that would make even California's elite raise their eyebrows in appreciation. These are just some of the awesome things a traveler can experience in South Carolina, and this exclusive island town offers all of them and more.
In South Carolina's version of Beverly Hills, there are no hotel towers blocking ocean views, no rowdy tourist crowds – just a few lucky residents who've discovered what might be the East Coast's best-kept secret. Welcome to Sullivan's Island, South Carolina's version of Beverly Hills, where multimillion-dollar homes peek through maritime forests and the Atlantic whispers tales of pirates and poets.
The "Mini Hawaii" Of South Carolina Is America's Most Underrated Small Town By The Sea
Thanks to the ambiance of Edisto Beach, South Carolina, you can experience a Hawaiian vibe without ever leaving the continental US.
Sullivan's Island, South Carolina, Is The Ultimate Coastal Sanctuary
Sullivan's Island won't be on the list of the most affordable islands to retire to in the US, but it has a depth of pedigree behind its opulence. Step onto Station 18 1/2, where waves lap against pristine shores and resident artists capture the morning light.
The same beaches that once inspired Edgar Allan Poe now showcase nature's daily performance – from pelicans diving for breakfast to kitesurfers dancing with the wind. Modern mansions hide behind century-old palms while longtime residents cruise to local haunts in golf carts, embodying the island's perfect blend of luxury and laid-back coastal living.
Sullivan's Island's beaches aren't just comparable to Florida's—some would contend they are better. While Florida may have more sunshine, Sullivan's Island is more secluded, allowing visitors to truly experience the coastline uniquely.
It's not a place where thousands of people show up on the beach, but it's ideal for those who want to enjoy the coastline in a more private setting or a quieter environment.
When travelers think of Beverly Hills, they think of fancy buildings and breathtaking views. Sullivan's Island has both, and it's one of the most exclusive zip codes in South Carolina. Not only is it exclusive, but also quite expensive.
Sullivan's Island remains one of the most expensive places in South Carolina, showing how similar it is to California's most opulent neighborhood.
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Visit Fort Moultrie, The Historic Fort That Saved America
This particular historical site is one of the many good reasons to visit South Carolina. Fort Moultrie is a testament to American resilience, where palmetto logs once absorbed British cannonballs like sponges.
Today, visitors walk the same grounds where Colonel William Moultrie's troops secured a pivotal victory in 1776, helping birth a nation. The fort, transformed over three centuries of coastal defense, offers an extraordinary glimpse into military history, with each chamber and cannon telling tales of courage under fire.
Sullivan's Island Is A Foodie's Paradise Without Pretense
Sullivan's Island is another one of the least crowded spots in South Carolina worth visiting, and its culinary lineage is a good reason. Along Middle Street, South Carolina's version of Beverly Hills reveals its tastiest secrets.
Local chefs transform fresh-caught seafood into culinary masterpieces, while historic buildings house restaurants where reservations are as precious as beachfront property. The island's dining scene perfectly balances upscale offerings and casual coastal fare, where flip-flops are always welcome.
While there's a case for visiting Sullivan's Island at any time of the year, the best time for most travelers is in spring or summer. In spring, Sullivan's Island showcases its breathtaking flora and fauna, and its temperatures are ideal for exploring all over the island.
Summer offers the perfect setup for beach activities; the sun is ideal for a picnic on the beach or one of the island's meadows. Winter and fall are the low-season for the island, so visitors are not likely to see a lot of others in the area. They still offer some spectacular sights for dedicated travelers.
Edgar Allan Poe's Literary Legacy Meets Modern Luxury On Sullivan's Island
Edgar Allan Poe's spirit lives on in a former military bunker turned library. Streets named Raven and Gold Bug commemorate the famous author's time stationed at Fort Moultrie, while modern authors continue finding inspiration along these shores.
South Carolina's version of Beverly Hills proves that cultural richness and coastal luxury aren't mutually exclusive.
Sullivan's Island Is A Paradise That Defies Definition
Some might call Sullivan's Island South Carolina's version of Beverly Hills, but that comparison barely scratches the surface. There's more to this gorgeous spot than the pristine coastline, the fancy houses, or the historical significance.
It's one of the places in South Carolina that feels like home, no matter how long you visit. It's a place where luxury doesn't mean pretense, history lives in every grain of sand, and the simple pleasure of a sunrise still outshines any material wealth.
Move Over Charleston! This Idyllic South Carolina Island Has Cozy Beachside Cottages
Sam Searshttps://www.traveloffpath.com/move-over-charleston-this-idyllic-south-carolina-island-has-cozy-beachside-cottages/
Share The ArticleLast Updated 2 days agoSometimes, small towns leave a lasting mark bigger and better than the world's most sought-after destinations.Greeted with “how ya doin‘?” instead of “keep it movin” where you feel like just another face in the crowd, the South is teeming with hidden gems and quaint getaways that will have you coming back again and again.For example, when I visit Texas on occasion, I often find myself seeking out the small towns of Grapevine, G...
Share The Article
Last Updated 2 days ago
Sometimes, small towns leave a lasting mark bigger and better than the world's most sought-after destinations.
Greeted with “how ya doin‘?” instead of “keep it movin” where you feel like just another face in the crowd, the South is teeming with hidden gems and quaint getaways that will have you coming back again and again.
For example, when I visit Texas on occasion, I often find myself seeking out the small towns of Grapevine, Gruene, and Socorro, depending on where I am in the state, but certainly not Dallas or Austin.
Same goes for any state, but in this case, you may want to skip out on the tourist crowds of ever-so-trendy Charleston in favor of an idyllic, pint-sized island just 20 minutes away.
Practically a stone's throw from one of the South's most popular cities to indulge in rich history, epic eats, and timeless charm is Sullivan's Island, offering many of the same delights without hordes of visitors and overpriced menus.
This 3.5-mile-long barrier island is nestled along the Atlantic between numerous neighboring islands and, yes, Charleston.
Typically, you might hear of most vacationers making their way to Myrtle Beach, South Carolina's renowned coastal vacation spot lined with beachside resorts and a buzzing boardwalk, but Sullivan's Island has gotta be the state's best-kept secret.
Those seeking a tranquil beach getaway should look no further than Sullivan's Island, boasting a very walkable rustic downtown easy to peruse local shops, galleries, and bar-hop if you please.
While you may not see restaurants run by acclaimed chefs featured by the Food Network, among others, as you will in Charleston, you will discover homey southern comfort foods intermixed with “catch of the days” straight from the source.
Better yet, you won't have to spend a fraction of your paycheck on a cup of coffee since there's no Starbucks, a small example portraying the island's far less touristy vibes without the eyesores of chain restaurants ruining the townscape's character.
Originally named O'Sullivan Island after early settler Captain Florence O'Sullivan, the “O” has since been dropped, but many historic sites remain.
Having played a significant factor through multiple wars, including ground zero for the Battle of Sullivan's Island in 1776, tourists can visit preserved structures like Fort Moultrie, holding intriguing exhibits and sweeping views of the surrounding scenery.
Fort Moultrie also overlooks Fort Sumter, another significant site, but you'll need to detour back to Charleston to be able to reach the ladder via ferry.
While it may be tempting to grab a bite to eat in one of the country's most popular foodie cities, Sullivan's Island's food scene is nothing to sleep on, with exceptional seafood and mouthwatering barbecue that will have you asking for extra napkins.
Southern Living hyped up a few different spots, depending on your palate. If you're up to slurping down oysters, check out The Longboard's ‘Happy Hour'.
If you're the type to nibble every last bit of ribs, then Home Team BBQ is just for you. But, if it were me, I'd be feasting on a burger at Poe's Tavern, an establishment dedicated to famed poet Edgar Allan Poe, who was stationed on Sullivan's Island as a private in the Army in the 1800s.
Who woulda thunk it?
As delightful as Sullivan's Island's main strip and as fascinating and photo-worthy as the numerous historic sites may be, at its core, this island is a year-round beach destination.
Sullivan's Island Beach holds an impressive 4.7 Google Rating, largely in part due to so much open space, unlike, say, Myrtle Beach.
Station 18 Beach is also a tranquil spot, boasting white sand and calm waves, just like Sullivan's Island Beach.
One of the most underrated aspects, once you leave Charleston proper, is the ability to island-hop the region.
Next to Sullivan's Island, just past a small canal inlet, is Isle Palms Beach, well worth a day trip to see what it's all about with equally scenic beaches.
But where should you stay? You won't find name-brand hotels here. Sullivan's Island is all about cozy rentals.
Lining the shores from Sullivan's Island through next-door Isle of Palms are rows of beachside cottages.
You can book in a variety of ways, such as Airbnb, Booking.com, or by searching local agencies.
There's still plenty of occupancy to cap off winter with a relaxing getaway. I scoured the interwebs for the perfect seaside cottage, and this one is my favorite.
Costing only $410 for a weeklong stay, it's located directly next to the aforementioned Fort Moultrie and with immediate beach access and walkable to Sullivan's Island's Nature Trail.
Plus, who would say no to free wine at check-in?!
Sam, our Lead Writer & Journalist based in San Diego has visited 30 countries and written over 400 articles with a focus on sharing his own travel experiences and shining a light on lesser-known gems.
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Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
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