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.

Va Mortgages Sullivan's 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 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.

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 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.
HomeReady Mortgages Sullivan's 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 Sullivan's 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 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.

What Clients Say About Us

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 Near Me Sullivan's Island, SC

Homes won’t be built atop WWII-era bunker on Sullivan’s Island, developer says. Take a look inside.

SULLIVAN’S ISLAND — On Ion Avenue, close enough to the beach that you can hear seagulls caw, an overgrown parcel sits in stark contrast to the manicured lawns and beach houses that line the street.Thick shrubbery partially shrouds its entrance that’s set far back from the residential street. Topped with cacti and pine, a concrete bunker is built into an earthen mound here. The World War II-era bunker spans six properties, with gun batteries bookending the structure.Now, three of those properties are poised to ...

SULLIVAN’S ISLAND — On Ion Avenue, close enough to the beach that you can hear seagulls caw, an overgrown parcel sits in stark contrast to the manicured lawns and beach houses that line the street.

Thick shrubbery partially shrouds its entrance that’s set far back from the residential street. Topped with cacti and pine, a concrete bunker is built into an earthen mound here. The World War II-era bunker spans six properties, with gun batteries bookending the structure.

Now, three of those properties are poised to be developed.

Developer Patrick Marr, a Sullivan’s Island resident, had ambitions of placing homes atop the bunker. Marr, who’s worked on other high-profile island developments like the newest iteration of the “Wedding Cake House,” worked with Charleston-based firm Loyal Architects to bring three concepts for the homes to Sullivan’s Island’s Design Review Board in February.

The designs consisted of homes cascading down the mound, with at least one story of each home perching on top of the bunker. Each property would be unique, constructed with different materials and design elements to avoid a row of identical homes, Marr said.

“These houses are going to be able to stand on their own with completely distinct designs, just as private owners of each lot would do. We will ensure that the houses will reflect the island character,” he said.

The bunker is listed in the town’s historic resources survey as the Fort Marshall gun battery. Built for use in World War II, the bunker held munition for the army’s coastal defenses on Sullivan’s Island.

When a property is a town-designated landmark property, the appointed body of architects, interior designers and preservationists evaluate developments to ensure they preserve the historic character of the property.

Legal Updates for Sullivan's Island

The South Carolina Court of Appeals has handed down two separate decisions that have the potential to affect both quality of life and property ownership on Sullivan's Island.In a 2-1 ruling on Feb. 18, the Court of Appeals overturned a Circuit Court decision that SC Lighthouse, doing business as Pacaso, a California-based company that sells fractional ownerships in luxury homes, was operating as a short-term rental on the island, which banned short-term vacation rentals around 25 years ago. According to the Appeals Court decision, sel...

The South Carolina Court of Appeals has handed down two separate decisions that have the potential to affect both quality of life and property ownership on Sullivan's Island.

In a 2-1 ruling on Feb. 18, the Court of Appeals overturned a Circuit Court decision that SC Lighthouse, doing business as Pacaso, a California-based company that sells fractional ownerships in luxury homes, was operating as a short-term rental on the island, which banned short-term vacation rentals around 25 years ago. According to the Appeals Court decision, selling shares of the vacation home "does not constitute commercial use of the property."

A week later, on Feb. 25, the Appeals Court upheld a Circuit Court ruling that the town's Oct. 7, 2020, settlement agreement in Bluestein vs. Sullivans's Island concerning property abutting the Maritime Forest is invalid. As part of the agreement, the town opted to settle the lawsuit by implementing a "selective thinning" plan for the Forest that would consist of the removal and trimming of vegetation on the accreted land.

The parties in the long-term lawsuit stipulated that the settlement agreement could not be "modified or amended, nor could any of its provisions be waived, except upon mutual agreement of all parties or their authorized agents in writing."

The agreement also provided that it would be “binding upon and inure to the benefit of all the parties, and their heirs, successors and assigns.”

However, after a new City Council was elected in May 2021, the Town brought a declaratory judgment action against Property Owners in February 2022 seeking an order that the settlement agreement was invalid and unenforceable, arguing that it unfairly bound future councils to this agreement.

The Court of Appeals sided with the town, finding, “Our courts have consistently invalidated contracts that bind future governing bodies because the contracts involved the bodies’ legislative functions or governmental powers.”

Sullivan's Island homeowners lose appeal in long-running maritime forest lawsuit

SULLIVAN’S ISLAND — A unique forest on this barrier island will stay wild with minimal intervention.The South Carolina’s Appeals Court rejected efforts from a pair of homeowners to enforce a “selective thinning” plan that would have required an unprecedented number of trees in the lush forest to come down.The Feb. 25 decision closes the door on a 2020 settlement between Sullivan’s Island and property owners who live near the wooded area that’s cropped up on accreted land over the past 7...

SULLIVAN’S ISLAND — A unique forest on this barrier island will stay wild with minimal intervention.

The South Carolina’s Appeals Court rejected efforts from a pair of homeowners to enforce a “selective thinning” plan that would have required an unprecedented number of trees in the lush forest to come down.

The Feb. 25 decision closes the door on a 2020 settlement between Sullivan’s Island and property owners who live near the wooded area that’s cropped up on accreted land over the past 70 years. The agreement laid out a maintenance plan that included removing small trees and clearing vegetation in areas near homes and beach paths throughout the forest.

In 2023, the settlement was tossed but two property owners, Nathan Bluestein and Theodore Albenesius, III, filed an appeal to restore the agreement and push the town to maintain the forest.

Attorneys for the town and the homeowners argued their cases before the state’s appellate court last fall.

The homeowners’ attorney, James Hood, told The Post and Courier shortly after oral arguments were heard last October that he and his clients were “hopeful that the Court of Appeals will order the town of Sullivan's Island to do what it agreed to do.”

But the court ultimately sided with the town.

In an opinion authored by Judge John Geathers, the court found that the agreement would bind future town councils to the terms of the settlement.

“As a result of this settlement agreement, the decision of the current or future town councils to alter or stop the selective thinning plan … would require and be conditioned upon the consent of private individuals,” Geathers wrote.

Attorneys for the homeowners did not immediately respond to requests for comment in time for publication. Town Administrator Joe Henderson declined to comment on the Feb. 25 outcome.

The decision brings to close another chapter in the maritime forest’s highly-litigated history.

Maritime forest dispute spans over 15 years

The forest is somewhat of a novelty in South Carolina. Where many beaches are eroding faster than sand can be replaced, Sullivan’s Island is growing. The placement of the Charleston Harbor Jetties blocks sand that would flow away from the town’s shores keep much of the sediment in place on the island’s south end.

The accretion of sand and sediment has become the site of a lush, young forest where visitors can trek through a shaded trail system to access the beach, the Charleston Light overlooking the path.

The town purchased the 200-plus acres from the Lowcountry Land Trust in 1991. Under the property’s deed restrictions, town leaders are able to trim vegetation to maintain public access and keep mosquitoes under control. However, the forest was to largely remain in its natural state.

Some residents view the forest as a revered resource. Others are less-than-thrilled by its untrimmed nature. Overgrowth and mosquitoes, coyotes and rats, loss of both beach access and ocean views were among the chief complaints from neighbors of the lush forest listed in a 2010 lawsuit filed by a handful of homeowners against the town of Sullivan’s Island.

Litigation dragged on for years. It seemed the matter was all but settled in 2020, when the town agreed to maintain the maritime forest through “selective thinning.” The thinning would remove trees in specific areas near homes, with some exceptions, and clearcut vegetation near beach paths.

Some, though, called for the conservation of the forest with a desire for it to remain wild. Sullivan’s Island For All, a group formed by concerned residents in support of preserving the maritime forest, lobbied for the town to re-examine the agreement.

It took a new slate of town council members, led by current Sullivan’s Island Mayor Pat O’Neil, to do so. In 2021, town leaders voted to hire an outside attorney to conduct a legal review of the settlement.

In 2023, Charleston County Circuit Judge Jennifer McCoy deemed the agreement “unenforceable.” The agreement restricted council from adopting future regulations preserving or maintaining the land as public interests change, McCoy determined.

The Feb. 25 decision from the appeals court affirmed that judgment.

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