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 Sumter, 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 Sumter, 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.
(WACH) — Firefighters from the U.S. Forest Service and several partner agencies have made significant progress on the Woodlawn Fire burning in southern McCormick County.The wildfire, now estimated at 632 acres, is burning on Sumter National Forest and South Carolina Department of Natural Resources land, about six miles north of Evans, Georgia. Officials said about 40 firefighters are working to contain the blaze.The fire is burning in heavy, dead, and fallen debris left by Hurricane Helene, making it difficult for crews t...
(WACH) — Firefighters from the U.S. Forest Service and several partner agencies have made significant progress on the Woodlawn Fire burning in southern McCormick County.
The wildfire, now estimated at 632 acres, is burning on Sumter National Forest and South Carolina Department of Natural Resources land, about six miles north of Evans, Georgia. Officials said about 40 firefighters are working to contain the blaze.
The fire is burning in heavy, dead, and fallen debris left by Hurricane Helene, making it difficult for crews to access the area, according to officials.
An aircraft was used on Saturday for strategic firing operations, bringing the fire to roadways where crews could more safely suppress it.
Officials said on Sunday that firefighters are focusing on securing control lines along the fire’s perimeter, extinguishing burning material threatening containment, and using a masticator to grind debris along control and contingency lines to reduce hazardous fuels.
Light rain is expected Sunday afternoon and tomorrow, followed by higher winds. There are currently no evacuations, and no structures are threatened, officials said.
Drivers should be cautious on Woodlawn Road and Highway 28, where visibility is reduced by smoke. Officials said there are currently no evacuations and no structures are threatened.
Smoke will continue to be visible in nearby communities, including Modoc and Clarks Hill in South Carolina. Smoke is also visible in Martinez, Evans, and Augusta in Georgia.
People should not fly drones near the wildfire, officials said they are dangerous to firefighters and public safety. If drones are seen, firefighting aircraft will be grounded, delaying response efforts.
The Woodlawn Fire was found around 6 p.m. Friday. Officials said the cause remains unknown.
The U.S. Forest Service is working with the South Carolina Forestry Commission, South Carolina Department of Natural Resources, and the Clarks Hill Fire Department.
GREER, S.C. (FOX Carolina) - The United States Attorney’s Office said a Greer man has been sentenced to federal prison for wire fraud and money laundering related to CARES Act fraud.Officials said 54-year-old Jonathan Wade Sumter will serve 80 months in prison, followed by a three-year term of court-ordered supervision.According to the US Attorney’s Office, evidence revealed that between June 2020 and Jan. 2022, Sumter, his twin brother Jason Elijah Sumter, and Gerothia McCullough came up with a scheme to defraud th...
GREER, S.C. (FOX Carolina) - The United States Attorney’s Office said a Greer man has been sentenced to federal prison for wire fraud and money laundering related to CARES Act fraud.
Officials said 54-year-old Jonathan Wade Sumter will serve 80 months in prison, followed by a three-year term of court-ordered supervision.
According to the US Attorney’s Office, evidence revealed that between June 2020 and Jan. 2022, Sumter, his twin brother Jason Elijah Sumter, and Gerothia McCullough came up with a scheme to defraud the Paycheck Protection Plan and Economic Injury Disaster Loan programs by applying for funds on behalf of sham or defunct companies.
Officials went on to say that Jonathan and the others submitted applications containing phony company expenses, employee wage statements, and other false documents on behalf of the following companies:
Using these fraudulent applications, they obtained over $1.8 million of EIDL and PPP payments, officials said.
“Jonathan Sumter was the ringleader and submitted the applications on behalf of and with the permission of the others,“ the US Attorney’s Office said. ”When the loans were funded, the three split the proceeds.”
Officials mentioned that Sumter’s sentence will run concurrently with a 92-month sentence he was already serving for a 2023 federal conviction for health care fraud.
To recover ill-gotten gains from the defendants, officials said Jonathan Wade Sumter was ordered to pay $1,802,741 in restitution. Jason Elijah Sumter was ordered to pay $739,786 in restitution and he was ordered to forfeit a parcel of real property in Orangeburg County. Gerothia McCullough was ordered to pay $478,366 in restitution and she was ordered to forfeit a 2018 GMC Canyon.
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A state review is underway for the White Palmetto Solar Project near Sumter as residents raise concerns ahead of a Public Service Commission hearing.REMBERT, S.C. — Residents in Sumter County will soon have another chance to weigh in on a proposed solar farm that could cover more than 1,700 acres.The White Palmetto Solar Project is being proposed by TOCE SC Solar One LLC and would be built near Borden Road and Black River Road, about 12 miles northwest of the City of Sumter near the Lee County line.According to the...
A state review is underway for the White Palmetto Solar Project near Sumter as residents raise concerns ahead of a Public Service Commission hearing.
REMBERT, S.C. — Residents in Sumter County will soon have another chance to weigh in on a proposed solar farm that could cover more than 1,700 acres.
The White Palmetto Solar Project is being proposed by TOCE SC Solar One LLC and would be built near Borden Road and Black River Road, about 12 miles northwest of the City of Sumter near the Lee County line.
According to the developer, the project would produce clean energy while generating about $765,000 in tax revenue each year.
The proposal has faced strong opposition from some residents.
In May of last year, the Sumter City-County Board of Zoning Appeals unanimously denied the company’s request for a special exception after community members raised concerns about the project.
The developer has since appealed that decision to the state, which will now review the case.
A new public hearing will give residents the opportunity to share their concerns directly with the South Carolina Public Service Commission.
Some residents say they believe local governments should prioritize protecting communities when considering projects like this.
“So I believe that the, you know, what we expect, the citizens of the county, is for our local government whether it's city or county council to make decisions that first and foremost protect us, and I believe that that will be something that will be, you know, in jeopardy it would if this, if this goes through, it will allow anyone to come in with any industrial type facility,” said Sumter resident Traci Rogers.
Others say they are encouraging more residents to learn about the proposal and get involved in the process.
“We’re making sure that the community is aware, getting the community involved, not only in this area of Rembert, but the Bordon area, where this is expected, but to make the whole town aware because it could be coming to their back door next,” said resident Serena Cook.
State leaders say they are aware of the concerns raised by residents and are monitoring the situation as the state review process moves forward.
“What I am going to do, and this is my promise to everyone is to stay out of it and just watch and learn this process the best I can so that on the other side of it we can craft legislation to make sure that sufficient legislation protections are in place across the state and then look out for them and build up on them if they so choose,” said Sen. Jeff Zell.
A public hearing will be held Wednesday, March 18 at 6 p.m. at Patriot Hall in Sumter. Another in-person hearing is scheduled for March 25 in Columbia, along with virtual options for residents who want to provide comments.
After the hearings conclude, the Public Service Commission is expected to issue a final decision by June 1.
Dr. Gerald Gary has been offered the job as the new Sumter School District superintendent.SUMTER, S.C. — Sumter School District announced in their meeting this evening they had picked a new superintendent.The Board of Trustees unanimously selected Dr. Gerald Gary as Sumter School District Superintendent pending successful negotiations.Gary is a Sumter native.The decision comes just days after the district wrapped up community meet and greets with the finalists last week.Dr. Gerald Gary born at Tuomey ...
Dr. Gerald Gary has been offered the job as the new Sumter School District superintendent.
SUMTER, S.C. — Sumter School District announced in their meeting this evening they had picked a new superintendent.
The Board of Trustees unanimously selected Dr. Gerald Gary as Sumter School District Superintendent pending successful negotiations.
Gary is a Sumter native.
The decision comes just days after the district wrapped up community meet and greets with the finalists last week.
Dr. Gerald Gary born at Tuomey Hospital, and a product of Sumter schools. Both of his parents were career educators. He attended Willow Drive Elementary School and Bates Middle School and graduated from Sumter High School in 1994. Members of Dr. Gary’s family reside in Sumter, and he continues to attend St. Luke A.M.E. Church.
Dr. Gary currently serves as Chief Operations Officer of Lexington-Richland School District Five, a cabinet-level position he has held for approximately one year. In this role, he oversees facilities, transportation, technology, and student nutrition services for the district’s 27 schools and 16,400 students. He has also been actively involved in long-range and strategic planning with district-level staff for several years.
Previously, Dr. Gary served for 13 years as an elementary, middle, and high school principal in Lexington-Richland School District Five and for six years as an elementary principal in Kershaw County School District. He also has classroom teaching experience in Richland School District Two and taught summer school in Sumter for one year.
In his current role, Dr. Gary is leading preparations for a significant change to school attendance zones and overseeing $240 million in construction projects. He has also taught school finance for 10 years as a faculty member of the South Carolina Executive Institute for Education and Leadership. Additionally, having worked in districts with significant military populations, Dr. Gary is keenly attuned to the needs of students from military families.
SUMTER COUNTY, S.C. – A Sumter man was arrested early Monday after deputies allegedly found him hiding on a property that had just been burglarized.According to the Sumter County Sheriff’s Office, deputies responded around 3 a.m. Monday to a home on Cains Mill Road after a homeowner reported seeing a suspicious person on a video surveillance camera outside the residence.Dispatchers alerted deputies to the scene following the call, and responding off...
SUMTER COUNTY, S.C. – A Sumter man was arrested early Monday after deputies allegedly found him hiding on a property that had just been burglarized.
According to the Sumter County Sheriff’s Office, deputies responded around 3 a.m. Monday to a home on Cains Mill Road after a homeowner reported seeing a suspicious person on a video surveillance camera outside the residence.
Dispatchers alerted deputies to the scene following the call, and responding officers began searching the area around the home.
During that search, deputies located a suspect hiding nearby and identified him as Brian O’Steen, 45, of Beulah Cutino Road in Sumter, authorities said.
Investigators say O’Steen was allegedly found with burglary tools in his possession and was taken into custody at the scene.
According to the sheriff’s office, O’Steen has been charged with:
Deputies transported O’Steen to the Sumter County Sheriff’s Office Detention Center, where he is currently being held while awaiting a bond hearing, authorities said.
The sheriff’s office did not release additional details about the alleged burglary or whether any property was taken from the home.
Home surveillance footage has increasingly played a role in identifying suspects during overnight incidents, particularly when residents are alerted to activity on their property in real time.
Incidents reported in the early morning hours can affect nearby commuters and residents as deputies respond and search surrounding areas.
The investigation remains ongoing, according to the Sumter County Sheriff’s Office.
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