Buy a home at a reasonable rate with a VA loan in West Ashley, 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 West Ashley, 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 West Ashley, 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 West Ashley, 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 West Ashley, 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 West Ashley, 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 West Ashley, 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 West Ashley, 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 West Ashley, 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 West Ashley, 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 West Ashley, SC

‘It shouldn’t be on us’: Couple says water in fuel at West Ashley station damaged vehicle

CHARLESTON, S.C. (WCSC) – A Lowcountry couple faces thousands of dollars in repairs after they say water in diesel fuel purchased in West Ashley damaged their vehicle.Adrienne Lett and her partner Uriel Salazar contacted the South Carolina Department of Agriculture to request diesel fuel be tested after they filled up their 2023 GMC Truck at the Circle K on Ashley River Road on New Year’s Eve. Lett said they were able to make the short drive home, but the next morning was another story.“We tried to drive the c...

CHARLESTON, S.C. (WCSC) – A Lowcountry couple faces thousands of dollars in repairs after they say water in diesel fuel purchased in West Ashley damaged their vehicle.

Adrienne Lett and her partner Uriel Salazar contacted the South Carolina Department of Agriculture to request diesel fuel be tested after they filled up their 2023 GMC Truck at the Circle K on Ashley River Road on New Year’s Eve. Lett said they were able to make the short drive home, but the next morning was another story.

“We tried to drive the car. I guess we tried to drive the truck out of our driveway and it stalled almost immediately. It completely stopped working,” Lett said.

Salazar’s truck started to make an erratic rattling noise and he got a notification saying water was detected in the gas tank.

“That’s when I started freaking out because I have this $100,000 asset that I’ve been taking like pristine care of over the last two years and to have it just not work anymore. It was very frustrating,” Salazar said.

The SCDA’s report listed traces of water and sediment in the fuel. While waiting for the results, they both continued to contact Circle K for answers, but say they haven’t received much in return.

“For us, we’re lucky we have multiple cars, but if this was one family truck and you relied on it for work and now you’re out of work for over a week, that’s very frustrating for a lot of families,” Salazar said.

Since the SCDA report came back, the diesel pumps now have zip ties and red tags saying they’re not for use.

“Ultimately, we shouldn’t have to pay for this,” Lett said. “This is it’s not our fault as this is the gas station’s fault and they should have coverage for this and whatnot and it shouldn’t be on us.”

Lett and Salazar both said they want to spread this news because they’re now starting to wonder how many people have had this problem.

Circle K did not respond to a request for comment.

Anyone who thinks they have purchased contaminated should contact SCDA at 803-737-9700, the number listed on the SCDA inspection sticker attached to the pump, the agency’s website states. The receipt from the purchase or the type, grade, date and pump number will help investigators trace potential issues with the gasoline.

“Consumer Services, a division of SCDA, investigates complaints on motor fuel quality and/or quantity issues,” the website states. “Customers can assist in this process by contacting SCDA as soon as possible after the purchase so that we may dispatch an inspector to visually inspect and collect a sample for lab analysis while the product is still available.”

The SCDA can provide a copy of the lab analysis that consumers can use to support their claims.

Copyright 2025 WCSC. All rights reserved.

Century-old Charleston insurer in dispute with SC regulators

A Charleston insurer marking its 100th anniversary has been ordered to stop issuing new policies in South Carolina after regulators determined its financial condition to be "hazardous" under a directive that is now on hold.Atlantic Coast Life, which is headquartered in West Ashley and once owned the iconic downtown building that now houses the Wentworth Mansion, had been operating under confidential state supervision since last spring, along with the affiliated Southern Atlantic Re Inc.The S.C. Department of Insurance...

A Charleston insurer marking its 100th anniversary has been ordered to stop issuing new policies in South Carolina after regulators determined its financial condition to be "hazardous" under a directive that is now on hold.

Atlantic Coast Life, which is headquartered in West Ashley and once owned the iconic downtown building that now houses the Wentworth Mansion, had been operating under confidential state supervision since last spring, along with the affiliated Southern Atlantic Re Inc.

The S.C. Department of Insurance recently released details of its investigation into the companies "as part of our ongoing efforts to protect the consumers of South Carolina,” said Michael Wise, the agency's director.

“We will continue to work with our fellow state regulators to ensure companies conducting insurance business are adequately funded in compliance with the law,” Wise added in a written statement.

The public disclosure drew a sharp rebuke from Advantage Capital, the owner of the two insurers.

“While we remain committed to working with our regulatory counterparts, we completely disagree with South Carolina’s assertions and their sudden decision to breach confidentiality," a spokesman for New York-based A-Cap said in a written statement.

The state last month directed Atlantic Coast and Southern Atlantic to stop writing new business, including life insurance policies and income-producing annuities. The order was put on hold Dec. 30, a day before it was to take effect.

The South Carolina crackdown follows nearly identical actions that Utah announced last year against three other carriers that A-Cap owns. The two states have been working together on a "full examination" since last January.

Regulators are concerned that A-Cap has heavily invested money from policyholders into businesses under its control, raising potential conflicts of interest.

South Carolina flagged to a credit-rating report issued in February that questioned the company's risk-management practices. The analysis from A.M. Best pointed to the "uncertainty of the quality of assets" backing the capital reserves for A-Cap's insurance operations, including Atlantic Coast and Southern Atlantic.

The state put the carriers and their owner under confidential supervision April 10. It cited their close financial ties to a Miami private equity firm called 777 Partners with "extensive" interests in airlines and sports teams, as well as insurance businesses.

The department then disallowed more than $660 million in investments Atlantic Coast and Southern Atlantic provided to help measure their financial strength and ability to pay claims. It also determined the two insurers were severely undercapitalized once the numbers were recalibrated.

A-Cap said it stands behind the financial information it has submitted. Atlantic Coast Life and Southern Atlantic "will continue to be strong," it added.

"South Carolina’s conclusions are incorrect based on an apparent misinterpretation of their own statute. ... We look forward to correcting the errors in South Carolina’s position on this matter," the spokesman said in the prepared remarks.

A-Cap bought Atlantic Coast Life Insurance Co. in 2015 from the family that co-founded the business in Charleston 90 years earlier.

Editor's note: This article has been updated to show the S.C. Department of Insurance's order was put on hold effective Dec. 30.

Charleston celebrates groundbreaking of Ashley River Crossing Pedestrian Bridge

Published: Jan. 8, 2025 at 1:50 AM PST|CHARLESTON, S.C. (WCSC) - A long-awaited project that would make the City of Charleston more accessible and connected for pedestrians, cyclists and other nonmotorized users will finally become a reality Wednesday.The Ashley River Crossing pedestrian bridge project has been in the works for almost 15 years now and after undergoing several changes and design revisions, the plan is complete, so the project will begin Wednesday afternoon. Leaders for the City of Charleston will break ground an...

Published: Jan. 8, 2025 at 1:50 AM PST|

CHARLESTON, S.C. (WCSC) - A long-awaited project that would make the City of Charleston more accessible and connected for pedestrians, cyclists and other nonmotorized users will finally become a reality Wednesday.

The Ashley River Crossing pedestrian bridge project has been in the works for almost 15 years now and after undergoing several changes and design revisions, the plan is complete, so the project will begin Wednesday afternoon. Leaders for the City of Charleston will break ground and begin construction on this massive project.

This bridge will connect West Ashley to downtown Charleston.

Project leaders plan to start construction on the West Ashley side and build across to the downtown side, connecting to Brittlebank Park, Bee Street and Lockwood Drive and then eventually tying into the City Marina.

Chief Policy Officer for the City of Charleston Logan McVey said that they plan to connect many projects within this one including the Ashley River Walk and the Battery extension with one goal in mind: making the City of Charleston one, connected city.

“That’s what’ll be really important is the idea of the City working together and us viewing the City not as different places - as West Ashley versus Downtown or Downtown versus West Ashley - but as one city that is connected with just a little bit of water in between,” McVey said.

In theory, once this project is complete, it would be possible to bike or walk all the way from outer West Ashley to the Isle of Palms.

The vision is that pedestrians and cyclists could take the West Ashley Greenway to the Ashley River Crossing then ride around the peninsula using the Battery extension to ultimately hop on the Ravenel Bridge. It is all about connectivity within the city, which is something leaders have been really trying to prioritize.

This project originally began under the city’s former leadership, but City Council approved the suggestions Mayor Cogswell made to the project and it will now also include a viewing platform of the Ashley River.

The project in total will cost about $90 million, which will mostly come from federal funding.

As it is such a big project, McVey said that city leaders wanted to make sure they were making the best use of this money. He said they decided to be intentional in connecting this with several other pedestrian and mobility projects in the area.

“The idea is that you’ve got something that is going to be a pretty big investment… how can the city connect that investment to other investments we are making? That’s the battery extension, that’s the Lowline, that’s all of the bike and pedestrian improvements that we are making downtown. How do all of these tie together to create a system that allows people to get around without getting into a car, takes pressure off our roads, but also makes us a healthier, better, more connected city,” McVey said.

City leaders will host a groundbreaking ceremony to commence the beginning of construction for this project Boulevard from 1:30 p.m. to 2 p.m. The groundbreaking will take place at the construction site on the West Ashley side located at 25 Folly Road Blvd.

Copyright 2025 WCSC. All rights reserved.

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