VA Home Loan Advantages

 

If you are a military veteran, you proudly served us, and now it is our turn to serve you!  Team Lasson has always supported our veterans, and we appreciate the opportunity to assist you in obtaining a new home.  Michael has taken the initiative and time to complete the training to become a Certified Military Home Specialist with the Boots Across America program to ensure that we offer the highest quality of service to our Veterans and active military personnel.

Veterans Affairs loans (VA) are issued by private lenders and guaranteed by the United States Department of Veterans Affairs. VA loans are a no-down payment mortgage option with low interest rates for active or retired veterans to purchase a primary residence or refinance an existing mortgage. There are different regulations and standards the home must meet to be processed and approved through the VA appraisal and underwriting process compared to conventional loans. So, be sure that the type of home you're looking to buy fits within these standards by speaking to your lender upfront about your plans.

 

VA Loans are designed to assist veterans and active military service members purchase new primary residences at an affordable cost.  The most significant advantages for this program are:

            ✔ Lower interest rates

            ✔ Lower closing costs

            ✔ Higher debt ratios allowed

            ✔ No private mortgage insurance

            ✔ 100% financing available

            ✔ No VA Funding Fee, if applicable

            ✔ No pre-payment penalty

Who is eligible?  Active-duty servicemembers and Veterans with honorable discharges, National Guard and Reserve service members, certain eligible spouses, and other uniformed service personnel.

We are able to assist with lending in all 50 states, which makes it easier for you when searching for your new primary home while also using your VA benefits.

Team Lasson is here for all of your home buying needs! If you're thinking about making the leap into home ownership in the near future, please contact us today to get started.  We can help you determine what loan programs works best for your financial goals. The first step in preparing for your big purchase is to get pre-approved for a mortgage at Lake of the Ozarks. To get started, visit www.yourlakeloan.com or give us a call at (573) 746-7211!

Michael Lasson

Senior Loan Officer

NMLS #: 493712

 

First State Bank Mortgage – Michael Lasson 

2751 Bagnell Dam Blvd Suite B 

Lake Ozark, MO 65049

 

Direct: (573) 746-7211

Cell:

(573) 216-7258

e-Fax: (866) 397-0318

 

Email: mlasson@fsbfinancial.com

Website: www.YourLakeLoan.com

**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.

 

 

What is a JUMBO Home Loan?

What is a JUMBO Home Loan?

A jumbo home loan is a mortgage loan that is in excess of the conforming loan limit set by the Federal Housing Finance Agency (FIFA), which was $726,200 for a one-unit residence in 2023.  These loans are usually obtained to finance a luxury home or a property that is located in a high-cost area where the conforming loan limit is typically below the median home price for that area.  

Qualifying for a jumbo mortgage follows the same process as a conforming loan where the lender will still review your credit history, credit score, income, assets, reserves and debt ratio.  Some of the requirements for jumbo loans are more stringent than conforming loans, such as requiring more reserves after closing (12 months versus 2-6 required for conforming loans).

Jumbo loans are available with a fixed rate term or an adjustable interest rate, depending on the factors on the loan (i.e., credit score, loan-to-value, etc.  These loans are also considered riskier for lenders because they are not guaranteed by Fannie Mae and Freddie Mac, which means the lender is not protected from losses if a borrower defaults on their mortgage.

Team Lasson is here for all of your home buying needs! If you're thinking about making the leap into home ownership in the near future, please contact us today to get started.  We can help you determine what loan program works best for your financial goals. The first step in preparing for your big purchase is to get pre-approved for a mortgage at Lake of the Ozarks. To get started, visit www.yourlakeloan.com or give us a call at (573) 746-7211!

 

LIKE my Facebook Page  or Connect on LinkedIn

Michael Lasson

Senior Loan Officer

NMLS #: 493712

First State Bank Mortgage – Michael Lasson 

2751 Bagnell Dam Blvd Suite B 

Lake Ozark, MO 65049

Direct: (573) 746-7211

Cell: (573) 216-7258

e-Fax: (866) 397-0318

Email: mlasson@fsbfinancial.com

Website: www.yourlakeloan.com

**The postings on this site are my own and do not necessarily represent First State Bank of St. Charles’ positions, strategies, or opinions.

Is an FHA Home Loan Right for you?

 

Is an FHA Home Loan Right for you?

FHA loans are an option for homebuyers that haven’t saved up for a large down payment to purchase their new Primary home. An FHA Loan is a mortgage that is insured by the Federal Housing Administration.  The program allows borrowers to finance a new primary home purchase with a low down payment and will typically carry a lower interest rate, cheaper Mortgage Insurance, and will allow for a lower credit score.

FHA lenders will review your credit history to determine if you qualify for the program.  Even if you have less than stellar credit, you may still qualify for an FHA Loan.

Bankruptcy:  you must be at least two years out from the discharge date of a Chapter 7 bankruptcy and you must have established good credit or not have incurred any new credit obligations since the discharge

Late Payments:  you need to have a minimum of 12 months of payments on current obligations that are made on time

Foreclosure:  these are considered on a case-by-case scenario and will depend on the circumstances that led to the foreclosure

Collections, Judgments and Federal Debt:  Typically, collections and judgments must be paid off prior to or at the time of closing, except for medical collections

No credit history:  In some instances, you can provide documentation to build non-traditional credit such as insurance payments, cell phone bills, electric bills, etc.  Your lender can assist you with what is needed to complete this

 

FHA Loans will also allow for Gift Funds to assist with the down payment requirement and closing costs.  These funds can come from any of the following sources:

·         Borrower’s family member

·         Borrower’s employer or labor union

·         A close friend with a clearly defined and documented interest in the borrower

·         A charitable organization

·         A governmental agency or public entity with a program providing homeownership assistance to low- or moderate-income families or first time homebuyers

 

There are also maximum loan amounts for different parts of the country.  These have been calculated by FHA and are known as FHA lending limits.  These are calculated and updated annually.  Below are the 2023 limits.

 

 

LOW COST AREA
2023 FHA Limits
Single	Duplex	Tri-plex	Four-plex
$420,680	$538,650	$651,050	$809,150

 

HIGH COST AREA
2023 FHA Limits
Single	Duplex	Tri-plex	Four-plex
$970,800	$1,243,050	$1,502,475	$1,867,275

 

Team Lasson is here for all of your home buying needs! If you're thinking about making the leap into home ownership in the near future, please contact us today to get started.  We can help you determine what loan programs works best for your financial goals. The first step in preparing for your big purchase is to get pre-approved for a mortgage at Lake of the Ozarks. To get started, visit www.yourlakeloan.com or give us a call at (573) 746-7211!

 

LIKE my Facebook Page or Connect on LinkedIn

Michael Lasson

Senior Loan Officer

NMLS #: 493712

 

First State Bank Mortgage – Michael Lasson 

2751 Bagnell Dam Blvd Suite B 

Lake Ozark, MO 65049

Direct: (573) 746-7211

Cell: (573) 216-7258

e-Fax: (866) 397-0318

  

Email: mlasson@fsbfinancial.com

Website: www.YourLakeLoan.com

 

**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.

 Understanding the VA Home Loan

The VA Home Loan program is designed to assist veterans, active-duty service members, and surviving spouses looking to purchase a new primary home. This loan program offers numerous advantages, granting qualified borrowers the opportunity to purchase homes with remarkable ease.

One of the most distinctive features of VA loans is the ability to secure a 100% loan, effectively eliminating the need for a down payment. This noteworthy benefit stands in contrast to conventional loans that typically require down payments, often accompanied by mandatory Mortgage Insurance, a requirement when the down payment falls below 20%. Additionally, VA loans often allow greater flexibility in terms of lower credit score requirements and higher debt ratios, opening doors for a wider range of applicants. In some cases, interest rates for VA loans can be more favorable than those associated with conventional financing. It's important to clarify that the VA does not directly provide the funds, but rather partners with mortgage lenders to facilitate these programs, while the VA itself guarantees the loans.

It's important to be aware that VA loans do involve a funding fee, unless you qualify for an exemption, which is determined by your Certificate of Eligibility. This fee can vary between 1.25% and 3.30%, depending on factors such as whether this marks your first utilization of VA benefits, if subsequent use, and whether any down payment is made. This fee may be rolled into the loan, which helps simplify the process.

While VA loans have a predefined loan limit, which is the maximum amount you can borrow without needing a down payment, these limits are not fixed across the board. In 2023, for instance, the standard limit was $726,200 for single-family homes, though it could extend up to $1,089,300 in high-cost areas. To determine the loan limit in your area, you can easily consult your lender or refer to the VA's official website at www.benefits.va.gov/homeloans .

An intriguing aspect of VA home loans is the potential for reuse. Even if you've used your VA home loan benefits previously, you may be able to use them again on a new purchase, provided you meet the program requirements.

Eligibility for a VA home loan extends to veterans who have served in the military on Active Duty, in the Reserves, or the National Guard, and have received an honorable discharge. For Active-Duty service members, eligibility is established once they have completed 90 continuous days of service.

If you're embarking on the journey to homeownership at Lake of the Ozarks, Team Lasson is ready to guide you. Connect with us at www.YourLakeLoan.com or call us at (573) 746-7211. We're dedicated to assisting you in exploring mortgage solutions tailored to your unique financial needs.

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Michael Lasson

Senior Loan Officer

NMLS #: 493712 

First State Bank Mortgage – Michael Lasson 

2751 Bagnell Dam Blvd Suite B 

Lake Ozark, MO 65049

Direct: (573) 746-7211

Cell: (573) 216-7258

e-Fax: (866) 397-0318

   Email: mlasson@fsbfinancial.com

   Website: www.YourLakeLoan.com 

**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.

Improve Your Credit Score with These 3 Tips

Your credit score is one of the major factors taken into consideration when buying a home. Our Lake of the Ozarks mortgage lender has over 20 years of experience in the mortgage industry. We help a wide range of home buyers complete their home purchases each and every day. While your credit score isn't the only factor that impacts your buying power, it's an important factor that you can work to improve as you prepare to buy a home near Lake Ozark, MO. 

1) Focus on Making Payments On Time

Timely payments on your bills can have a positive impact on your credit score. We understand it can be tough to keep up with payments that pile up, but it's important to adjust your budget accordingly to ensure you are able to make your payments by the due date each month. 

2) Prioritize Paying Down High Credit Balances

Credit usage is a major factor that is used to determine your credit score. It's best to keep your credit usage below 30% of your total credit limit, if possible. That means you should try to keep your credit card balances under 30% of the credit limit. Evaluate your current lines of credit and see where changes can be made to pay down higher debts to get you closer to that 30% or under range.

3) Avoid Making Changes to Credit Accounts

A new line of credit may temporarily cause your credit score to drop. Try to avoid opening a new line of credit, unless you've been advised by a professional to do so. In some cases, a new line of credit may make a difference in the long run to improve your score. Also, avoid consolidating debt or closing out old accounts that are tied to your credit. That kind of activity can temporarily lower your credit score. 

Team Lasson is here for all of your home buying needs! If you're thinking about making the leap into home ownership in the near future, consider the above tips to improve your credit score. The first step in preparing for your big purchase is to get pre-approved for a mortgage at Lake of the Ozarks. To get started, visit www.yourlakeloan.com or give us a call at (573) 746-7211!

LIKE my Facebook Page, Follow me on Twitter or Connect on LinkedIn

Michael Lasson

Senior Loan Officer

NMLS #: 493712

First State Bank Mortgage – Michael Lasson 

2751 Bagnell Dam Blvd Suite B 

Lake Ozark, MO 65049

Direct: (573) 746-7211

Cell: (573) 216-7258

e-Fax: (866) 397-0318

Email: mlasson@fsbfinancial.com

Website: www.YourLakeLoan.com

**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.