Your Lake of the Ozarks Mortgage Lender: Financing Your Home with a VA Loan

Friday, August 18, 2017

Financing Your Home with a VA Loan

Are you a veteran looking to purchase a home? With favorable terms, competitive interest rates and no monthly mortgage insurance premium, VA Loans are designed to make homeownership more affordable for qualified U.S. veterans. Keep reading to learn about financing your home at the Lake of the Ozarks with a VA Loan.

What is a VA Loan?

VA Loans are a benefit offered to qualified veterans. While VA Loans are provided by private lenders, the VA guarantees a portion of the loan against loss. This allows the lender to offer more favorable terms. This type of loan can be used to either purchase a new home for primary residence or refinance an existing home. Most active duty military, veterans, reservists and National Guard members are eligible for the VA loan program. Spouses of military members who died while on active duty or as a result of a service-connected disability may also apply. For more details on eligibility, please visit: http://www.benefits.va.gov/HOMELOANS/purchaseco_eligibility.asp.

Benefits of a VA Loan

Probably the most important benefit of the VA Loan is that a down payment is not required; up to 100% financing is available with these loans. In addition, no monthly mortgage insurance premiums are due. Other loan programs require this insurance when a down payment of less than 20% is made. This translates to a significant monthly savings for those borrowers. Other benefits of a VA Loan through your Lake of the Ozarks mortgage lender include no pre-payment penalties, low closing costs and in-house processing and underwriting. While the borrower needs sufficient income and no excessive debt, the guidelines for a VA Loan are typically more flexible compared to conventional loans and other loan options. Another benefit is that the VA will assist borrowers that are struggling to make their payments. The VA will actually negotiate with the lender on the borrowers behalf. If you're a qualified veteran, there's really no better loan option for you. The benefit can also be reused; it's not just for first-time home buyers.

If you're a veteran and looking to purchase a home at the Lake of the Ozarks, give me a call at 573-746-7211. We can work together to determine your eligibility for the VA Loan program, and I'll be here for you every step of the way. Let me help get you and your family into that home you've been dreaming of. Contact the best mortgage lender at the Lake of the Ozarks to get started today!

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