Your Lake of the Ozarks Mortgage Lender: VA Loan

Wednesday, November 8, 2023

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.

Wednesday, August 16, 2023

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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