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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Michael Lasson

Senior Loan Officer

NMLS #: 493712

4655 B Osage Beach Parkway

Osage Beach, MO 65065

Direct:  (573) 746-7211

Cell: (573) 216-7258

Fax:(866) 397-0318

Email:  mlasson@fsbfinancial.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.

9 VA Loan Myths Debunked

When it comes to purchasing a home, VA loans are one of the most valuable benefits available to veterans. Unfortunately, many veterans and military members are missing out on the benefits of VA loans due to the many myths and misconceptions about the program. As your trusted mortgage lender at the Lake of the Ozarks, we're here to debunk a few of these myths and set the record straight.

Myth #1: You need a perfect credit score to qualify for a VA loan. 

You don't need to have a perfect credit score to qualify for a VA loan. VA loans were created with more flexible and forgiving credit lines in order to help veterans and military members who've sacrificed for our country, to make it easier for them to obtain a home loan at the Lake of the Ozarks. However, while the VA doesn't require a certain credit score, the private lender you choose to work with will set his or her own requirements.

Myth #2: Veterans only have one chance to use their VA loan benefit. 

Veterans can use their benefit multiple times throughout their life - there's no limit. The benefit can also be used for refinancing of a home, not just for new home purchases.

Myth #3: VA loans cost more than other types of loans. 

VA loans don't inherently cost more than other types of loans. In fact, the VA limits what lenders can charge in closing costs. In addition, while these loans require no downpayment, they also come with no mortgage insurance requirement.  VA buyers do have to contend with an upfront funding fee, which is where the confusion and this myth comes from. When you do the math though, a VA loan is often cheaper than FHA and conventional loans!

Myth #4: VA loans take forever to close. 

VA loans have long had a reputation for being slow and choked with red tape. However, the process has become considerably more efficient over the past 15 years. VA appraisals, on average, come back in under 10 business days, which is right on par with other types of loans. There’s also little difference between VA and conventional loans in the time it takes to close.

Myth #5: Veterans have to be discharged or retired in order to use their VA loan benefit. 

You do not have to be discharged or retired to get a VA loan. Active service members get full access to the VA loan benefit too!

Myth #6: Military members deployed overseas cannot get a VA loan. 

Military service members who are away on active duty can obtain a VA loan if they intend to return home within a year or have a spouse who will occupy the property in the interim. In addition, deployed military members can sign a power of attorney designating a spouse or someone else to sign on behalf of the VA eligible borrower.

Myth #7: Members of the Reserve or National Guard are not eligible for the VA loan benefit. 

Members of the Reserves or National Guard are eligible for the VA loan benefit too, after 6 years of honorable service.

Myth #8: Widows or Widowers of veterans are not eligible to receive the VA loan benefit. 

Widows of fallen veterans who died on active duty or as a result of a service-connected disability are eligible for the VA loan benefit. In addition, surviving spouses are exempt from paying the VA funding fee.

Myth #9: Veterans are guaranteed a VA loan. 

No one, not even veterans, are "guaranteed" a home loan. Many buyers think military service entitles veterans to a “no strings attached” VA loan. While VA loans make it easier for those veterans and military service members to obtain a home loan, they still have to go through the home loan process just like everyone else.

If you're a veteran or active military and are thinking about purchasing a home at the Lake of the Ozarks, give me a call at 573-746-7211 today. I'll answer your questions and go over your options with you. I'm here to help you with all your Lake of the Ozarks home financing needs, from new home purchases to refinancing, and I'll back it up with the first class service you deserve!

For Lake area news, resources and tips on financial services, please 

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Michael Lasson

Sr. Loan Officer

NMLS #: 493712

2265 Bagnell Dam Blvd, Suite B

PO Box 1449

Lake Ozark, MO 65049

Direct:  (573) 746-7211

Cell: (573) 216-7258

Fax:(573) 693-9141

Email:  mlasson@fsbfinancial.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.

First State Bank Mortgage Loan Programs

Whether you're dreaming of a new home or looking to lower your monthly mortgage payments, we can help! As your Lake of the Ozarks mortgage lender, I am here to help you find the perfect loan for your situation. First State Bank Mortgage provides a full portfolio of fixed and adjustable-rate mortgage products. Here is a breakdown of the loan options availble when you choose me for all your Lake of the Ozarks home financing needs!

Conventional Loan Program – Traditional Mortgage

Conventional loans offer flexible terms and competitively-priced rates. With a conventional loan, you can get financing for up to 95% of your home's value. Whether you're looking to buy a new home or finance your current one, a traditional mortgage is a great option. Benefits of a Conventional Loan include:

• Flexible Terms from 10-30 years available
• Fixed and adjustable-rate mortgages available
• Down payments as low as 5% of sales price
• Multiple options for Mortgage Insurance, if applicable
• Competitive rates on new home purchases and refinances
• In-house processing and underwriting

FHA Loan Program

An FHA loan is a loan that is insured by the Federal Housing Administration. FHA loans offer competitively-priced rates and a low down payment option. Benfits of an FHA Loan include:

• Flexible credit and underwriting standards 
• Low closing costs
• Fixed and adjustable-rate mortgages available
• Down payments as low as 3.5% of sales price
• Competitive rates on new home purchases and refinances
• In-house processing and underwriting

USDA Rural Housing Loans

Sponsored by the U.S. Department of Agriculture, rural housing loans are designed to make homeownership more affordable for those borrowers living in rural communities. For qualified borrowers, a Rural Housing Loan can provide up to 100% financing with competitive rates and terms. Benefits of a USDA Home Loan include:

• Up to 100% financing
• NO monthly mortgage insurance premiums due
• Low closing costs
• Affordable fixed rates
• Flexible credit and qualifying guidelines
• Available on new or existing homes

VA Home Loans

VA Loans are designed to make homeownership more affordable for qualified U.S. veterans. They offer favorable terms, competitive interest rates and no monthly mortgage insurance premium. If you’re eligible for a VA-Guaranteed Loan, you’ve earned several major benefits including:

• Up to 100% financing
• NO monthly mortgage insurance premiums due
• NO pre-payment penalties
• Low closing costs
• In-house processing and underwriting

First-Time Homebuyer Program

The "First Place Loan" offers a great financing option for first-time homebuyers. The program gives first-time homebuyers and qualified veterans the edge they need to purchase a home. Affordable interest rates, in combination with additional incentives offered by the Missouri Housing Development Commission (MHDC), allow prospective buyers to obtain mortgage financing in a competitive market. Benefits of a MHDC First-Time Homebuyer Loan include:

• 3% cash assistance loan for down payment and closing costs
• Fixed-rate mortgage
• FHA, VA, USDA Rural Development, Fannie Mae qualified
• In-house processing and underwriting
• First-time homebuyer requirements are waived for qualifying veterans and for homes purchased in targeted areas

Rehab Home Loan Program

With the brand-new Rehab Loan Program, qualified homebuyers can now buy the home of their dreams and borrow additional funds dedicated to improving or upgrading the property. This is a fixed-rate mortgage that allows the homeowner to have rehabilitation construction completed on their single family property. Funds may be used to make necessary cosmetic or functional improvements to the home.

For more information on which Lake of the Ozarks home loan options you may be eligible for, contact Lakelender Michael Lasson at 573-746-7211. I'm committed to working with you every step of the way. When you choose First State Bank Mortgage and the BEST mortgage lender at Lake of the Ozarks, owning a new home can go from dream to reality!

For Lake area news, resources and tips on financial services, please 

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

Michael Lasson

Sr. Residential Mortgage Lender

NMLS #: 493712

2265 Bagnell Dam Blvd, Suite B

PO Box 1449

Lake Ozark, MO 65049

Direct:  (573) 746-7211

Cell: (573) 216-7258

Fax:(573) 693-9141

Email:  mlasson@fsbfinancial.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.

Veterans Day Parade Comes to Lake of the Ozarks

The Lake of the Ozarks Elks Lodge is helping to ensure that we don't forget the meaning and importance of Veterans Day.  They are sponsoring the first-ever Veterans Day Parade in Osage Beach this Saturday, November 8.  The parade will begin at the Osage Beach City Hall at 10:30 am and conclude near the Elks Lodge.  The parade is intended to honor and salute the living and deceased veterans, as well as pump some life into the West side of the parkway!

The History of Veterans Day

Veterans Day started as a celebration of the end of World War I.  The war officially ended on June 28, 1919 when the Treaty of Versailles was signed, but the fighting actually ended seven months earlier when a temporary cessation of hostilities between the allied nations and Germany went into effect on November 11, 1918.  This date is generally regarded as the end of "the war to end all wars."  In 1919, President Wilson proclaimed November 11 as the first commemoration of Armistice Day with this quote: "To us in America, the reflections of Armistice Day will be filled with solemn pride in the heroism of those who died in the country's service and with gratitude for the victory, both because of the thing from which it has freed us and because of the opportunity it has given America to show her sympathy with peace and justice in the councils of the nations..."

The original concept of the holiday was to be observed with parades and public meetings, with a brief suspension of business.  On May 13, 1938, an act was passed to make November 11 of each year a legal holiday, a day to be dedicated to the cause of world peace and to be thereafter celebrated and known as "Armistice Day."  Originally the say was set aside to honor veterans of World War I, but in 1954 it was expanded to honor American veterans of all wars.  In 1968 the Uniform Holiday Bill was signed to ensure 3-day weekends for Federal empoyees by celebrating four national holidays on Mondays: Washington's Birthday, Memorial Day, Veterans Day and Columbus Day.  The holiday has since been changed back to November 11 to preserve the historical significance of the date, as well as help focus attention on the important purpose of Veterans Day: a celebration to honor America's veterans for their patriotism, love of country and willingness to serve and sacrifice for the common good.    

Join  us this weekend at the Lake of the Ozarks for the 1st Annual Veterans Day Parade! Whether you participate in the parade with a float of your own or just cheer on the entrants as they go by, the parade is a way for each of us to say thank you to all those who have served.  As your Lake of the Ozarks mortgage lender, I would love the opportunity to help those veterans with a VA Loan.  If you or someone you know could benefit from a VA Loan at the Lake of the Ozarks, please give me a call at 573-746-7211 or send an email to mlasson@fsbfinancial.com.

For Lake area news, resources and tips on financial services, please 

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

Michael Lasson

Sr. Residential Mortgage Lender

NMLS #: 493712

2265 Bagnell Dam Blvd, Suite B

PO Box 1449

Lake Ozark, MO 65049

Direct:  (573) 746-7211

Cell: (573) 216-7258

Fax:(573) 693-9141

Email:  mlasson@fsbfinancial.com

The Home Loan You Deserve

VA Home Loans

With favorable terms, competitive interest rates and no monthly mortgage insurance premium, VA Loans at the Lake of the Ozarks are designed to make homeownership more affordable for qualified U.S. veterans.  VA Home Loans are provided by private lenders, such as your Lakelender Michael Lasson. However, the VA guarantees a portion of that loan, enabling the lender to provide more favorable terms.  You served our country and now we'd like to serve you!

Benefits of a VA Loan

If you're eligible for a VA-guaranteed loan, you've earned several major benefits, including:

• 100% Financing
• NO monthly mortgage insurance premiums due
• NO pre-payment penalties
• Low closing costs
• In-house processing and underwriting

A Team of Professionals

Our team of knowledgeable lenders, processors and underwriters work to extend competitive rates on the best mortgage product for you.  We use reputable local appraisers to provide you with a quick and accurate appraisal, and we are committed to providing a smooth and timely closing process for your home loan at the Lake of the Ozarks! 

Getting Started

You can help speed along your loan process by collecting the following information: 

• Current drivers license
• Pay stubs covering the last 30 days
• W-2 forms for the past two years
• Two year's tax returns
• Bank statements for the past 2 months (or any other statement regarding stocks, bonds, 401(k)s, mutual funds, etc.) 
• *Additional documents may be required

As your Sr. Residential Mortgage Lender at the Lake of the Ozarks, I'm committed to working with you every step of the way.  I'll discuss financing options, offer competitve interest rates and back it up with the first class service you deserve and I guarantee. Give me a call today at 573-746-7211 to get started!

For Lake area news, resources and tips on financial services, please 

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

Michael Lasson

Sr. Residential Mortgage Lender

NMLS #: 493712

2265 Bagnell Dam Blvd, Suite B

PO Box 1449

Lake Ozark, MO 65049

Direct:  (573) 746-7211

Cell: (573) 216-7258

Fax:(573) 693-9141

Email:  mlasson@fsbfinancial.com

VA Home Loan Options and Eligibility

Veterans Affairs helps Servicemembers, Veterans and eligible surviving spouses become homeowners. As part of their mission, they provide a home loan guaranty benefit and other housing-related programs to help you buy, build, repair, retain or adapt a home for your own personal occupancy. VA Home Loans are provided by private lenders, such as Lakelender Michael Lasson.  VA guarantees a portion of the loan, enabling the lender to provide you with more favorable terms.

The length of your service or service commitment and/or duty status may determine your eligibility for certain home loan benefits. Check out the different benefits below to see which you can qualify for:

Purchase Loans and Cash-Out Refinance

VA guaranteed loans are available to Servicemembers and Veterans, spouses and other eligible beneficiaries for homes for their own personal occupancy.  To be eligible, you must have a good credit score, sufficient income, a valid Certificate of Eligibility (COE) and meet certain service requirements.

VA Home Loans can be used for any of the following purposes:

• Buy a home, a condominium unit in a VA-approved project
• Build a home
• Simultaneously purchase and improve a home
• Improve a home by installing energy-related features or making energy efficient improvements
• Buy a manufactured home and/or lot.

For more information on this type of loan, please visit: http://benefits.va.gov/homeloans/purchasecashout.asp

Interest Rate Reduction Refinance Loan (IRRRL)

The IRRRL is a loan that can only be applied to refinance an existing VA loan.  By obtaining a lower interest rate, your monthly mortgage payment at the Lake of the Ozarks should decrease. It can only be done if you have already used your eligibility for a VA loan on the property you intend to refinance.  Additional eligibility requirements include:

• A Certificate of Eligibility (COE) is not required. If you have your Certificate of Eligibility, take it to the lender to show the prior use of your entitlement.
• No loan other than the existing VA loan may be paid from the proceeds of an IRRRL. If you have a second mortgage, the holder must agree to subordinate that lien so that your new VA loan will be a first mortgage.
• You may have used your entitlement by obtaining a VA loan when you bought your house, or by substituting your eligibility for that of the seller, if you assumed the loan.
• The occupancy requirement for an IRRRL is different from other VA loans. For an IRRRL you need only certify that you previously occupied the home.

For more information on this type of loan, please visit: http://benefits.va.gov/homeloans/irrrl.asp

Native American Direct Loan (NADL)

The NADL program helps Native American Veterans purchase, construct, improve or re-finance a home on Native American trust lands.  Your tribal organization must participate in the VA direct loan program and you must have a valid COE, as well as meet certain service requirements.  To obtain a NADL, the following eligibility requirements must be met:

• The Native American Veteran is eligible for VA home loan benefits and have available entitlement (go to this link for information on how to get a Certificate of Eligibility)
• The tribal government must have signed a Memorandum of Understanding (MOU) with the Secretary of Veterans Affairs. The MOU spells out the conditions under which the program will operate on its trust lands (see a sample MOU here)
• The loan must be to purchase, construct, or improve a home on Federally-recognized trust or allotted land.
• The Veteran must occupy the property as his or her home.
• The Veteran must be a satisfactory credit risk.
• The income of the Veteran and spouse, if any, must be shown to be stable and sufficient to meet the mortgage payments, cover the other costs of owning a home, take care of other obligations and expenses, and have enough left over for family support.
• All prospective applicants are encouraged to contact VA to determine if they are eligible for VA home loan benefits and to contact either their local housing authority or VA to find out if this program is right for them and to apply for a home loan.

For more information on this type of loan, please visit: http://benefits.va.gov/homeloans/nadl.asp

Adapted Housing Grants

VA helps Veterans with certain total and permanent disabilities related to your military service obtain suitable housing with either a Specially Adapted Housing (SAH) or Special Housing Adaptation (SHA) grant.

SAH grants can be used in the following ways:

• Construct a specially adapted home on land to be acquired
• Build a home on land already owned if it is suitable for specially adapted housing
• Remodel an existing home if it can be made suitable for specially adapted housing
• Apply the grant against the unpaid mortgage balance of an adapted home already acquired without the assistance of a VA grant.  

SHA grants can be used in the following ways:

• Adapt an existing hoem the Veteran or a family member already owns in which the Veteran lives
• Adapt a home the Veteran or family member intends to purchase in which the Veteran will live
• Help a Veteran purchase a home already adapted in which the Veteran will live.  

For more information and eligibility requirements for these grants, please visit: http://benefits.va.gov/homeloans/adaptedhousing.asp

I would love the opportunity to help you manage your Lake of the Ozarks Mortgage Loan or refinance.  Give me a call at (573) 746-7211 or send me an email at mlasson@fsbfinancial.com with any questions you may have!!

For Lake area news, resources and tips on financial services, please 

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

Michael Lasson

Sr. Residential Mortgage Lender

NMLS #: 493712

2265 Bagnell Dam Blvd, Suite B

PO Box 1449

Lake Ozark, MO 65049

Direct:  (573) 746-7211

Cell: (573) 216-7258

Fax:(573) 693-9141

Email:  mlasson@fsbfinancial.com