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.

 

 

 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.

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.

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