USDA Rural Development Loan Program

 

USDA – Rural Development Loans

Many first time home buyers do not have the standard down payment saved to invest in their new home purchase.  There are several loan programs available to help with this dilemma….USDA Rural Development Loans are one of those options.

This program will allow the borrower to purchase their new home with no money down and will also allow for the seller to pay closing costs for the borrower so they could potentially purchase a new home with no money out of their own pocket.

This program has several requirements that must be met by the borrowers such as:

-    Household income limits (this includes income for all persons that will be living in the home, not            just the borrowers on the loan)

-    Debt ratio limits (these are typically lower than conventional loan requirements)

-    Limited Assets (borrowers cannot have access to monies that could be used to meet the 20%                   down payment requirements for conventional financing)

When pursing a USDA Rural Development Loan, the property must also meet certain inspection requirements with regards to safety issues, water sources, etc.  These inspections can usually be performed by the appraiser to see if they meet the requirements of USDA, if the appraiser is certified by USDA; if not, a separate inspector will be required to perform these inspections.

Depending on how the property appraises, the borrower can sometimes roll closing costs into their loan and/or have upgrades to the property (i.e., flooring replacement, etc.) included in their loan amount.

Team Lasson is here for all 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

 Cell:   (573) 216-7258

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.

Mortgage Technology - Moving Forward in 2024

 

Mortgage Technology – Moving forward in 2024

Do you remember the days of having to physically go to an office, be it a title company, lawyer’s office, or banking center to spend an hour or more signing documents to purchase or refinance your home or condo?  Sometimes you’d spend half the day waiting for the funds to be wired in and disbursed so you could get on with your day and go enjoy your new property.

Well, those days are over!  Team Lasson has been using the hybrid closing system offered by First State Bank Mortgage for quite some time, and it’s fantastic!  This system not only streamlines the process but also significantly reduces the time spent at the actual closing.  Here’s how it works:

·         A few days prior to the closing, the borrowers receive an electronic copy of their closing documents through our secure client portal.

·         Upon receipt, the borrowers should review these documents in case they have any questions or to notify us of any errors prior to the closing. 

·         The morning of closing, the documents that can be signed electronically are sent to the client portal to be electronically signed by all borrowers. 

·         At the closing, borrowers sign documents that require a “wet” signature.  This includes the Note and other documents which require a Notary Public. 

Sometimes borrowers are unable to be present for their closing and need to do it remotely.  We have a couple of solutions for that as well.  The first option is to have a mobile Notary meet with the borrowers to sign the closing documents in person.  This can also be done in conjunction with the Hybrid closing mentioned above.  This process is usually completed the day before the actual closing date so the Notary can overnight the original packet back to the title company or lender on or before the date of the closing so funds can be disbursed on time.

The second option is a newer process called Remote Online Notarization or “RON” Closing.  In this online digital closing, the Notary and borrowers meet through an audio-video application, enabling the signing and notarization of documents in an electronic format. While the fundamental elements of this closing resemble those of any other closing, specific requirements must be met. These conditions typically include:

·         Notary must be physically present and licensed in the state of the property

·         The RON technology platform must offer multi-factor authentication and knowledge-based identification to verify the identity of the signers

·         The RON platform must have the ability to scan a government-issued ID for the Notary to verify the identity of the signer and the validity of their ID

·         Documents must be digitally stamped and tamper-sealed to prevent interference with the authenticity and security of the notarial ceremony

·         The notary must keep a video recording as well as an electronic journal as backup files of the notarial ceremony.  These must be kept for a period specified by the state law (if not specified, the standard is 7 years)

Please Note: Not all the states allow for RON closings, and each state has its own laws regarding them. Be sure to check with your lender, title company, and attorney to determine if this is a feasible option for you.

Team Lasson is here for all 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.

 

4 Home Buying Mistakes & How to Avoid Them

Buying a home is an exciting endeavor, especially when you're buying a home at Lake of the Ozarks! However, amongst all the excitement to find and close on that new home, it's important to remain diligent to avoid common home buying mistakes. In this week's blog, your premier mortgage lender at Lake of the Ozarks is here to share a few of these common mishaps and how you can avoid them. Read on to learn more!

#1. Underestimating the Cost of Homeownership

The first and one of the largest errors many new home buyers make is underestimating the true cost of owning a home. When you pay your landlord rent, it could be including other fees that come from responsibilities the landlord also takes care of regarding the property. Responsibilities such as homeowner's insurance, real estate taxes, the cost of home maintenance and repairs, etc. When estimating your budget for homeownership, be thorough. Account for all required obligations, as well as building a reserve for the unknown factors of owning a home.

#2. Emptying Reserve Accounts

These accounts are relative to error number one, those unforeseen costs for repairs and maintenance are going to require some cash on hand. So, ensuring that you're not buying a home that is too costly, thus depleting your cash reserves, is an important step in the home buying process. While you may be able to afford the down payment and closing costs with your savings, leave a little bit left stored away for the inevitable "rainy day." 

#3. Not Utilizing Local Real Estate Agents

Know the area that you are buying in, or at least familiarize yourself with it. That is easier said than done when you try to tackle the challenge yourself. However, utilizing a local real estate agent can provide you with valuable insights into the neighborhoods your shopping in, as well as being an essential partner in finding, negotiating, and recommending other professionals throughout the home buying process. 

#4. Applying for Additional Credit During the Mortgage Process

Between the time you've applied for a mortgage loan, to the time that you close on your new home, it is vital that you refrain from applying for any new lines of credit. Doing so could potentially jeopardize the approval of your home loan at Lake of the Ozarks. Any adverse changes to your credit situation during the process could complicate your ability to obtain a mortgage or even disqualify you from obtaining one at all. So, leave the credit card, furniture, vehicle/boat loans on hold until after your closing. 

As the best mortgage lender at Lake of the Ozarks, Team Lasson is here to help you every step of the way. It is my goal to ensure you have the utmost experience when financing a home at Lake of the Ozarks. I hope that you have found valuable information during your read, and if you have any mortgage questions, give me a call!

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

Michael Lasson

Senior Loan Officer

NMLS #: 493712

4655 B Osage Beach Parkway

Osage Beach, MO 65065

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.

4 Reasons to Work with a Local Real Estate Agent

The home buying process is going to be filled with questions, concerns, complexities, and a really rewarding finish! If you have bought a home before, you may have experienced the work that is involved, but you also know the relief and excitement that comes from signing the mortgage paperwork, getting your keys, and walking through the front door of your new home. All of the challenges can be made so much easier when you have a team of experts behind you, which is why we suggest hiring a local real estate agent when purchasing a home at the Lake of the Ozarks. Team Lasson is here to help you navigate the mortgage process, but we have some incredible real estate partners at the Lake that can help you navigate your property search, which is why we have listed several reasons you should work with a local agent!

#1. They Know the Market

Choosing a local real estate agent can be a huge asset because they will be doing more than pulling data and looking at maps. They know about the local market and can answer your questions about locations, pricing, and home types. They can also tell you about what happens in the Lake of the Ozarks real estate market, and what has happened over the last several weeks, months, and even years.

#2. They Have the Network

Marketing plays a huge role in a real estate agent's career, but it also can be the make or break difference for your real estate transaction. Real estate agents make it a priority to network with other real estate agents, or with complimentary businesses, like our mortgage company at the Lake of the Ozarks. A local real estate agent will know who you can trust to get the job done when you encounter different situations during your purchasing process.

#3. They Know the Community

The Lake area is a wonderful community filled with exceptional people, businesses, and schools. By hiring a local real estate agent, you are not just fueling the local economy, but you are investing in an expert who can guide you to an area that fits your needs and wants based on their knowledge of the area.

#4. They Are Invested In You

Hiring a local agent to assist you with your real estate purchase is essentially like working with a neighbor. They are going to have a vested interest in your purchase because they are growing the community by helping you find a home here. That same neighborly attitude is going to be what causes them to help out in any way possible. We have many homebuyers at the Lake of the Ozarks who come from different cities and even different states. This means that local agents may need to get creative when it comes to helping with a home purchase, from video conferencing a walkthrough to utilizing digital signing methods so that your real estate purchase can continue progressing even when you are out of town.

We Are Ready to Welcome You!

Whether you are purchasing a vacation home at the Lake of the Ozarks, planning to move to the lake area full time, or refinancing a home, Team Lasson is ready to help you with your mortgage needs. We have been helping home buyers for over 20 years, and we are proud to be a part of the Lake community. If you are ready to buy a home at the Lake of the Ozarks, there is still time to make your purchase before the exciting Summer season hits. You can visit our website to learn more about our company or to get started by submitting your application (www.YourLakeLoan.com). If you don’t have a real estate agent yet, feel free to reach out - we have some amazing agents in the area and would love to share a list of our real estate partners for you to research.

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

Senior Loan Officer

NMLS #: 493712

4655 B Osage Beach Parkway

Osage Beach, MO 65065

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.

7 Home Buying Mistakes to Avoid

The decision to buy your first home can be an exciting time, but make sure you don't get swept up in all the excitement that you make these common mistakes. Keep reading to learn about some home buying mistakes you'll want to be sure to avoid. Your Lake of the Ozarks mortgage lender is here to help you have a successful home buying experience at the Lake!

Mistake #1: Underestimating the Costs of Homeownership. 

Likely one of the biggest mistakes new home buyers make is underestimating the true cost. You think you're tired of paying rent every month with nothing to show for it, but what you don't realize is that your landlord may be taking care of more than you realized. When you become a homeowner, you're now in charge of fixing any appliances that don't work, hiring someone for the lawn care or doing it yourself, etc. You also didn't think about the cost of homeowners insurance and taxes. Make sure you have a good estimate for the upkeep and maintenance of your new home and have budgeted for this going forward.

Mistake #2: Not Knowing How Much You Can Afford. 

One of the first steps in the home buying process should be determining how much you can afford. The easiest way to accomplish this is to get a mortgage pre-approval at the Lake of the Ozarks. By getting pre-approved, not only will you have a good idea of how much you can afford, you're one step ahead of the rest of the buyers on the market. Sellers and real estate agents will know that you're serious about buying a home.

Mistake #3: House Hunting Before Getting a Mortgage. 

This mistake goes along with Mistake #2. You want to get that pre-approval and know how much you can afford before you start looking at houses, not the other way around. You don't want to waste your time looking at hoses you can't afford, or even worse, fall in love with a home that you can't afford. You want to make sure you get a loan with a comfortable monthly payment that won't put you in a financial strain.

Mistake #4: Emptying Your Savings to Buy a Home. 

Those extra costs to consider that we mentioned in Mistake #1 are going to require cash on hand. You do not want to wipe your savings account to cover the down payment and closing costs. It's important that you keep enough cash on hand for an emergency fund. You never know when something in your new home is going to require repairs. When budgeting and saving for your first home, be sure to include an emergency fund in those numbers.

Mistake #5: Not Using a Knowledgeable Real Estate Agent. 

While it's possible to purchase a home without a real estate agent, it's not easy. Think about how much time and stress a good, knowledgeable buyer's agent can save you. Real estate agents have access to resources to help you narrow down the listings you should look at, can help you determine a fair price and negotiate to that price, and recommend other professionals to work with such as a good home inspector. Buying a new home at the Lake of the Ozarks is a big investment; don't go it alone.

Mistake #6: Not Researching the Neighborhood. 

Many people get swept up in the excitement of finding the perfect home, that they fail to consider the neighborhood that home is in. Do you have children or do you plan on having them in the future? Be sure to check out the school district that the home is located in. Do you feel safe coming home at night in this neighborhood? Drive through the neighborhood at different times of day to see what's going on and if you're comfortable there. Talk to your prospective neighbors, look through the local newspapers, check local crime reports, scout out nearby churches, shopping, dining etc.

Mistake #7: Applying for Credit Before the Home Sale Closes. 

The period between when you apply for a mortgage and when you close on your new home is critical. You want to make sure that you don't do anything during that period that could jeopardize the approval of your home loan at the Lake of the Ozarks. During this time, don't touch your credit. Any changes in your credit situation could affect your ability to obtain that mortgage. Don't apply for any new credit accounts, this includes credit cards, car loans, etc. In addition, don't start buying a bunch of new stuff for your home on credit, like furniture and decor, until after the closing is final. Doing so would change your debt-to-income ratio and could cause a delay or denial on your mortgage approval.

As your mortgage lender at the Lake of the Ozarks , I'm here to help you every step of the way. From determining how much you can afford through a pre-approval to the closing, I'll be here to answer all your questions. I'll discuss your loan options, offer competitive interest rates and back it up with the first-class service you deserve. For all your Lake of the Ozarks home financing needs, give me a call at 573-746-7211.

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

Senior Loan Officer

NMLS #: 493712

4655 B Osage Beach Parkway

Osage Beach, MO 65065

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.

End of Summer Events at the Lake of the Ozarks

While summer may be coming to an end, the fun at the Lake of the Ozarks continues! There's constantly something to do at the Lake, from concerts to festivals, all year round. Keep reading for a snapshot of some of the upcoming Lake events from your favorite Lake of the Ozarks mortgage lender.

Photo Credit: FunLake.com

30th Annual Lake of the Ozarks Shootout - August 18-26 

The Lake of the Ozarks Shootout, held at Captain Ron's Bar & Grill and the 33 MM - 34.5 MM, will bring top powerboat racers and offshore racing power boats from across the country, topping 200 MPH. This is the largest unsanctioned boat race in the Midwest with over 100 racers and 100,000 spectators. Proceeds will benefit the Lake Area Rescue Teams and other local charitable organizations. Before the races on Saturday and Sunday, enjoy an entire week of festivities! There will be a Mini Shootout, Treasure Hunt, Strip Street Party, Vendor Villages, Live & Silent Auctions, Poker Runs, Live Entertainment and much more! For more information about the entire Shootout schedule of events, visit: www.LakeoftheOzarksShootout.org.

Supercat Fest with the Dave Baker Band - August 24-25

Supercat Fest is a gathering of the fastest, most exotic offshore marine hardware in the world! Head over to the Horny Toad Entertainment Complex at Camden on the Lake for this incredible event, and be in the middle of all the action as Dave Baker Band takes the stage from 8 pm to 1 am each night!

A Contagious Labor Day Weekend - August 31 - September 2 

Hop on over to the Horny Toad Entertainment Complex at Camden on the Lake for a Contagious Labor Day Weekend! Contagious keeps the party going Friday, Saturday and Sunday from 8 pm to 1 am each night.

A Berry Filled Labor Day Weekend - September 1 

Float on over to The Boathouse on Highway W (W-20), or the 3 MM by water, for an awesome i-Berry experience! Saturday from 8 pm to midnight, the i-Berry's will show you a great time with their Celtic Irish Band. They are one of the most energetic and talented groups of local musicians you will ever see.

Aaron Lewis Live in Concert - September 1

Ozarks Amphitheater is excited to welcome back Aaron Lewis. Doors open at 6 pm, and the concert starts at 7 pm. The Ozarks Amphitheater was recently voted #5 of the Best Live Music Venues in Missouri. This beautiful outdoor venue is nestled in the heart of the Lake of the Ozarks. For tickets and more info visit: Ozarksamp.com.

Labor Day Couples Golf Tournament - September 2-3

Old Kinderhook will be hosting a couples golf tournament Labor Day Weekend, September 2-3. The entry fee is $400 per couple and includes: 4 tournament rounds (2 per player), on-course events, tee gifts, dinner and dance, Sunday night discounted rounds, and discounted lodging rates. Prizes will be awarded for multiple flights. Call 573-317-3573 for tee times.

Photo Credit: FunLake.com

Hot Summer Nights - September 7 

Hot Summer Nights is back on September 7th from 6-11 pm. This is a classic vehicle cruise and family night on the Bagnell Dam Strip in Lake Ozark. Admission and participation is free, and the event will go on rain or shine. All makes and models of cars, trucks and motorcycles will line the Strip and cruise around. This kid-friendly event offers games, activities, live entertainment and more!

Bellamy Brothers Live in Concert - September 7 

The Bellamy Brothers join us at the Lake of the Ozarks at Shawnee Bluff Vineyard on September 7th. Doors open at 5 pm, and music on the Patio by Makenna & Brock will get the party started. The opener will take the stage at 7 pm, and the Bellamy Brothers take the stage at 8 pm. Food vendors include Tilly's California Burritos and Taco Truck, Hart's Smoked BBQ & More Truck, and a Kettle Corn provider will be there starting at 5 pm. This is a show for all ages. For tickets, visit: https://www.showclix.com/event/bellamy-brothers-sbv.

31st Annual Reel Help for Kids Charity Bass Tournament - September 7-8

On September 7th & 8th, IUOE Local 148 will host its 31st Annual Charity Bass Tournament at Public Beach Area #2 at Lake of the Ozarks. Since its inception at Sterett Creek on Truman Lake in 1989, this "one of a kind" tournament has raised over $1.8 million dollars for Cystic Fibrosis, Leuukemia & Lymphoma Society, Cardinal Glennon and now Ronald McDonald House Charities of St. Louis. The tournament is designed to give the everyday non-tournament fishermen the opportunity to have a fun day of fishing along with helping out a good cause. For more information, visit their website at: http://www.local148.com/bass/.

Westlake Street Machine Fall Follies Car Show - September 8 

The Laurie Sunrise Beach Rotary Club will be hosting their annual Car Show at the Laurie Fairgrounds on September 8, 2018. The car show will include a parade through Laurie, vendor tents, 50's & 60's music, beer garden, engine blow and a fireworks show that evening in the Laurie Park to conclude the event. Awards will be given to 33 classes. Proceeds from the event will go to charity and various community projects. For more information, visit: http://lsbrotary.org/.

Photo Credit: Shootout Website

Lil' Boat & Pontoon Shootout Poker Run - September 8 

Presented by Deck and Pontoon Boat Magazine and Border X'Pressions, this poker run will start at 9 am at Captain Ron's in Sunrise Beach on September 8. After a day full of fun, winners will be announced at 6 pm back at Captain Ron's. For more information on the event, visit: https://lakeoftheozarksshootout.org/events/lil-boat-pontoon-boat-poker-run/.

If you love all the Lake events as much as we do, why not come to the Lake as often as you want? We are here to help you buy a second home at the Lake of the Ozarks! When it comes to your Lake of the Ozarks home financing needs, Lakelender Michael Lasson is here for you. Give our office a call at 573-746-7211 today!

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

Senior Loan Officer

NMLS #: 493712

4655 B Osage Beach Parkway

Osage Beach, MO 65065

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.