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.

 

December Happenings Around the Lake

 

December Happenings Around the Lake 

WOW, it’s almost the end of 2023 already!  This year has flown by in a flash.  Hopefully, you can make some time to get out and visit some of the great holiday activities the Lake Area has to offer for December.  Team Lasson wants to wish everyone a very Merry Christmas and Happy New Year!!!

Friday, December 1^st

Christmas on the Square

Location:         Camdenton

Time:   5:30 – 7:00 p.m. – Tree Lighting Ceremony

 

Saturday, December 2^nd 

School of the Osage Holiday Bazaar

Location:         High School, 636 Hwy 42, Osage Beach, MO

Time:   9:00 a.m. - 3:00 p.m.  

43rd Annual Holiday Bazaar Fundraiser. Over 100 booths are projected to register and will be offering a variety of handmade crafts, home décor, jewelry, clothes and other specialty holiday items. Attendees can also expect to find items like personalized ornaments, favorited graphic tees, custom tumblers, original art, beautiful woodwork and more.

Christmas on the Square

Location:         Camdenton

Time:   10:30 a.m. - 1:00 p.m. Christmas Festivities and Santa arrives

 

7^th Annual Eldon Lighted Christmas Parade & Celebration

Location:         Eldon

Time:   10:00 a.m. – Horse Drawn Carriages and Christmas Tree Lot at the historic Randles Court

            11:00 a.m. – Santa will be at the Community Center for pictures

Maple Street Holiday Craft & Gift Bazaar, Carol Singers, Living Nativity Scene, 

Roasted Chestnuts and Ornament Decorating for kids

Dusk – Lighted Christmas Parade in Downtown Eldon, with Annual Christmas

Tree Lighting at Rock Island Park

 

Friday, December 8^th

Christmas Carols Performance

Enjoy the heart-warming sounds of live Christmas Carols with a talented choir.

Location:         Country Crossroads

                        5831 Osage Beach Pkwy

                        Osage Beach, MO

Time:   2:00 – 3:00 p.m.

 

Saturday, December 9^th

39^th Annual Lake of the Ozarks Christmas Parade

Location: Bagnell Dam Strip, Lake Ozark

Time:  1:00 p.m.

This year's theme for the Annual Lake of the Ozarks Christmas Parade is "Christmas in Paradise".  Bring the whole family and join us immediately after the Parade at Luby's Plaza where Santa will greet all the kids on Luby's Stage with gifts for each. Enjoy the Sweets Table and Holiday Cheer!!

Saturday, December 16^th

Christmas Cooke Contest with Santa benefitting CADV

Bake your best to win the cookie trophy! Enter your different delicious cookies and get pictures with Santa.  The cookies will be donated to CADV along with other donated items to families at CADV.

Location:         Country Crossroads

                        5831 Osage Beach Pkwy

                        Osage Beach, MO

Time:   10:00 a.m. – 5:00 p.m. with Santa appearing and judging at 2:00 pm.

 

Old Tyme Christmas at Linn Creek & Children’s Play

Bake your best to win the cookie trophy! Enter your different delicious cookies and get pictures with Santa.  

The cookies will be donated to CADV along with other donated items to families at CADV.

Location:         Camden County Museum

                        206 S Locust

                        Linn Creek, MO

Time:   11:00 a.m. – 3:00 p.m. Lunch with Santa, crafts, games, tours, play 

 

Christmas Light Displays around the Lake

Enchanted Village of Lights – Fairgrounds in Laurie, MO

Enchanted Village of Lights in Laurie Missouri is one of the most amazing light display around the area. If you have not made it out to see the lights you are really missing out. This 27 acres of lights is a sight to see. With over 250 displays.

Lights open Friday, November 17, 2023 and runs until December 31, 2023

5 pm to 9 pm Sunday thru Thursday

5 to 10 Friday and Saturday, Thanksgiving, Christmas Eve, and Christmas night.

 

St. Patrick’s Festival of Lights – Shrine of St. Patrick’s Church, Laurie, MO

The Festival of Lights at the Shrine of St. Patrick, Hwy 5, Laurie, is the oldest light park in the area. It was started in 1981 with hundreds of lights decorating the buildings and grounds and has continued to grow each year. With 4,000 strings of lights, over 60 automatic timers and more than 350 extension cords, the Festival of Lights has turned into one of the major places to see. Instead of animated displays, the focus is on the true meaning of Christmas, Jesus and His Mother, Mary.

St. Patrick Festival of Lights will be open daily from 5 – 10 p.m. from Thanksgiving through January 7th. There is no charge for this beautiful light display, it is simply our gift to the community.

 

Osage Beach Holiday Light Park – City Park, Hatchery Rd, Osage Beach, MO

Drive-thru Light Park runs December 1^st through December 31^st, 5:00 – 9:00 p.m.

 

Versailles Unity of Lights – City Park, Versailles, MO

Versailles Unity of Lights Drive-Thru Light Park runs November 23^rd through January 1^st

Greater Lake Area Chorale Christmas Concerts

December 2^nd at 2:00 p.m.     Our Lady of the Lake Catholic Church, Lake Ozark, MO

December 3^rd at 2:00 p.m.      Our Savior’s Lutheran Church, Camdenton, MO

December 9^th at 2:00 p.m.      Morgan County Performing Arts Center, Versailles, MO

December 10^th at 2:00 p.m.    Christ the King Lutheran Church, Lake Ozark, MO

December 17^th at 2:00 p.m.    First Baptist Church, Eldon, MO

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) 216-7248!

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

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.

 

 

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.

 

 

What is a JUMBO Home Loan?

What is a JUMBO Home Loan?

A jumbo home loan is a mortgage loan that is in excess of the conforming loan limit set by the Federal Housing Finance Agency (FIFA), which was $726,200 for a one-unit residence in 2023.  These loans are usually obtained to finance a luxury home or a property that is located in a high-cost area where the conforming loan limit is typically below the median home price for that area.  

Qualifying for a jumbo mortgage follows the same process as a conforming loan where the lender will still review your credit history, credit score, income, assets, reserves and debt ratio.  Some of the requirements for jumbo loans are more stringent than conforming loans, such as requiring more reserves after closing (12 months versus 2-6 required for conforming loans).

Jumbo loans are available with a fixed rate term or an adjustable interest rate, depending on the factors on the loan (i.e., credit score, loan-to-value, etc.  These loans are also considered riskier for lenders because they are not guaranteed by Fannie Mae and Freddie Mac, which means the lender is not protected from losses if a borrower defaults on their mortgage.

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 program 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!

 

LIKE my Facebook Page  or Connect on LinkedIn

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’ positions, strategies, or opinions.