Is an FHA Home Loan Right for you?

 

Is an FHA Home Loan Right for you?

FHA loans are an option for homebuyers that haven’t saved up for a large down payment to purchase their new Primary home. An FHA Loan is a mortgage that is insured by the Federal Housing Administration.  The program allows borrowers to finance a new primary home purchase with a low down payment and will typically carry a lower interest rate, cheaper Mortgage Insurance, and will allow for a lower credit score.

FHA lenders will review your credit history to determine if you qualify for the program.  Even if you have less than stellar credit, you may still qualify for an FHA Loan.

Bankruptcy:  you must be at least two years out from the discharge date of a Chapter 7 bankruptcy and you must have established good credit or not have incurred any new credit obligations since the discharge

Late Payments:  you need to have a minimum of 12 months of payments on current obligations that are made on time

Foreclosure:  these are considered on a case-by-case scenario and will depend on the circumstances that led to the foreclosure

Collections, Judgments and Federal Debt:  Typically, collections and judgments must be paid off prior to or at the time of closing, except for medical collections

No credit history:  In some instances, you can provide documentation to build non-traditional credit such as insurance payments, cell phone bills, electric bills, etc.  Your lender can assist you with what is needed to complete this

 

FHA Loans will also allow for Gift Funds to assist with the down payment requirement and closing costs.  These funds can come from any of the following sources:

·         Borrower’s family member

·         Borrower’s employer or labor union

·         A close friend with a clearly defined and documented interest in the borrower

·         A charitable organization

·         A governmental agency or public entity with a program providing homeownership assistance to low- or moderate-income families or first time homebuyers

 

There are also maximum loan amounts for different parts of the country.  These have been calculated by FHA and are known as FHA lending limits.  These are calculated and updated annually.  Below are the 2023 limits.

 

 

LOW COST AREA
2023 FHA Limits
Single	Duplex	Tri-plex	Four-plex
$420,680	$538,650	$651,050	$809,150

 

HIGH COST AREA
2023 FHA Limits
Single	Duplex	Tri-plex	Four-plex
$970,800	$1,243,050	$1,502,475	$1,867,275

 

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!

 

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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.

 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.

Improve Your Credit Score with These 3 Tips

Your credit score is one of the major factors taken into consideration when buying a home. Our Lake of the Ozarks mortgage lender has over 20 years of experience in the mortgage industry. We help a wide range of home buyers complete their home purchases each and every day. While your credit score isn't the only factor that impacts your buying power, it's an important factor that you can work to improve as you prepare to buy a home near Lake Ozark, MO. 

1) Focus on Making Payments On Time

Timely payments on your bills can have a positive impact on your credit score. We understand it can be tough to keep up with payments that pile up, but it's important to adjust your budget accordingly to ensure you are able to make your payments by the due date each month. 

2) Prioritize Paying Down High Credit Balances

Credit usage is a major factor that is used to determine your credit score. It's best to keep your credit usage below 30% of your total credit limit, if possible. That means you should try to keep your credit card balances under 30% of the credit limit. Evaluate your current lines of credit and see where changes can be made to pay down higher debts to get you closer to that 30% or under range.

3) Avoid Making Changes to Credit Accounts

A new line of credit may temporarily cause your credit score to drop. Try to avoid opening a new line of credit, unless you've been advised by a professional to do so. In some cases, a new line of credit may make a difference in the long run to improve your score. Also, avoid consolidating debt or closing out old accounts that are tied to your credit. That kind of activity can temporarily lower your credit score. 

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, consider the above tips to improve your credit score. 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, Follow me on Twitter 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’s positions, strategies, or opinions.

Understanding Your Mortgage Options: A Comprehensive Guide

When it comes to financing your dream home, understanding the different types of mortgages available is crucial. Team Lasson, located at the beautiful Lake of the Ozarks, offers a wide range of mortgage options tailored to meet your unique needs. In this comprehensive guide, we will explore the differences between conventional loans, fixed-rate mortgages, adjustable rate mortgages (ARMs), jumbo loans, VA loans, FHA loans, and USDA loans. For a personalized recommendation, contact our Lake of the Ozarks mortgage lender today!

Conventional Loans:

Conventional loans are mortgages that are not insured or guaranteed by a government agency. These loans typically require a higher credit score and a down payment of at least 3%. With a conventional loan, borrowers have more flexibility in terms of loan amounts and property types. Additionally, private mortgage insurance (PMI) may be required for borrowers who make a down payment of less than 20%.

Fixed-Rate Mortgages:

Fixed-rate mortgages are the most common type of home loan. With a fixed-rate mortgage, the interest rate remains constant throughout the loan term, providing stability and predictability for homeowners. This means that your monthly mortgage payments will stay the same over the life of the loan. Fixed-rate mortgages are available in various terms, typically ranging from 15 to 30 years, allowing borrowers to choose the repayment schedule that best fits their financial situation.

Adjustable Rate Mortgages (ARMs):

Unlike fixed-rate mortgages, adjustable rate mortgages (ARMs) have interest rates that can fluctuate over time. Typically, ARMs have a fixed rate for an initial period, often 3, 5, 7, or 10 years, after which the rate adjusts periodically based on market conditions. The initial fixed-rate period provides an initial period of stability, followed by potential adjustments in the interest rate. ARMs are suitable for borrowers who expect their financial circumstances to change in the future or plan to sell the property before the rate adjustment period begins.

Jumbo Loans:

Jumbo loans are designed for homebuyers who need to borrow amounts exceeding the conforming loan limits set by Fannie Mae and Freddie Mac. These loan limits vary by location but are generally higher than the standard loan limits. Jumbo loans often require a higher down payment and have stricter eligibility criteria due to the larger loan amounts involved. However, they offer flexibility for purchasing high-value properties or financing properties in areas with higher real estate costs.

VA Loans:

VA loans are available exclusively to eligible veterans, active-duty service members, and surviving spouses. These loans are guaranteed by the Department of Veterans Affairs (VA) and offer numerous benefits, including no down payment requirement and no private mortgage insurance (PMI) requirement. VA loans also have more flexible qualification guidelines, making homeownership more accessible for veterans. If you meet the eligibility criteria, a VA loan can be an excellent option for financing your home purchase.

FHA Loans:

Federal Housing Administration loans are designed to assist homebuyers with limited downpayment funds and/or a lower credit score. These loans are backed but the U.S. Government. The FHA loan program offers more flexible eligibility requirements and lower down payment options compared to conventional loans. This means that borrowers may be able to qualify for an FHA loan with lower than average credit scores, and a down payment as low as 3.5% of the home's purchase price. Additionally, FHA loans typically have more lenient income and debt-to-income ratio requirements. Overall, an FHA loan can be an attractive option for homebuyers who may face challenges qualifying for a conventional loan due to credit or financial constraints.

USDA Rural Development Loans:

A USDA Rural Development loan is offered to help individuals and families purchase homes in rural and certain suburban areas. This mortgage program is offered by the United States Department of Agriculture (USDA). The primary objective of the program is to promote homeownership in rural communities by providing affordable financing options with attractive terms. While our area may not be seen as rural with the hustle and bustle of the summer season, our area still qualifies as "rural" for this type of loan. One of the key benefits of a USDA Rural Development loan is that it allows eligible borrowers to finance the entire purchase price of a home without requiring a down payment. Additionally, these loans often offer competitive interest rates and flexible credit requirements. It's a great loan option if you meet the qualifications!

Choosing the right mortgage can be an intimidating step in the home buying process. Our mortgage lenders at Lake of the Ozarks offer a diverse range of mortgage options tailored to meet your specific needs. Whether you prefer the stability of a fixed-rate mortgage or the flexibility of an ARM, are drawn to the lower financial requirements of an FHA or USDA loan, or if you're a veteran interested in the benefits of a VA loan, our experienced team is ready to assist you. Our clear communication, expertise, and dedication to client satisfaction will guide you through the entire mortgage process with ease and help you make an informed decision for your purchase.

Contact Team Lasson today to begin your journey toward homeownership at Lake of the Ozarks. Visit www.yourlakeloan.com or give us a call at (573) 746-7211 to explore the mortgage options that best suit your 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.

Step Into the Lake Home of Your Dreams – Tips for Buying a Second Home

Buying a second home at Lake of the Ozarks may seem like a daunting task but with Team Lasson on your side, it’s not at all! Our thorough explanation of your options and consistent communication throughout the entire process makes buying a breeze! If you're ready to start looking for your vacation home at Lake of the Ozarks, check out our tips below. 

Save for a Down Payment

A down payment is often a requirement for a second home purchase. Sometimes more of a down payment is needed than a first home. It all depends on the mortgage option that works best for your financial situation. It's best to be prepared and have a down payment saved up ahead of time. 

Evaluate Debt to Income 

Your debt to income ratio is a major factor in a mortgage loan. You'll want to evaluate your current situation and start making improvements in areas you can. Our team can also take a look at your finances and make suggestions on how to best set yourself up for approval on a second home mortgage. 

Consider Additional Budgetary Factors

While the mortgage payment is likely the largest cost of buying a second home, you'll want to consider the other factors you may not have with your primary residence. Security, maintenance, a dock, and special insurance for waterfront properties are all additional costs you'll want to factor into your overall budget. 

Get Pre-Approved!

The most important step in starting the search for your second home is getting pre-approved. A pre-approval gives you an idea of how much of a home you can afford. It also gives you a leg up on the competition when it comes time to make an offer on your dream lake home!

With more homes coming on the market every day, now is the time to get serious about your second home search. Get your home buying journey started on the right foot and get pre-approved for a mortgage at Lake of the Ozarks today! To get started, give us a call at (573) 746-7211 or visit our website at www.yourlakeloan.com!

LIKE my Facebook Page, Follow me on Twitter 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’s positions, strategies, or opinions.

Reasons a Pre-Approval Should Be Your First Step In Buying a Home

Buying a home is an exciting but complex process, and for most people, it's the biggest purchase they will ever make. As a result, it's crucial to approach the process with a clear understanding of your financial capabilities. That's why our experienced mortgage lender in Lake Ozark, MO encourages you to secure a pre-approval as the first step you take when buying a home.

A mortgage pre-approval indicates the amount of money you can borrow based on your credit score, income, debt-to-income ratio, and other factors. Here are some reasons why getting a pre-approval should be your first step in buying a home:

 

Know Your Budget

A pre-approval will give you an accurate idea of how much house you can afford. This can help you narrow down your home search to properties that are within your budget, saving you time and effort. It's essential to set realistic expectations for your home search, and a pre-approval can help you do that.

 

Be Taken Seriously by Sellers

When you make an offer on a home, sellers want to know that you can secure the financing needed to close the deal. Having a pre-approval letter in hand shows that you're a serious buyer and can help you stand out in a competitive market.

 

Move Quickly When You Find the Right Home

In a competitive housing market, homes can go quickly. Having a pre-approval in hand can help you when you find the right home. You'll be able to make an offer right away and potentially close the deal faster, giving you an advantage over other buyers who haven't yet secured financing.

 

Identify Potential Issues Early

Obtaining a pre-approval can also help you identify any potential issues with your credit or finances that may affect your ability to secure a loan. If there are any issues, you'll have time to address them before you start house hunting.

Getting a mortgage pre-approval at Lake of the Ozarks should be the first step you take when buying a home. It gives you an accurate idea of your purchasing power, helps you stand out as a serious buyer, and allows you to move quickly when you find the right home. It also helps you identify potential issues early. Before you start your home search, make sure you have a pre-approval in hand. If you’re ready to get your mortgage pre-approval, give us a call at (573) 746-7211 or visit our website at www.yourlakeloan.com!

LIKE my Facebook Page, Follow me on Twitter 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’s positions, strategies, or opinions.

Meet The Team -- Team Lasson!

We are excited to feature our dedicated team! Team Lasson takes great pride in our hard work and community involvement. Whether you already live in the area or you are looking to relocate to Lake of the Ozarks, our experienced mortgage lenders in Lake Ozark, MO are here for you! Take a look below to learn more about our amazing team members!

MEET OUR TEAM:

Michael & Michelle Lasson

Michael and Michelle Lasson are Senior Loan Officers at First State Bank Mortgage in Osage Beach, MO, in the beautiful Lake of the Ozarks.  They began their mortgage careers in 2001 with a small mortgage company and have worked together as Team Lasson since the beginning.

Prior to the mortgage industry, Michael worked for a publishing company where he sold advertising for 10 years. During that time, he established numerous relationships with local real estate agents, and still works with many of them today, helping their clients through the mortgage lending process. 

Michelle worked for a real estate attorney for two years and a title company/law firm for nine years.  With her extensive real estate and mortgage industry experience, Michelle knows how to make loan process as smooth as possible and assists their clients every step of the way.

Michael and Michelle united their families in 1999 and have six children between the two of them.  They are also fortunate to have nine wonderful grandchildren.  Michael and Michelle enjoy spending time with their family and going camping as much as possible.

Having struggled through an adverse experience buying their first home together, Michael and Michelle made it their goal to make the mortgage loan experience as simple as possible for their clients.  They focus on providing prompt communication with both clients and real estate partners to ensure everyone knows where they are in the mortgage loan process, with the goal of getting the borrowers into their new home as quickly as possible.

Michael has received numerous nominations and awards during his career, including multiple honors as: 

• Affiliate of the Year by Bagnell Dam Association of REALTORS®
• Best Mortgage Provider by Lake Lifestyles Magazine
• Best Mortgage Provider by Missouri Magazine

Michael and Michelle are also active members of the following organizations:

• Bagnell Dam Association of REALTORS®, where they each serve on multiple committees
• Lake of the Ozarks Board of REALTORS®
• Lake Area Chamber of Commerce, where Michael serves on the Board
• Camdenton Area Chamber of Commerce
• Eldon Chamber of Commerce

Toni Butler

Toni is the mortgage loan processor for Michael and Michelle Lasson. As a member of Team Lasson, she works closely with the loan officers to get their borrowers’ questions answered as quickly as possible.

She has been in the mortgage industry for about 30 years and has been a loan processor for 10 years. Toni really enjoys helping borrowers through the mortgage lending process and getting them into their new properties, it is very rewarding and gratifying for her.

Toni lives at the beautiful Lake of the Ozarks and just loves it! She spends her free time swimming, boating, gardening and visiting the gorgeous beaches in Florida. She has two grown children and one beautiful granddaughter that she simply adores!

Our team is a proud member of our amazing community and we cannot wait to help you make your goals of homeownership a reality! Team Lasson works day in and day out to make sure you are informed and comfortable throughout the entire home buying process! Experience the difference when you work with the best mortgage lender in Lake Ozark, MO. To get the ball rolling and get pre-approved, give us a call at (573) 746-7211 or visit our website at www.yourlakeloan.com!

LIKE my Facebook Page, Follow me on Twitter 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’s positions, strategies, or opinions.