A Missouri VA home mortgage loan is a great choice for
those who have served our country. They are very attractive
because allow some flexibilty other programs can not provide.
It is not uncommon for veterans to buy their homes with no money
down and it is the VA loan program that makes this easy to do.
The VA also guarantees the lender on the loan. This means veterans
do not need to pay for private mortgage insurance (PMI). Closing
costs can also be reduced with this program.
In addition to the benefits found in above, the Veterans also
have some great refinancing options.The Interest Rate Reduction
Loan (IRRL) makes refinancing your VA loan easy and affordable.
VA guaranteed loans are made by private lenders, such as banks,
savings & loans, or mortgage companies to eligible veterans
for the purchase of a home which must be for their own personal
occupancy. The guaranty means the lender is protected against
loss if you or a later owner fail to repay the loan. The guaranty
replaces the protection the lender normally receives by requiring
a down payment allowing you to obtain favorable financing terms.
Here is how the process works:
1. Select a home and discuss the purchase with the seller or
selling agent. Sign a purchase contract conditioned on approval.
2. Call us and present us with your Certificate of Eligibility
and complete a loan application.
3. We will develop all credit and income information. We will
also request VA to assign a licensed appraiser to determine the
reasonable value for the property. A Certificate of Reasonable
Value will be issued. Note: You may be required to pay for the
credit report and appraisal unless the seller agrees to pay.
4. We will let you know the decision on the loan. You should
be approved if the established value and your credit and income
are acceptable.
5. You (and spouse) attend the loan closing. We or closing attorney
will explain the loan terms and requirements as well as where
and how to make the monthly payments. Sign the note, mortgage,
and other related papers.
6. The loan is sent to for guaranty. Your Certificate of Eligibility
is annotated to reflect the use of entitlement and returned to
you.
You certainly have many choices when choosing a lender for your
mortgage loan. We assist you in simplifying the process. Put our
experience and our knowledge to work for you.
As professionals in the mortgage lending industry, we have built
our reputation on providing outstanding service to our clients.
That means you can count on us to always look out for your best
interests, and to keep you informed throughout every step of the
lending process.
If you would like more information or have any questions, please
give us a call at 808.357.5326
