Missouri VA Loans
If you are a qualified veteran looking to purchase a house in Missouri, you should consider using a VA Loan to buy the property and take advantage of the many benefits extended to you. Since 1944 the VA Home Loan Guaranty Program has helped place millions of veterans and their families into their dream homes. Today you can still get a VA Loan for a great deal. Whether you are looking to move off base for the first time, build your ideal house or upgrade to a bigger family home, with a VA Loan the process is much simpler and more affordable.
No Down Payment
When you buy a house with a VA Loan you are not required to provide a down payment. With a conventional Missouri home loan you might have to pay upwards of 20% of the total cost of the house for a down payment. This can get very expensive, especially for young couples and new families who don’t have that much money saved up. Plus, the loan limits in Missouri counties are higher than ever, which means you can qualify for a loan in the upper six-figures and still not have to supply a down payment.
No Monthly Insurance
Besides not having to supply a down payment, you also won’t have to purchase private monthly mortgage insurance. This is because the VA guarantees a portion of your loan which is how much they will pay the lender in the event of a default on the loan. Basic entitlement for the guaranty is up to 25% of the loan.
Low Interest Rates
As a qualified veteran with a VA Loan, you are a very secure and desirable borrower. This means you will often get a great interest rate on your loan. You may even be able to get a rate that is below the current mortgage market rate.
Once you have your VA Loan, refinancing is incredibly easy. The VA has created the Interest Rate Reduction Refinancing Loan (IRRRL) to make the process as affordable as possible. The IRRRL is also called the VA Streamline Refinance because you won’t be required to supply any additional paperwork or incur any out-of-pocket expenses.
How to Get Started Today
It’s never been easier to get started with a VA refinance. Simply fill out our secure 1-minute quote request form and start comparing rates today.