Veterans of the US Armed Services who reside in the state of Missouri can take out a Missouri VA loan. This is a specialized type of home loan that allows veterans to either purchase a home or refinance an existing mortgage at a low rate and with beneficial terms. These loans are backed by the Department of Veteran Affairs (VA).
The VA loan program can seem confusing to some, but it’s actually extremely simple. VA loans are provided to veterans who have served honorably in the US military for a sufficient length of time. The VA wants to ensure that veterans are able and equipped to purchase homes and build wealth. But the VA cannot offer home loans itself, as it is not a lending institution. The VA therefore backs loans that are made to veterans by other lenders, and this allows the lenders to offer completive, advantageous terms and rates to these veterans.
There are many benefits to financing your home with a VA loan. Essentially, borrowing money is simply made easier. Some of the most common benefits are listed here.
It’s much easier to borrow funds and pay them back under terms such as these, and this is what makes the VA program so helpful and unique.
The eligibility requirements for the VA loan program are easy to meet, though it’s not easy to become a veteran. If you can make it through the military and get past that hurdle, you’re well on your way to funding your VA home loan.
You must be an American citizen, a veteran, have served at least 90 days of active duty continuously, and been discharged on honorable terms.
If you match this description, you’re qualified. Simply obtain a certificate of eligibility from the VA itself, and then contact a VA loan specialist to help you finish the application process and fund your loan.
You can use your veteran eligibility to refinance your current mortgage through a Missouri VA streamline refinance. This can save you a lot of money and hassle, as the streamline program makes refinancing much quicker and easier. It’s more affordable, too. Many of the fees are waived.
Above all else, make sure you get one of the best mortgage rates available on your VA loan. If possible, compare all lenders in your area and see which ones offer the best rates and terms. Don’t simply pick a lender at random and rush headlong into the wrong mortgage. Find the lender who can save you the most money and meet your needs.
If this task seems daunting to you, don’t worry. Use the form above to get in touch with up to four local lenders who are familiar with your area of Missouri and can give you detailed information about rates and VA loan limits. If you need more information, don’t be afraid to contact the Department of Veteran Affairs directly.
Missouri currently has 2 active military facilities. These are Whiteman Air Force Base and Fort Leonard Wood. Many veterans emerge from these facilities and purchase homes in Missouri with VA loans.