The truth about VA loans;  St. Louis Mortgage rate update

Recently, I heard a radio commercial about “special” financing for certain veterans implying this “special” loan is available for a “limited time only.” The good news is that the Veterans Administration (VA) offers an ongoing mortgage loan program to benefit members of the armed forces who have generally served for two years in peace time, or 90 days during conflict. Members of the National Guard or Reserves who have served for six years are eligible along with widows of veterans if the veteran died in a service-related incident. The VA offers loans to: Purchase a New or Existing Home, Rate Reduction Refinance, and Cash-Out Refinance. Borrowers are evaluated by their credit worthiness and their ability to show stable and sufficient income to cover the costs of owning a home, cover other obligations and expenses and have enough left for family support. Traditional credit scoring is not used by the VA in underwriting. Non-married co-borrowers are not permitted. VA loans must be the borrowers’ primary residence.

The VA offers zero money down program for home purchases. Closing costs can be paid by the borrower, the seller, or a combination of both. Closing costs generally include; VA Appraisal, Credit Report, Origination Fee, Discount Points, Title Search & Insurance, Recording Fees, Survey and applicable taxes. A borrower may get into a home with absolutely no money of their own. The seller can pay off debts for the veteran – up to 4% of the loan amount. The funding fee is an administrative fee paid to the VA and can be financed into the loan. Veterans with service-related disabilities may not have to pay a funding fee.

VA Loan Highlights:

  • No Down Payment-100% Loan Financing
  • Cash out or rate and term refinancing
  • No Mortgage Insurance Required
  • 30-Year Fixed Rate or 3-1 Arms
  • No Pre-Payment Penalty

St. Louis MORTGAGE INTEREST RATES for July 18, 2012:

· Conventional 30-Year Fixed 3.750%/ 4.050% APR

· Conventional 15-Year Fixed 2.875%/ 2.910% APR

· Conventional 5/1 ARM 2.375%/ 2.625% APR

· FHA/VA 30 Year Fixed 3.625%/ 3.866% APR

· Jumbo 5/1 ARM 2.875%/ 3.66% APR

· Jumbo 15 yr Fixed 3.25%/ 3.3.55% APR

· Jumbo 30 yr Fixed 4.625%/ 4.885% APR

*The above mortgage rates are based upon an 80% LTV, o/o single family with FICO scores of 720.

Paramount Mortgage is a locally owned Mortgage Banker celebrating our 41st year. Great rates and programs are secondary to what is most desired in a lender relationship: Integrity, Communication and Customer Satisfaction. Be to check out our website: www.paramountmortgage.com

For more information or if you have questions on mortgage rates you may contact me by phone at my direct line, (314) 372-4319, email at rfishel@paramountmortgage.com or you can visit our company website at http://www.paramountmortgage.com.

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