VA Loan Programs make home ownership more affordable for Veterans; St Louis Mortgage Interest Rate Update

The VA loan program was designed to make home ownership more obtainable for eligible veterans. Home purchases with VA loans must be the veteran’s primary residence. There is no down payment required; no mortgage insurance requirement and VA loans do not incur a pre-payment penalty. Eligibility:

Members of the armed forces who have generally served for two years in peace time, or 90 days during conflict are eligible for a guaranteed VA home loan. Members of the National Guard or Reserves who have served for six years are eligible. Widows of veterans are eligible if the veteran died in a service-related incident.

There are special circumstances for some veterans regarding eligibility.

Qualifying

The VA offers loans to:  Purchase a New or Existing Home, Rate Reduction Refinance, and a Cash-Out Refinance.  Borrowers are evaluated by their credit worthiness and there ability to show stable, sufficient income to cover the costs of owning a home, cover their other expenses and have enough left for family support.

Money

A borrower may get into a home with absolutely no money of their own. The VA offers zero money down program. 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. The seller can pay off debts for the veteran – up to 4% of the loan amount.

Funding Fees

The funding fee is an administrative fee paid to the VA and can be financed into the loan. The funding fee is 2.15% for veterans and 2.4% for reservists who have not used their eligibility, or 3.35% for anyone who has used their eligibility. Veterans with service-related disabilities may not have to pay a funding fee.

St. Louis Mortgage Rates for April 13, 2011

  • Conventional 30-Year Fixed 4.875%/ 5.402% APR
  • Conventional 15-Year Fixed 4.125%/ 4.607% APR
  • Conventional 5/1 ARM 3.500%/ 3.277% APR
  • FHA/VA 30 Year Fixed 4.750%/ 5.375% APR
  • Jumbo 5/1 ARM 3.500%/ 3.380% APR
  • Jumbo 15 yr Fixed 4.25%/ 4.53% APR
  • Jumbo 30 yr Fixed 5.250%/ 5.625% APR

Paramount Mortgage is a locally owned Mortgage Banker; we just celebrated our 40th anniversary. Great rates and programs are secondary to what is most desired in a lender relationship. The most sought-after aspects in this industry cannot be easily translated onto paper…learn more about us here.

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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