VA Home Loans for Missouri Veterans

kevin-pearia-va-home-loansFor many military members, there is no greater joy than completely service and finally being able to lay some roots, and the first order of business for many is to purchase a home. However, in recent years, purchasing a home hasn’t been as easy as it once was. Conventional lenders have increased their lending requirements sometimes making it nearly impossible for the average borrower to secure financing.

However, the large down payments and high credit requirements of conventional lending don’t have to mean the end of the road for military

members wishing to purchase a home. The VA home loan is one of the most practical and affordable lending products available to veterans and active duty members, and can help those interested achieve homeownership in as little as 60 days.

What is a VA Home Loan?

A VA home loan is a mortgage loan distributed through the VA Home Loan program that is partially backed by the Department of Veteran Affairs. Although the VA itself does not distribute VA loans, the guarantee it offers allows interested military members borrower benefits that they would otherwise be ineligible to receive.

What Are the Benefits?

With many lending programs, especially conventional lending, borrowers are able to achieve great benefits, but they have to pay for them – usually thousands of dollars. To receive better interest rates, they have to pay a down payment of 20 percent, large closing fees, and for private mortgage insurance, out-of-pocket expenses many can’t afford in this economy. However, with a VA home loan, Missouri veterans are able to secure financing complete with the following benefits:

  • No down payment needed
  • Competitive interest rates
  • Flexible loan terms
  • No private mortgage insurance required

The VA Home Loan program also makes homeownership more affordable by providing eligible borrowers with high loan limits. In Missouri, the VA loan limit is $417,000 which means that eligible military members can secure 100 percent financing without a down payment or needing to secure additional financing elsewhere.

Who is Eligible?

To make homeownership for accessible to veterans, the VA home loan program has some of the most lenient eligibility requirements of any lending program on the market. In addition to submitting a Certificate of Eligibility, service members must simply meet one of the following service requirements:

  • Served for at least 90 days during wartime
  • Served for at least 181 days during peacetime
  • Served for at least 6 years in the Reserves or National Guard

The VA Home Loan program does not have any income or credit requirements, but most VA approved lenders will desire to see proof of a stable income and a mid range credit score of at least 620 in order to secure financing. If you have any questions about the VA loan or the application procedure, contact your local VA mortgage specialist.

About the author:

“Kevin Pearia is a mortgage commentator for Veterans United Home Loans, and has been featured in blogs such as Mortgage News Daily for his thoughts on the mortgage industry. Kevin grew up in Wentzville, MO and is currently enrolled at the University of Missouri – Columbia (Mizzou). “

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