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St. Louis Mortgage Rate Update; VA Loans Offer Great Terms to Veterans

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. A Certificate of Eligibility and DD214 are required.

A borrower may get into a home with absolutely no money of their own. Closing costs can be paid by the borrower, the seller, or a combination of both. 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. 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. A down payment of 5% or more reduces the amount of the funding fee. Veterans with service-related disabilities may not have to pay a funding fee. Cash-out refinances (up to 90% LTV) incur the same fees as above. Rate reduction refinance incurs only a 1/2% funding fee.
Two-veteran households qualify for the same amount. Non-married co-borrowers are not permitted. Home purchases with VA loans must be for the borrowers’ primary residence. 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 over for family support.

Highlights of the VA Loan Program:

  • No Down Payment
  • 100% Loan Financing
  • No Mortgage Insurance Required
  • 30-Year Fixed Rate or 3-Year Arms
  • No Pre-Payment Penalty

St. Louis MORTGAGE INTEREST RATES for December 15, 2011:

  • Conventional 30-Year Fixed 4.00%/ 4.190% APR
  • Conventional 15-Year Fixed 3.375%/ 3.565% APR
  • Conventional 5/1 ARM 2.500%/ 3.159% APR
  • FHA/VA 30 Year Fixed 3.875%/ 4.085% APR
  • Jumbo 5/1 ARM 2.750%/ 3.011% APR
  • Jumbo 15 yr Fixed 3.625%/ 3.875% APR
  • Jumbo 30 yr Fixed 4.875%/ 5.125% 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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1 comment to St. Louis Mortgage Rate Update; VA Loans Offer Great Terms to Veterans

  • That which you are requiring is a standard bank that will perform
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    this. Have you ever possessed a home or are thinking of purchasing
    one you might have noticed the term loan to value or “LTV”
    for brief. This is a calculation that reflects the amount
    of financial debt you owe against your home as
    being a proportion. For instance should you owned a home
    really worth $200, 000 so you had the $100, 000 mortgage loan,
    your mortgage loan would represent 50% of the value of your house and so the financial loan to value
    will be 50%. If you want to buy a home having a 5% deposit which means you need a
    mortgage loan which is 95% personal loan to worth.
    Mortgages that are over 75% loan in order to value are believed high ratio mortgages and normally require CMHC higher ratio mortgage insurance coverage.
    This insures the lender regarding monies lost in case you default on the home loan.

    Often the more collateral you have in your house the simpler it
    is to obtain a home loan. You will find equity loan companies that offer equity only mortgages
    therefore even if you have got bad credit or even difficulty proving your income they will help should you have sufficient equity.
    Generally these lenders enjoy mortgage loans no more than 80% financial loan to
    worth. During the past when you wanted to refinance your house the CMHC
    accustomed to high ratio insure mortgage loan refinances as much as 95% financial loan to
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    to value to 90%. CMHC also used to guarantee high ratio lines of credit but also announced
    that they can no longer be insuring those anymore either.

    ninety LTV Refinance Reviewed top rated listing of Refinance Lenders from Reviews If you want to calculate just how
    much lendable collateral you have in your home depending on that loan to value
    all you have to get it done take your property value, multiply it
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    obtain a loan with only 10% down and then finance the

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