VA Home Loans for Home Purchase in Missouri
With a Purchase Loan in Missouri, VA can help you purchase a home at a competitive interest rate, and if you have found it difficult to find other financing.
About the VA Home Loan Guaranty
Most VA Home Loans are handled entirely by private lenders and VA rarely gets involved in the loan approval process. VA "stands behind" the loan by guaranteeing a portion of it. If something goes wrong and you can't make the payments anymore, the lending institution can come to us to cover any losses they might incur. The VA loan guaranty is the "insurance" that we provide the lender.
VA Home Loan Advantages
The guarantee VA provides to lenders allows them to provide you with more favorable terms, including:
- No down payment as long as the sales price doesn't exceed the appraised value.
- No private mortgage insurance premium requirement.
- VA rules limit the amount you can be charged for closing costs.
- Closing costs may be paid by the seller.
- The lender can't charge you a penalty fee if you pay the loan off early.
- VA may be able to provide you some assistance if you run into difficulty making payments.
You should also know that:
- You don't have to be a first-time homebuyer.
- You can reuse the benefit.
- VA-backed loans are assumable, as long as the person assuming the loan qualifies.
Learn more about VA Home Loans in Missouri:
You must have suitable credit, sufficient income, and a valid Certificate of Eligibility (COE) to be eligible for a VA-guaranteed home loan. The home must be for your own personal occupancy. The eligibility requirements to obtain a COE are listed below for Service members and Veterans, spouses, and other eligible beneficiaries.
VA home loans can be used to:
· Buy a home, a condominium unit in a VA-approved project
· Build a home
· Simultaneously purchase and improve a home
· Improve a home by installing energy-related features or making energy efficient improvements
· Buy a manufactured home and/or lot.
Eligibility Requirements for VA Home Loans
Service members and Veterans
To obtain a COE, you must have been discharged under conditions other than dishonorable and meet certain service requirements.
The spouse of a Veteran can also apply for home loan eligibility under one of the following conditions:
- Un-remarried spouse of a Veteran who died while in service or from a service connected disability, or
- Spouse of a Service member missing in action or a prisoner of war
- Surviving spouse who remarries on or after attaining age 57, and on or after December 16, 2003
(Note: a surviving spouse who remarried before December 16, 2003, and on or after attaining age 57, must have applied no later than December 15, 2004, to establish home loan eligibility. VA must deny applications from surviving spouses who remarried before December 6, 2003 that are received after December 15, 2004.)
- Surviving Spouses of certain totally disabled veterans whose disability may not have been the cause of death
Other Eligible Beneficiaries
You may also apply for eligibility if you fall into one of the following categories:
- Certain U.S. citizens who served in the armed forces of a government allied with the United States in World War II
- Individuals with service as members in certain organizations, such as Public Health Service officers, cadets at the United States Military, Air Force, or Coast Guard Academy, midshipmen at the United States Naval Academy, officers of National Oceanic & Atmospheric Administration, merchant seaman with World War II service, and others
Restoration of Entitlement
Veterans can have previously-used entitlement "restored" to purchase another home with a VA loan if:
- The property purchased with the prior VA loan has been sold and the loan paid in full, or
- A qualified Veteran-transferee (buyer) agrees to assume the VA loan and substitute his or her entitlement for the same amount of entitlement originally used by the Veteran seller. The entitlement may also be restored one time only if the Veteran has repaid the prior VA loan in full, but has not disposed of the property purchased with the prior VA loan. Remaining entitlement and restoration of entitlement can be requested through the VA Eligibility Center by completing VA Form 26-1880.
Access Capital Funding, LLC provides the most competitive rates and programs in Missouri and Illinois. Call or email us today for more information on how we can be of service to you.