VA Loan Experts, Missouri Vet and VA Loans, Offers Expert Advice for Getting Approved
Missouri Vet and VA Loans helps veterans and their spouses improve their odds of being approved for their first VA home loans.
Per the experts at Missouri Vet and VA Loans, you must have served in the Army, Air Force, Coast Guard, Marines, Navy, National Guard, or military public health services in order to qualify for a VA home loan. You must have at least 90 days of active duty service after September 16, 1940, and you must have received either an Honorable Discharge or a General Discharge under honorable conditions. Finally, you must plan to use the home you purchase with a VA loan as your primary residence; these loans cannot be used to purchase secondary homes, homes that you intend to "flip," or homes that you will rent or lease.
Benefits of VA Home Loans
If you meet the above criteria and you plan to buy a home, there are several benefits associated with pursuing a VA loan as opposed to a traditional mortgage loan. The VA does not require you to have a down payment, though the lender may require it in some situations. You will not be required to carry private mortgage insurance (PMI) which can increase your monthly payments substantially. Many vets and active servicemembers appreciate the VA's limitations on closing costs, and in some cases, the seller may pay these costs.
The VA does not require a minimum credit score in order to provide you with funding, but the lender you choose may have its own unique set of credit requirements. This is why it is so very important to obtain your Certificate of Eligibility early on and shop around for the best deals. Most lenders will want to see a credit score of 620 or higher, which is quite a bit lower than the score lenders require for traditional mortgages.
To learn more about VA loans in the state of Missouri and how you can easily qualify to buy your first home, visit Missouri Vet and VA Loans' website today. You can also contact the experts at (314)782-5439 or via email at mschomaker@mortgage-
Missouri Vet And VA Loans.