VA Loans in St. Louis, MO
What’s a VA Loan?
The VA loan program is a specialized loan available only to eligible Veterans. The VA loan is insured by the Federal Government, though the loan is held and serviced by mortgage banks. The VA loan has a number of special features that truly make it a great deal for those who serve our country. AND, at First Integrity Mortgage we waive our lender fee of $985 for all veterans that are utilizing their VA benefit through a VA Home Loan!
What makes a VA loan different?
VA loans are unique in a number of ways that make it a stand-out loan. First, there is no required down payment from the Veteran. Second, there is no monthly mortgage insurance. This allows qualified veterans to qualify for a higher priced house with the same payment as perhaps a lower priced house on a conventional or FHA loan. The VA does have a funding fee charged to the Veteran, but it can be added to the loan amount and financed so no cash out of pocket. The seller is also allowed to pay up to 4 percent of the sales price towards the Veterans closing costs and prepaids.
What kind of VA Loans are there?
VA loans can either be a fixed rate for 10, 20 or 30 years, they also offer an ARM program (ARM loans are Adjustable Rate Mortgages. On VA Loans, ARMS are typically lower rate caps effectively lowering the risk of the market).
VA loans can be used for a number of things. You can purchase your new home with a VA loan (as long as it is your primary residence) or you can also refinance your home using a VA loan.
Refinances can be either rate and term (just the balance you owe and the cost to close) or a cash out (cashing out a portion of the equity in your house as well as refinancing the old loan). VA Loans also offer the IRRL (Interest Rate Reduction Loan) refinance, where a refinance can be done on the principal balance with no appraisal. This loan has helped many Veterans take advantage of lower mortgage rates even if their property has lost value since the original purchase. VA also offers a renovation or home improvement loan product so with a VA loan you can improve the property you are looking to buy or already own and still take advantage of the VA loan program.
If you have questions about your VA eligibility, Veterans can go to the VA benefits website and request a COE (Certificate of Eligibility). Your First Integrity Mortgage Services loan specialist is also able to help with the COE, should you need it.
If you are an eligible Veteran or knows someone who is and would like more information on the VA loan program, please contact Christine Elbert at celbert@firstintegrity.com or 314-495-1865.