St. Louis VA Loans
If you are a veteran and looking to find a house in the St. Louis area but don’t want to spend a fortune getting a loan, you should look into obtaining a Missouri VA Loan. The VA has extended many benefits to military personnel and veterans including a simple, inexpensive way to get a loan for you new home or building project.
What costs are involved?
What makes the VA Loan so appealing for veterans buying homes in St. Louis is there is NO down payment. The loan limits are very high in St. Louis which means you can get a VA Loan Guaranty for a bigger, better house and still not have to put a down payment on the house.
A VA Loan is also more affordable than a conventional loan because you won’t have to pay monthly Premium Mortgage Insurance (PMI). Plus, with a guaranty from the VA there is a good chance you will be able to negotiate a lower interest rate with your private lender than with a conventional loan.
Who qualifies?
If you are currently serving in the military, you can qualify for a VA Loan after 181 days of continuous, regular service. Veterans who served overseas during wartime qualify if they served 90 days or 181 days in those countries during peacetime.
The first step to getting a VA Loan is filling out the VA’s eligibility form online which can also be sent in by mail. A VA loan specialist can help you expedite this process.
Once your eligibility is determined, you will need to provide financial documents like credit checks and income statements. You can also get a joint loan with your non-military spouse but they too will be required to provide financial statements.
St. Louis is a popular city to live in, but that doesn’t mean you can’t afford to buy a house there. With the recent drop in housing prices, increased loan limits and no down payment, you are sure to find that perfect house for you and your family. Get started today!
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