If you are a veteran or active military member and are thinking of purchasing a home, then you need to know about VA loans.
If you are not familiar with VA loans, they were created by the Veteran’s Administration to help more veterans and active duty to be able to purchase homes. Here at Prime Lending we are your Springfield VA loan experts along with the surrounding communities like Ozark, Nixa among others.
VA loans make it as easy as possible for you to be able to move into your own home. The biggest advantage of a VA loan is that you can own a home for no money down; that’s right you can move in a new home without putting any money down. When you compare that to a conventional loan which typically has a down payment of 20% or an FHA loan which still has a 3.5% down payment, a VA loan is the best solution if you qualify. Lack of a down payment is usually the biggest hurdle that keeps people from owning a home, but with a VA loan that isn’t a problem. The other big advantage of a VA loan is that the financial requirements are much looser compared to a conventional loan. In fact, statistics show that a good majority of people who qualify for a VA loan wouldn’t qualify for a conventional loan. There are of course minimal financial standards that are required, but they are not as strict as you find with other loan programs.
VA loan rates are also just as low as you’d find with other loan type, and are at historic low levels. So if you are a veteran or currently serving in the military and you’ve been thinking of purchasing a home, now really is a great time to take advantage of low interest rates and low home prices. There are some limitations to keep in mind. Each applicant has to meet the eligibility standards set by the Veterans Administration. While you don’t need perfect credit, there are still some limits you need to meet as well as income qualifications to keep in mind. There is also a loan limit on the size of the loan. The loan limit changes from state to state and county to county. In Springfield and the rest of Missouri, the loan limit can not exceed $417,000. With the average home price in Springfield being only $115,000 you’ll be able to find many homes that qualify for this great program.
If you’ve already purchased a home with a VA loan but feel that you may be paying too much on your mortgage, we have a solution for you. The VA has a refinance program called the VA streamline refinance and it was created to help those that bought during the housing boom at higher rates. It’s a refinance program that can help you move into a lower rate much quicker and cost less than a traditional refinance. We can easily show you how much you could save with a streamline refinance. Whether you want to purchase a new home or refinance your current VA loan we can help you with all your VA loan needs. Just follow the links below to our interactive tools on our site, tell us about your situation and we’ll get back to you with a quote personalized just for you.