There’s nothing better than VA Loans for Lee’s Summit Homes! It’s probably the best mortgage program out there right now and it’s a great way to get a new home, however there are some qualifications that you must meet to get a VA home loan! We’d like to cover those in this blog post and help you understand why this mortgage program is the best out there.
In order to get a home in Lees Summit, MO using a VA Loan you’ll need to do the following things.
- Served active duty in ANY branch of the United State Armed Forces
- Air Force, Army, Coast Guard, Marines, Navy, or any of the reserve equivalents of these branchs. (if you served in the reserves or National Guard you must have served for 6 years.)
- Upon your discharge from the military, you must receive an honorable discharge or a general discharge (for honorable reasons) or you currently serving on active duty.
- The only condition in which you don’t qualify for the VA Home Loan is if you were dishonorably discharged at the end of your service.
- You are the surviving spouse of a veteran killed in the line of duty.
- If you were married to a veteran that died during his/her duty, and have remarried you no longer have your VA loan eligibilty.
Now that you know what the eligibility requirements are for using VA Loans for Lee’s Summit Homes, let’s talk about why the VA loan is the best mortgage program out there!
- There is no down payment.
- The FHA loan requires, 3.5% or 5% down, Conventional loans require 20% and the VA Loan requires 0% down payments – making it an amazing deal!
- The loan limit in the Lees Summit area is $417,000 dollars
- That means that most of the houses in LSMO are available for you to purchase, however you must still qualify with your income and credit scores.
- Interest rates are usually better than conventional or FHA rates
- You also won’t have to pay PMI or Premium Mortgage Insurace on your VA mortgage
- There are no penalties for early payoff or a balance reduction!
- If you decide you’d like to refinance your home, you can use a VA streamline refinance as well!
Now that you know just how great VA Loans for Lee’s Summit homes are, why not click here to get pre-approved and start your home search today!
originally posted on our activerain blog