VA Loan in Rolla, MO

Mortgage Store, LLC in Rolla helps homeowners secure VA loans. 

In 1944, before the end of World War II, Congress passed the Servicemen’s Readjustment Act. The act offered a wide variety of benefits to eligible veterans, and the home-loan program was among its most important provisions.

Presently, the Department of Veterans Affairs oversees the VA home-loan benefit program. Like a borrower getting a conventional home mortgage, a VA loan borrower must go through a private lender, specifically one approved by the VA. Unlike a conventional home loan, however, a VA loan often does not require a down payment. Instead, you’ll need to pay a lowered funding fee. These loans are somewhat easier to qualify for than conventional mortgages, and they’re partially guaranteed by the VA as long as its guidelines are met.

Start Your VA Loan Pre-Qualification Process Here

Benefits of VA Loans

VA Home Loans offer the following features:

  • Interest rates that are a little lower than those of conventional loans

  • No down payment needed (if the purchase price doesn’t exceed the appraised value)

  • No private mortgage insurance required on loans of more than 80% of a home’s appraised value (which can often save borrowers $100 to $200 a month)

  • Strict limits on closing costs

  • No minimum credit score required

  • No prepayment penalty for eliminating your mortgage ahead of schedule

Who is Eligible for a VA Loan?

To be eligible for a VA Loan, veterans, active duty service members, National Guard members and reservists must meet the requirements created by the Department of Veterans Affairs. Spouses of military members who died while on active duty or as a result of a service-related disability may also be eligible.

It's ultimately up to the VA to determine eligibility for the home loan program, but here is a list of basic eligibility guidelines to give you an idea of your potential eligibility.

You may be eligible for a VA Home Loan if you meet one or more of the following conditions:

  • Served 90 consecutive days of active service during wartime, OR
  • Served 181 days of active service during peacetime, OR
  • You have more than 6 years of service in the National Guard or Reserves, OR
  • You are the spouse of a service member who has died in the line of duty or as a result of a disability obtained during service.

Contact us today at (573) 364-5626 to see if a VA Home Loan is the right solution for you.

Click Here for More Information About VA Loans from the US Department of Veterans Affairs

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