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.
Benefits of VA Loans
VA Home Loans offer the following features:
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.
Contact us today at (573) 364-5626 to see if a VA Home Loan is the right solution for you.