VA Loan

A VA Loan is a mortgage loan partially guaranteed by the U.S. Department of Veterans Affairs (VA). Congress passed the Servicemen’s Readjustment Act in 1944 to offer a number of benefits to veterans or their surviving spouses. One of those benefits was the VA Loan program designed to help American veterans with home loans when private financing might not be available. By guaranteeing the loan, Veterans are able to receive more favorable loan terms and conditions than other loan programs such as 100 percent financing. For over 11 years, 360 Mortgage Inc. has offered VA loans to our veterans throughout Liberty, Kansas City, Kearney, and surrounding Missouri communities.

Most veterans, active military, and spouses of deceased military members are eligible to apply for a VA loan. Over 20 million home loans have been guaranteed by The Department of Veterans Affairs since the establishment of the VA loan over 70 years ago. Certain credit and income requirements will need to be met by borrowers in order to qualify for the program. A Certificate of Eligibility (COE) will also need to be acquired before applying for a VA Loan. The VA loan program can offers a number of advantages over comparable loan programs.

Benefits of a VA loan:
  • No down payment if the appraised value is not greater than the sale price
  • No pre-payment penalty
  • VA regulation limits closing costs
  • No private mortgage insurance (PMI) premium
  • VA funding fees (up to 3.3%) can be rolled into the loan
  • The VA Loan is an assumable loan which means a buyer can take over, or “assume” a seller’s existing loan.
  • Up to $417,000 loan amount with no down payment. This can be higher in certain counties.
County Single-Family Duplex Triplex Fourplex
Clay $417,000 $533,850 $645,300 $801,950
Jackson $417,000 $533,850 $645,300 $801,950

VA Loans are available for both purchases and refinances. The most common types of VA loans are:
  • Purchase Loans - Allow veterans to purchase a primary residence at a competitive interest rate. 
  • Interest Rate Reduction Refinance Loan (IRRRL) - Existing VA loans can be refinanced at a lower rate through this program. This is also referred to as a Streamline Refinance Loan.
  • Cash Out Refinance Loans – An alternative loan available for other needs such as home improvements, schooling, or managing certain debts. 
Many loan options and resources are available to American veterans through the VA. Whether you are looking to refinance an existing VA loan for a more favorable rate, or are ready to purchase your very first home, the 360 Mortgage Inc. team will help you find the VA loan that meets your needs. For more information on VA purchase or refinance loans in Missouri, contact us today.

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