There are two types of home loans in Missouri that offer noticeable benefits. Both are worth pursuing if you qualify.
The first is a Missouri USDA loan. If you are looking for a mortgage in a rural area, consider a Missouri USDA rural development loans. With this program, over 1 million homebuyers have bought homes with little or no money down. The other USDA benefits are complete financing, 30 year fixed rates, and low payments. These advantages don’t apply to everyone though. Knowing if you qualify first can be a smart first step.
To qualify, consider your location, income, and credit. Location is dependent on the property is USDA eligible. Income refers to the cap which you must stay under, which is $75,000 per year. It must also be under 115% of the average income in the area. Credit refers to credit score. You must have a score of at least 620 or strong credit history. Contact a mortgage consultant to learn more.
The second type of loan is for veterans in St. Louis. Qualifying for a St. Louis VA home loan is often easier than a regular mortgage. Anyone who served in the armed forces should consider the 100% financing and lack of down payment that comes with a St. Louis VA loan.
Benefits vary widely based on how long you served, but three things that are always necessary are having a good credit score, income, and a valid Certificate of Eligibility.
Considering a Missouri USDA loan or a St. Louis FHA loan could save you significant amounts of worry, hassle, and money in the long run.
Now, the best part, the advantages you get to receive once accepted. You get 100% financing, and there is no down payment needed, allowing even your closing costs and any additional fees to be rolled into your monthly mortgage payments. Another advantage is the low monthly private mortgage insurance or the PMI. Last, there are fixed rates on both 15 and 30-year loans, allowing for your rates to never increase over the course of your loan.
The USDA loan provided by Liberty Lending Consultants St. Louis mortgage companies can help someone start a new chapter in their life. They are available to assist with any questions regarding the USDA Rural Development Home Loan or the home buying process in general.