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  Introduction To VA Loans  


What is a VA Guaranteed Home Loan?

VA-Guaranteed Home Loans are made by private lenders, such as banks, savings and loans or mortgage companies These loans are made to eligible veterans for the purchase of a home for their own personal occupancy. VA guarantees the loan to protect the lender against loss if the payments are not made. VA-Guaranteed Home Loans are intended to encourage lenders to offer veterans loans with more favorable terms.

What can a VA Guaranteed Home Loan
be used for?

  • To buy a home
  • To buy a condominium or townhouse in a VA-approved project.
  • To build a home. To repair, alter, renovate and improve a home.
  • To simultaneously buy and improve a home.
  • To improve a home by installing energy efficient features (solar heating/cooling systems, water heaters, insulation, weather-stripping/caulking, storm windows/doors or other energy efficient improvements approved by both the lender and VA).
  • To refinance an existing home loan to reduce the interest rate.
  • To buy a manufactured (mobile) home and/ or lot.
  • To buy and improve a lot on which you intend to place a manufactured home you already own and occupy.
  • To refinance a manufactured home loan so that you can buy a lot.

    What are some of the advantages of a VA-Guaranteed Home Loan?

  • Equal opportunity for all qualified veterans to obtain a loan.
  • No down payment (unless required by the lender or the purchase price is more than the reasonable value of the property).
  • No down payment loans up to $417,000 for qualified veterans ($625,000 in Hawaii, Alaska, US Virgin Islands and Guam)
  • Buyers informed of reasonable value.
  • Negotiable interest rates.
  • Limitations on closing costs.
  • Mortgages are assumable. Long amortization (repayment) terms.
  • No mortgage insurance premiums.
  • Right to prepay without penalty.
  • For new construction, a warranty from builder and assistance from VA to obtain builder's cooperation.
  • VA assistance to veteran borrowers in default due to temporary financial difficulty.
  • VA-Guaranteed Home Loans DO NOT...

  • Guarantee that a home is free of defects. It is the veteran's responsibility to assure that they are satisfied with the property being purchased.
  • The VA appraisal is not intended to be an "inspection" of the property. A veteran should seek expert advice from a qualified residential inspection service before legally committing to a purchase agreement.
  • If you have a home built, VA cannot compel the builder to correct construction defects; although VA does have the authority to suspend a builder from further participation in the home loan program.
  • VA cannot guarantee that a veteran is making a good investment.
  • VA cannot provide a veteran with legal services.
  • Requirements for VA-Guaranteed Home Loan Approval

  • You must be an eligible veteran who has available home loan entitlement (except in the case of the interest rate reduction refinancing loan).
  • The loan must be for an eligible purpose.
  • You must occupy or intend to occupy the property as your home within a reasonable period of time after closing the loan.
  • You must have enough income to meet the new mortgage payment son the loan, cover the costs of owning a home, take care of other obligations and expenses and still have enough income left for the family support (a spouse's income is considered in the same manner as the veteran's).
  • You must have a good credit record.

    The Guaranty

    If the loan is approved, VA guarantees the loan when it is closed. The guaranty means the lender is protected against loss if you or a later owner fails to repay the loan.

    Get started!
    Contact Citizen's Mortgage Company today!

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    Citizens Mortgage Company

    496 Old Route 66,
    St. Robert, MO 65584

    info@citizens.biz

    Toll Free: 800.440.2666
    Ph: 573.336.2666
    Fax: 573.336.2668

     

    Relocating? 
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    Call Citizens Mortgage Company
     for your home loan needs at
    573.336.2666 
    or
    Toll Free 1.800.440.2666

    Serving the Fort Leonard Wood,
    Waynesville and St. Robert Missouri areas.

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