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 home loan. 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 being 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 a strong credit history. Contact a mortgage consultant to learn more.
The second type of loan is for veterans in St. Louis. Qualifying for a Missouri VA 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 VA loan could save you significant amounts of worry, hassle, and money in the long run.