What types of properties can I buy with a VA home loan?

You can purchase various types of properties, including single-family homes, multi-family homes (up to four units), condominiums, and certain manufactured homes. The property must be your primary residence.

Can I use a VA home loan more than once?

Yes, you can use your VA loan benefits multiple times, provided you pay off the previous loan or restore your entitlement.

Are there any fees associated with VA home loans?

There is a VA funding fee, which helps offset the cost of the loan program to taxpayers. This fee can be financed into the loan amount. The funding fee varies based on your down payment amount, loan type, and whether you’ve used a VA loan before. Certain veterans, such as those receiving disability compensation, are exempt from this fee.

Can I refinance my VA home loan?

Yes, the VA offers a streamlined refinance program called the Interest Rate Reduction Refinance Loan (IRRRL). This program allows you to refinance your existing VA loan to obtain a lower interest rate or switch from an adjustable-rate mortgage to a fixed-rate mortgage. Additionally, the VA also offers a Cash-Out Refinance option, which allows you to take cash out of your home equity for any purpose.

VA loans Kansas City

Discover the benefits of VA home loans with Metropolitan Mortgage in Kansas City. Designed to assist veterans, active-duty service members, and eligible surviving spouses, VA home loans offer favorable terms and benefits. Learn how you can take advantage of this program and achieve your homeownership goals.

What is a VA Home Loan?

A VA home loan is a mortgage loan backed by the U.S. Department of Veterans Affairs. It provides flexible, low-interest loans for eligible veterans and service members. These loans are designed to make homeownership more accessible and affordable.

Benefits of VA Home Loans

VA home loans offer a range of benefits that make them an attractive option for veterans and their families. Here are some key advantages:

No Down Payment: Unlike conventional loans, VA home loans often do not require a down payment, making it easier for veterans to purchase a home without a substantial upfront cost.
Competitive Interest Rates: VA loans typically offer lower interest rates compared to conventional loans, helping you save money over the life of the loan.
No Private Mortgage Insurance (PMI): VA loans do not require PMI, reducing your monthly mortgage payments. PMI is usually necessary for conventional loans when the down payment is less than 20%.
Easier Qualification: The VA loan program provides flexible qualification requirements, making it easier for veterans with varying credit histories to qualify.
Assumable Loans: VA home loans are assumable, meaning that the loan can be transferred to a qualified buyer if you sell your home. This can be a significant advantage if interest rates have risen since you obtained your loan.
Foreclosure Avoidance: The VA offers assistance to veterans who are having trouble making their mortgage payments. This support can help prevent foreclosure and provide resources for financial counseling.

VA Loan Eligibility Requirements

To qualify for a VA home loan, you must meet one or more of the following criteria:

Served 90 consecutive days of active service during wartime
Served 181 days of active service during peacetime
Have more than 6 years of service in the National Guard or Reserves
Be the spouse of a service member who died in the line of duty or as a result of a service-related disability

Additionally, you must have a satisfactory credit history and sufficient income to cover the loan payments. Here is a table containing the funding fee based on the type of loan and down payment:

How to Apply for a VA Home Loan

Applying for a VA home loan with Metropolitan Mortgage is straightforward. Here’s a step-by-step guide to help you through the process:

Obtain Your Certificate of Eligibility (COE): The COE verifies to lenders that you qualify for a VA-backed loan. You can obtain this online through the VA’s eBenefits portal or with our assistance. The process involves submitting proof of your service, such as a DD214 for veterans or a statement of service for active-duty members.
Pre-Qualify for Your Loan: Contact us to pre-qualify and determine how much you can afford. Pre-qualification involves a preliminary review of your income, credit, and other financial factors. It gives you an idea of your borrowing capacity and helps streamline the home-buying process.
Find Your Home: First, work with a real estate agent to find a home that meets your needs. Your agent can help you identify properties that are eligible for VA financing and negotiate the best terms for your purchase. Consider factors such as location, size, amenities, and future resale value.
Submit Your Loan Application: Next, complete the loan application process with Metropolitan Mortgage by providing the necessary documentation. This includes income verification, employment history, credit reports, and information about the property you wish to purchase. Our team will guide you through the paperwork and ensure everything is in order.
Underwriting and Appraisal: After you submit your application, the lender will review your financial information and order an appraisal of the property. The appraisal ensures that the home meets the VA’s minimum property requirements and is valued appropriately. The underwriter will also verify your eligibility and financial stability.
Close on Your Home: After approval, close on your home and move in! The closing process involves signing the final loan documents, paying any required closing costs, and transferring ownership of the property. At this stage, you’ll also receive your keys and officially become a homeowner.

FAQs About VA Loans Kansas City

What types of properties can I buy with a VA home loan? You can purchase various types of properties, including single-family homes, multi-family homes (up to four units), condominiums, and certain manufactured homes. The property must be your primary residence.
Can I use a VA home loan more than once? Yes, you can use your VA loan benefits multiple times, provided you pay off the previous veterans home loan or restore your entitlement. This allows you to purchase another home using VA financing if you sell your current home or refinance it into a non-VA loan.
Are there any fees associated with VA home loans? There is a VA funding fee, which helps offset the cost of the loan program to taxpayers. This fee can be financed into the loan amount. The funding fee varies based on your down payment amount, loan type, and whether you’ve used a VA loan before. Certain veterans, such as those receiving disability compensation, are exempt from this fee.
What is the VA funding fee? The VA funding fee is a one-time payment that the veteran, service member, or survivor pays on a VA-backed or VA direct home loan. This fee helps lower the cost of the loan for U.S. taxpayers since the VA home loan program doesn’t require down payments or monthly mortgage insurance. The amount of the funding fee varies based on the type of loan and the borrower’s military category.
Can I refinance my VA home loan? Yes, the VA offers a streamlined refinance program called the Interest Rate Reduction Refinance Loan (IRRRL). This program allows you to refinance your existing VA loan to obtain a lower interest rate or switch from an adjustable-rate mortgage to a fixed-rate mortgage. Additionally, the VA also offers a Cash-Out Refinance option, which allows you to take cash out of your home equity for any purpose.
How does the NAR ruling effect VA Borrowers? A recent update does allow VA buyers can pay their agents.

Contact Us

Ready to take the next step? Contact Metropolitan Mortgage today to learn more about VA home loans and start your application process. Our dedicated team is here to assist you with every step of the process, ensuring you receive the best possible terms for your home loan.

Phone: Call us at (913) 642-8300 to speak with a loan officer.
Online: Schedule a meeting online to discuss your mortgage needs.
Locations: Visit our Kansas City or Overland Park offices for in-person consultations.

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Why Choose Metropolitan Mortgage?

Metropolitan Mortgage actively serves veterans and active-duty service members. Our experienced team provides personalized service and ensures you receive the best possible loan terms. We understand the unique needs of military families and are committed to helping you achieve your homeownership dreams.

Get in Touch

Our commitment to excellence means we are always available to answer your questions and provide the support you need throughout the home-buying process. Call us at (913) 642-8300 or visit our Kansas City or Overland Park locations. You can also schedule a meeting online to discuss your mortgage needs.

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Testimonials

“Metropolitan Mortgage made the VA loan process seamless. Their team was knowledgeable and supportive every step of the way.” – John D., Veteran

“Highly recommend Metropolitan Mortgage for VA home loans. They truly understand the needs of veterans.” – Sarah M., Active-Duty Service Member

Locations to Serve You:

By following these guidelines, you can maximize your VA loan benefits and achieve your dream of homeownership. Let Metropolitan Mortgage guide you through the process with ease and expertise. With our personalized approach and commitment to customer satisfaction, you can rest assured that you are in good hands. Contact us today to get started on your journey to homeownership.