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Finding The Best Mortgage Solution For You
We are your local source for home financing. Our mortgage lending group will help you realize your goal of home ownership by finding the best mortgage solution that fits your needs and budget. We use our state-of-the-art technology to make the home buying process one of the easiest in the industry. In fact, we can get you qualified for a home loan in Hawaii in only minutes. We offer a variety of loan types including Conventional, FHA, VA, Renovation loans and many more.
Call today to discuss which of our many programs is right for your specific financial needs. Call 858-449-0514 to schedule an appointment.
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You’re treated like more than a transaction. We value the long-term relationships we foster with each of our clients and are here to help you not just with your current home purchase, but any and all purchases, refinancing or other mortgage decisions throughout time.
When you choose us, you get a truly personalized lending experience that is efficient and streamlined. We understand that purchasing or refinancing a home can be stressful, which is why our mortgage loan originator will shoulder the burden from start to finish. Expert experience and unit problem solving in the mortgage lending industry call us at (314) 916-1894.
Why Choose Military Home Loans at USA Mortgage?
Personalized Service
Low Rates & Fees
Quick Pre-Approval
Variety of Solutions
Monday - Friday: 8:00 AM - 5:00 PM
Sunday & Sunday: Closed
Call Today: (314) 916-1894 militaryhomeloans@usa-mortgage.com
700 Crown Industrial Court
Unit A-B
Chesterfield, MO 63005
DAS Acquisition Company, LLC dba USA Mortgage NMLS: 227262. Not a commitment to lend. Additional terms and conditions apply. Regulated by the CO Division of Real Estate. Headquarters: 12140 Woodcrest Executive Drive, Suite 150, St. Louis, Missouri 63141, Toll Free: (888) 250-6522. For licensing information, go to: www.nmlsconsumeraccess.org. Interest rates and products are subject to change without notice and may or may not be available at the time of commitment or lock-in. DAS Acquisition Company, LLC is not affiliated with or endorsed by any government entity or agency, including USDA, HUD or VA.
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HOME LOANS
MILITARY
Why Choose Military
HomeLoan.Org?
“We don’t know them all, but we owe them all.” – Unknown
Who qualifies for VA Loans?
What are the benefits of VA Loans?
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Why
Choose Military
Home
Loans
at USA Mortgage?
We honor the heroes who keep our homeland secure by helping them secure their homes. And refinance them!
Our Vision:
Who Qualifies for a VA Loan?
Active duty, veterans, those who have served more than 6 years in the National Guard or Reserves, and surviving spouses of a deceased veterans are eligible to take advantage of VA Loans.
Veteran and military homebuyers have access to an incredibly unique and powerful loan program!
What are the benefits of the VA loan?
• 100% Financing*
• Low rates
• No mortgage insurance
• Can be used to buy, refinance, or renovate!
•No monthly cash reserves required
•Seller contributions allowed up to 4%**
We can request your COE instantly during your preapproval process, or active Military and Veterans can order their COE one of three ways:
1. Complete a VA Form 26-1880 request online at www.eBenefits.va.gov
2. Complete a VA Form 26-1880 along with proof of military service, and mail to the VA Loan Eligibility Center, PO Box 100023, Decatur, GA 30031
3. Contact us and we will request it for you!
To be eligible for a VA loan, you or your spouse must meet the minimum service requirements set by the Department of Veterans Affairs (VA), have a valid Certificate of Eligibility (COE) and satisfy the lender's credit and income requirements.
• You served 90 consecutive days of active service during wartime.
• You served 181 days of active service during peacetime.
• You have 6 years of service in the National Guard or Reserves.
• You are the spouse of a service member who has died in the line of duty or as a result of a service-related disability.
• You were discharged for hardship, or at the convenience of the government, or a reduction in force.
• You were discharged for a medical condition or service-connected disability.
• You were discharged for early-out and served at least 21 months of a 2-year enlistment.
You may be eligible for a VA loan by meeting one or more of the following requirements:
If you don't meet those requirements, you still might qualify if:
*
*100% financing up to the appraised value of the property.
VA data from www.va.gov/housing-assistance/home-loans/eligibility/
*100% financing up to the appraised value of the property.
**Seller Concession includes - but is not limited to - funding fees, prepayment of taxes and insurance, gifts to the veteran, points for buydown, payoff of veteran debt
We Are 100% Employee Owned: So we are 100% committed to helping our clients!
What types of Loans are Available?
Get a loan for $0 DOWN* using the VA Benefit earned through your military service.
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Provide a streamlined process that makes the home loan transaction an enjoyable one. Maybe even...Fun?
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What type of loans are available?
Construction Loans
Loans are higher interest rate, shorter term (usually for a period of one year) loans to cover the cost of constructing or rehabbing a house. These loans are paid to a contractor, rather than the borrower, and as construction targets are completed. Upon completion of construction, the borrower has the option to either refinance or obtain a new loan.
Conventional Loans
This is the usual starting point for many, because it’s exactly what it sounds like: conventional. A Conventional Loan is pretty standard and requires a minimum down payment of 3%, for a maximum loan amount of $766,550. In addition:
Seller concession is up to 3-9% of the sales price
PMI required over 80% LTV
Additional options are available
USDA Loans
For a USDA Home Loan, a new or existing property must be located in a USDA-approved area. While there may possibly be financed closing costs, there is no down payment required (100% LTV of appraised value plus guarantee fee.) These also feature reduced monthly mortgage insurance premiums. In addition:
Seller concessions of up to 6% of the sales price
Condominiums may be eligible for financing
Not restricted to first time home buyers
FHA Loans
With no income limits, FHA Loans require a 3.5% minimum down payment and a maximum loan amount of $498,257. For condominiums, they must be on FHA-approved list. Also, an upfront Mortgage Insurance premium is financed into the loan. In addition:
Seller concessions up to 6% of the sales price
Gifts allowed
VA (Veterans Affairs) Loans
Specifically for Veterans, VA Loans require no down payment (100% financing up to the appraised value of the property.) The maximum loan amount is $766,550, with no mortgage insurance. The VA funding fee can be financed into the loan (which can be waived by disabled veterans.) Seller concession cannot exceed 4%**. (Seller Concession includes - but is not limited to - funding fees, prepayment of taxes and insurance, gifts to the veteran, points for buydown, payoff of veteran debt).
Reverse Mortgage
Just like any other type of mortgage, though the applicant must be 62 years or older, own the property, and occupy it as their primary residence. One nice bonus? You don’t have to make a payment until the last surviving homeowner permanently moves out of the property or passes away. At that point, any remaining equity will be inherited by the estate.
Greater fund flexibility
Can offer a better alternative to selling
Jumbo Loans
For homes exceeding the value of Conventional Loans as established by the FHFA (the current conforming loan limit for one-unit homes in most counties nationwide is $766,550). Predominantly used to finance homes in highly competitive real estate markets or luxury homes, Jumbo Loans are usually available with a fixed interest rate or an adjustable rate.
Down payments must be at least 10%-15% of the purchase price.
Offer a few options when it comes loan types.
Renovation Loans
Designed to provide the needed funds to update or renovate your home, Renovation Loans should be viewed as a means to reduce your long-term costs, increase the value of your property, or for buying a home that is at a lower price point or “fixer-upper.”
Bank Statement Loans
Also known as self-employed mortgage, a Bank Statement Program is a great option for those borrowers who do not have the tax documents to prove their ability to pay for a mortgage. Can be applied to owner-occupied, 2nd homes or investment properties, with loans up to $5 million.
Investment Property Programs
A conventional investment in real estate bought with the intent of generating income, usually in the form of a one- to four-unit residential home. Investment Property Programs tend to have a higher mortgage, with more adherent lending standards, as well as higher down payments, than your standard property loan.
Additional Loan Programs
DAS Acquisition Company, LLC is not affiliated with or endorsed by any government entity or agency, including USDA, HUD or VA. Interest rates and products are subject to change without notice and may or may not be available at the time of commitment or lock-in.
The Loan Process
Section 1
Taking stock: Just how ready are you to buy?
Section 2
Building your dream home dream team.
Section 3
Ready. Set. Go!
Section 4
Finalizing the deal.
Section 5
In the home stretch: Closing on your new home.
Section 6
Congratulations! You’re a homeowner.
Buying a home is one of life’s most exciting experiences—and most stressful. After all, buying a home is the largest financial investment most of us will ever make. The good news is you’ve come to the right place. We will take you through the process, step by step.
Now, let’s get to it, shall we?
So, you’ve decided to make the leap from renting to buying the place you call home. Congratulations! Beyond the pride of ownership and the chance to say “goodbye” to your landlord, buying a home comes with several advantages:
But before you start picking out window treatments and shopping for patio furniture, you’ll need to collect your thoughts, as well as a number of key documents. Buying a home at a price you can afford is key to successful and long-term homeownership.
So, how much house can you afford? Start by taking a good look at your credit. Ideally, your credit score will be 720 or higher. If it’s not, don’t panic! It doesn’t mean you can’t qualify for a loan, but it may mean you’ll have to pay a higher interest rate. In addition to your credit score, lenders look at a variety of factors when determining whether you qualify for a loan, including the Four Cs of Credit:
Character represents your credit history or financial integrity. Lenders will evaluate your credit score, how much credit you’ve used in the past, and whether you make your payments on time.
Capacity represents your ability to repay a loan. Your lender will weigh your income and assets against your monthly debts to make sure you can afford a loan.
Collateral is the asset securing the loan—in your case, the value of the home you’re looking to buy. If you were to default on payments, the lender can repossess the property.
Capital is the amount of money you are able to invest in the property up front, represented by your down payment. The capital you contribute demonstrates your level of commitment to home ownership and reduces the lender’s risk.
*USA Mortgage is not licensed to provide tax advice.
Your mortgage interest may be tax-deductible.*
You can build equity in your home.
Homes can appreciate in value over time.
You can avoid increases in your monthly payment
Your Lending Crew
Mortgage Loan Originator—Your guide from start to finish. Helps determine what you can afford, choose the right loan program, and keeps you informed throughout all the steps of the loan process.
Processor—Reviews your loan application to make sure it is complete and accurate before it goes to the underwriter.
Underwriter—Makes the final decision to approve or deny your mortgage loan based on your financial situation.
Real Estate Agents
Buyer’s Agent—Helps you find the right home and negotiates the offer of the house on your behalf.
List Agent—Represents the seller and helps them negotiate the selling price and terms of the sale.
Other Key Players in the Buying Process
Home Inspector—Inspects the home to assess its condition and identify any needed repairs before you buy.
Appraiser—Determines the market value of the home you’re buying, which helps the lender know how much money to loan you.
Title Company—Ensures the property title is clear of any liens or claims and prepares a title insurance policy for the property.
Closing Officer—Ensures that all necessary documents are signed and verified and the money from the sale is properly distributed to the various people involved.
It takes a talented team of players to get you into the home of your dreams. Let’s get to know the people who will be making it all possible.
Before you begin your search for the perfect home, contact your Mortgage Loan Originator to get prequalified. This will give you an idea of how much you can afford to spend and how big of a down payment you’ll need. Prequalifying can give you an estimate of the purchase price and monthly mortgage payment you can afford and qualify for. It can indicate the amount of money you will need for a down payment and help you set budgeting and savings goals.
Your lender will consider your income, debts, savings, and assets, as well as your Loan-to-Value and your Debt-to-Income ratios.
Loan-to-Value expresses how much you’re borrowing compared to the value of the home. For example, if you need to borrow $90,000 to purchase a $100,000 home, your LTV would be 90%. The lower your LTV the better, as it indicates your ability to make a higher down payment.
Debt-to-Income (DTI) shows how much debt you have compared to your monthly income. The lower your DTI, the better your chances for qualifying for a loan. For example, if your total monthly debts are $2,000 and your gross monthly income is $6,000, your DTI would be 33%. Remember, your monthly housing costs should not exceed 28% of your gross monthly income. Keep in mind that prequalifying does not indicate a commitment on your part to work with a particular lender or real estate agent. And it does not guarantee that the lender will indeed give you the loan.
Get prequalified.
Make an offer.
Find your home.
Now that you have an idea for how much you can afford, think about what you’re looking for in your new home:
Get prequalified.
Make an offer.
Selling price
Neighborhood
Distance to work
Schools
Shopping
Cell phone coverage
Local home values
Additional expenses like homeowner’s association fees
You’ll also want to consider specific features of the home itself. How many bedrooms and bathrooms do you need? Do you want a big yard or would you rather eliminate yard work altogether? Do you require a garage? If so, how big? Are the electrical systems, plumbing, and ventilation up to code?
Based on your budget and housing requirements, your real estate agent will suggest a number of homes that meet your needs. Be sure to visit a range of homes before you decide to buy. Don’t fall for the very first one you see. It’s natural to be excited and impatient to get settled in a new home. After all, you’ve been preparing and dreaming about it for months if not years. If you’ve found a few neighborhoods that appeal to you, look at enough homes there to get a feel for real estate values.
Once you’ve narrowed your choices, do your homework. How much are annual taxes? What about utility costs? Are the schools suitable for your children? Are community services like fire, police, or snow removal adequate to your needs?
Find your home.
Once you’ve found a home you love, it’s time to make an offer. Your real estate agent will have your state’s standard Offer to Purchase form. They will work with you to fill it out completely and accurately. You may choose to write the offer yourself, but that is not recommended as any omissions or mistakes could put you at a disadvantage or trap you into a less-than-desirable loan agreement. Have your agent or an attorney thoroughly explain every item on the form so you understand precisely what you are committing to before submitting the offer.
This offer, or purchase agreement, is a legal document outlining the terms and conditions of the sale, which may include but is not limited to:
Get prequalified.
Make an offer.
Address and legal property description
Purchase price
Down payment amount
Earnest money to be paid
Offer expiration date
Seller’s commitment to provide a clear title to the property
Target closing date
Target move-in date
Any contingencies the agreement is subject to
Earnest money is a deposit you include with your offer as a sign of good faith that you are serious about buying the property. The amount can vary, but is typically 1–3% of the purchase price. The money is held in an escrow account until the purchase is finalized at which time it will be applied to your down payment. An escrow account is a third-party account used to hold money for two parties during a transaction.
Contingencies are conditions that must be met or you will not be bound to go through with the purchase after your offer is accepted. Most buyers make an Offer to Purchase contingent on their ability to obtain financing. Otherwise, you risk losing your earnest money if you can’t get a loan. Other common contingencies include getting a satisfactory home inspection and/or appraisal or getting a satisfactory attorney review of your Offer to Purchase if it was not prepared by an attorney.
The seller will accept your offer or present you with a counter offer. This is not unusual and gives you and the seller another opportunity to work out the price and terms that are right for both of you.
Find your home.
The home inspection: an important part of home buying.
You made an offer they couldn’t refuse. Kudos to you and your dream home dream team! But don’t break out the champagne quite yet. You still have several steps to complete before you move in. First of which is obtaining a home inspection. Although it’s not required, it is strongly recommended and may be a contingency on your purchase agreement.
Typically, it is the buyer’s responsibility to pay for an independent home inspection. Your mortgage lender or real estate agent may be able to recommend a qualified professional. Or you can search your area for members of the American Society of Home Inspectors (ASHI).
Your inspector will examine the property to determine the condition of the home’s structural and mechanical systems, including heating and air conditioning; interior electrical and plumbing; interior walls, ceilings, floors, and stairs; insulation; ventilation; foundation, basement, attic, and roof; exterior wall coverings, trim, gutters, and downspouts; windows and doors; surface grading and drainage.
Insist that each item is covered in a detailed, written report, and that you are given a copy when the inspection is complete. If possible, join the inspector on the property. It usually takes a few hours to complete the inspection, and it will give you the opportunity to ask questions about the home’s condition and estimated costs for any needed repairs.
On average, home inspections cost between $300 and $500 depending on the property’s location, age, and size. Although it’s an extra expense up front, it will give you confidence in the home you’re buying. And you may be able to negotiate with the seller to pay for repairs.
Inspection
What not to do
Application
The guide to applying for a mortgage.
Although the Offer to Purchase document was meticulously prepared by you, your real estate agent or attorney, it does not guarantee you a loan. Once your offer is accepted, you’ll need to officially apply for a mortgage. Your lender will need several documents in processing your application. Be sure to have your paperwork on hand when you fill it out:
Within three days of submitting your application, your lender must provide you with a Loan Estimate (LE), a form outlining the details of the loan you’ve applied for. It provides your lender’s best estimate of closing costs, mortgage and title insurance, and recording fees. An important part of home buying is ensuring that you are ready for all the fees and such that come with your purchase. If you decide to proceed with the loan, your application will go into processing. The processor will work with your Mortgage Loan Originator to collect all the documentation needed for the loan. An appraisal will be ordered to ensure that the home is worth the amount of the loan for which you have applied. The appraiser is a licensed, third-party professional trained to evaluate the market value of homes. They will consider the home’s condition, age, size, and other home sales in the neighborhood.
The next step is underwriting. The completed application is turned over to an underwriter who will review your employment and credit history, the property appraisal, and ensure your mortgage meets current loan product guidelines. Don’t be alarmed if the underwriter asks for more documentation from you. They need it to make an informed and intelligent decision on whether or not you qualify for the loan.
If the underwriter approves your application, you will receive a loan commitment letter confirming your approval. This document outlines the loan details, including amount being borrowed, the interest rate, and the term or repayment period.
Inspection
What not to do
Tax returns
W2s and/or 1099s
Recent bank statements
Recent paystubs
Residence history
List of debts, such as car loans, credit cards, or student loans
List of your assets, including investment and retirement accounts
Application
Here’s what not to do during the buying process.
Once your loan is cleared to close, it can be tempting to start shopping for new items for your new home. But be patient. Any extra spending or financial changes now could jeopardize your loan. So, until you’ve officially closed on your home, avoid the following:
Inspection
What not to do
Do not apply for a credit card, car loan, or financing for furniture or appliances
Do not make major purchases
Do not liquidate assets
Do not make large deposits
Do not change jobs
Application
Closing is the final part of the homebuying process where you commit to your mortgage and become the legal owner of your new home. It is a complex process involving a number of people: the buyer (that would be you), the mortgage lender, the seller, the seller’s agent, the title company, attorneys if required in your state, and the closing agent.
Three days before your scheduled closing, you will receive the Closing Disclosure providing the final loan terms and closing cost details. Review it carefully. If something looks different than you expected, contact your Mortgage Loan Originator right away. If there are changes, your lender must issue another Closing Disclosure, delaying your closing for another three days.
You’ll want to carefully review all of your closing documents before the closing date, including the Mortgage which pledges your home as security for the loan. In some states, the buyer signs a Deed of Trust instead of a mortgage. The Mortgage Note is your promise to repay your loan. It indicates the terms and conditions of your loan and how it will be repaid.
Other important items for your pre-closing to-do list include:
Get a home inspection.
Get a homeowner’s insurance policy.
Get copies of your other closing documents from your lender, including the promissory note and mortgage (also known as the security instrument or deed of trust.)
Get a total for all closing costs and details on how you will transfer payment (cashier’s check or wire transfer).
Do a final walk-through of the home 24 hours before closing to ensure that all repairs have been made.
Closing Process
Closing Day
On closing day.
Typically, the closing officer will begin by reviewing the mortgage note and the mortgage document and asking you to sign them. Then, they will move on to the Closing Disclosure (CD). On the back, you’ll find an itemized list of each cost being paid by the seller or the buyer, including all closing costs, the net amount due from the buyer and the net amount to be paid to the seller, commissions for the buyer’s and the seller’s real estate agents, charges for the title search, and the amount deposited in escrow to cover insurance and property taxes.
The closing officer will go over the entire document with you, at which time they will ask for a check to cover the down payment and closing costs. Then, they will review the documents with the seller, making sure that both the buyer’s and the seller’s documents match exactly.
The Deed is the document that transfers ownership of the property from seller to buyer. Any errors in the deed must be identified and corrected before you close on your purchase. After closing, the closing officer will have the deed recorded with the Registrar of Deeds in the county in which the property is located.
When buying a home, in most cases you will be required to obtain title insurance to protect your legal ownership of the property you buy. The title company will do a thorough search of public records to determine any exceptions to coverage, such as liens or other restrictions affecting ownership of the property. The insurance provider will inform you of any outstanding liens, so you can require the seller to satisfy them before you close.
The final step at closing is to distribute the fees, closing costs, and commissions. The closing agent will present checks to the seller, the seller’s lender if there is an existing mortgage on the property, the real estate agents, and any others indicated on the Closing Disclosure.
On closing day, be sure to bring your photo ID, a cashier’s check or proof of wire transfer to cover the down payment and closing costs, your checkbook, and proof of homeowner’s insurance, your purchase agreement, and a copy of the home inspection. Be prepared for a lot of paperwork—you’ll likely have to sign two or three copies of each document. Don’t rush—be sure to ask a lot of questions. If something isn’t clear, ask. Even if your state does not require an attorney to be present, you may want to have one to ensure you understand what you’re signing.
Closing Process
Closing Day
The papers are signed. The money has been distributed. And you now own a new-to-you home!
Reach out for help if you’re ready to buy.
Your possession date is the day you can officially move into your hew place. It is listed in your purchase agreement and may or may not be the same as your closing date. Before or immediately after you move in, you’ll need to take care of the following items:
As a home lender, USA Mortgage is here for the long-term. Our commitment doesn’t end when you get the keys to your new house. We’ll reach out periodically to let you know of any changes in the market and alert you to opportunities to save money. And if you ever have questions about your mortgage, please reach out. We’re here to help.
File your closing packet in a safe place where you can easily find it.
Change your address with the US Postal Service, your bank and credit card companies, the Department of Motor Vehicles, your insurance providers, internet service, and phone company.
Switch your utilities to your new address—water, electric, gas, trash.
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