Financing Your Missouri Home
If you’re planning to purchase a home in Missouri, it’s good to know you have choices. Still, it can be confusing to find the mortgage that best fits your needs, so eLEND is here to help you every step of the way.
Find the Home Loan that Best Suits Your Needs
If you want the predictability of an interest rate that will always stay the same, our conventional fixed-rate mortgages in 30, 20, 15 or 10 year terms could be the simplest way to get you into your Missouri home.
If you’re buying a home for the first time, you may want to consider the advantages of an adjustable rate mortgage that allows you to save money for the first few years you’re in your new home.
Whether you’re looking to purchase a St. Louis duplex or refinance your Kansas City split-level, we have plenty of mortgage options for home buyers and homeowners across the state.
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Specialized Missouri Mortgages
Explore These Less Well-Known Home Financing Options:
- USDA Loans – Much of Missouri is considered rural, which makes many home buyers eligible for help through the U.S. Department of Agriculture’s Rural Housing Program. USDA Loans are ideal for first-time buyers and those with low to moderate income.
- Mobile Home Loans – eLEND offers financing on mobile homes through the Federal Housing Administration (FHA). Mobile homes provide a budget-friendly way to own your own home and are safer and more modernly equipped than ever before.
- Low Credit Loans – eLEND is proud to offer individuals with less-than-ideal credit affordable financing options through the FHA. Even if you’ve had a bankruptcy or foreclosure in the past, you may be able to purchase a home with a better interest rate than you imagined.
FHA Loans for Home Buyers and Homeowners in Missouri
If your heart is ready to own a home in Missouri but your wallet begs to differ, eLEND can help you realize your dream of homeownership with help through the Federal Housing Administration’s low money down home loan program. eLEND is one of the nation’s leading FHA-approved lenders, making us a trusted source for FHA finacing solutions.
What are the advantages of an FHA Loan?
An FHA loan can be ideal for first-time Missouri home buyers, individuals with low credit or limited income. These loans can offer down payments as low as 3.5 percent as well as low interest rates. You may even be able to avoid having to pay private mortgage insurance, or PMI, although other insurance costs will apply.
What are the Qualifications Needed to Obtain an FHA Loan?
Here are some of the factors taken into consideration for an FHA loan:
- The amount of income you earn.
- Other debts you have.
- Your credit history and score.
- The FHA loan limit in your home county.
USDA Home Loans in Missouri
No matter where you’re planning to buy a home in Missouri, it’s worth looking in to a mortgage backed by the USDA. The U.S. Department of Agriculture’s Rural Housing program is aimed at helping more families buy property in rural areas, but even some of the fashionable suburbs of cities like Springfield and Jefferson City may fall within the government’s geographic eligibility guidelines.
Advantages of USDA Home Financing with eLEND
There are many advantages to a USDA Loan, but several factors will determine if you qualify. If you do meet all the eligibility guidelines, this is one of the best ways to save money when buying a home in Missouri. Here are some of the advantages of choosing a USDA Loan for your next home:
- No down payment required.
- No monthly mortgage insurance.
- Sellers may contribute to closing costs.
- Low mortgage rates compared to conventional fixed rate loans.
- Personalized service from an eLEND mortgage expert, every step of the way.
There are several factors that go into whether or not you will be approved for a USDA Home Loan. Not only will you as the borrower be required to meet certain eligibility guidelines, the home you are financing must also meet certain criteria – namely, it must be located in a designated rural area.
Income limits may also apply. Your income should be enough that you can afford the home you plan to purchase, yet still fall within the specified limits for your community. Farms that are not intended to be used as a primary residence do not qualify. An eLEND professional will talk you through all the necessary qualifications for USDA home financing.
Missouri Mobile Home Financing
Manufactured homes have made great strides in the past few years, but they’re still one of the most affordable ways to own a home in Missouri. There are lots of benefits to owning a mobile home, and eLEND can help simplify the borrowing process for you.
Which eLEND Progams can be Used for a Mobile Home?
eLEND offers manufactured home loans through government-insured programs such as the FHA, VA and USDA. You can choose between fixed-rate or adjustable-rate options. If you have had credit challenges in the past, you may still be able to qualify, provided you have a score of at least 620.
Here are some of the other requirements for obtaining a mobile home loan in Missouri:
- The mobile home must have been built within the past 40 years.
- The home must be set on a permanent foundation not inside a mobile home park.
- It must be a minimum of 400 square feet.
- The loan must also cover the land the home is placed upon.
Mobile Home Loan Refinancing
Refinancing Your MO Mobile Home
If you already own a mobile home in Missouri, you may be able to refinance it to make repairs or lower your monthly expenses. An eLEND professional can give you the details when you call (800) 634-8616, or request a quote by filling out the form on this page.
Receive More Information
Mobile homes offer Missouri residents a great way to live affordably and comfortably. eLEND wants to help you with the loan option that’s right for you. Connect with us today at (800) 634-8616.