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VA Loans in St. Louis, MO 

By Jeremy Durham Jeremy Durham Mortgages in St. Louis

When you decide it’s time to begin searching for your first home, a step-up home, or even a downsize home, you should be provided with a number of loan program options and consulted on which best suits your specific personal and financial life. If you are or have been a member of our United States Armed Forces, you have access to a program that the majority of home buyers do not. A VA (Veterans Administration) Loan is reserved for Regular Active Duty, Retired Veterans, and Reservists who have completed 6 years of honorable service. 

Why would a VA Loan benefit me? 

Through the VA Loan program, a veteran is eligible for a 0% down payment loan, with NO monthly mortgage insurance! As this loan program is insured by the Department of Veteran Affairs, the interest rates are significantly lower than the rates offered on conforming loans as well. There is a popular misconception that VA Loan eligibility may only be used once, and this is inaccurate. While a veteran may only own one, owner-occupied home with a VA loan, you can sell a current home and use a VA Loan to purchase your next home, as long as you do not own two houses at the same time secured by a VA Loan. In addition to the Mortgage Insurance free loan and reduced interest rate, First Integrity Mortgage Services also waives our traditional $985 Commitment Fee at the time of closing out of respect for a veterans service to our country. 

Checking on Eligibility: 

If there are any questions regarding your eligibility for a VA Loan, I would be happy to request your Certificate of Eligibility from the Dept. of Veteran Affairs. I would just need a copy of your DD214 to get that started.  

VA Funding Fee:

While the VA Loan program does not involve mortgage insurance, veterans do need to be aware of the one-time VA Funding Fee. This fee is charged at closing on both Purchase and Refinance transactions, is rolled into your loan amount, and is paid to the Dept. of Veteran Affairs. The Initial Use VA Funding Fee is 2.15% of the loan amount (assuming $0 down payment) for active duty service members and 2.40% for Military Reservists. This percentage does decrease in the event a down payment is made by the veteran(s). 

After your first VA Loan, any additional VA Loans taken out will involve Subsequent Use VA Funding Fee of 3.30% regardless of Regular Military or Reserve status. A veteran can also refinance the balance of their VA Loan to reduce their interest rate with a VA IRRRL (Interest Rate Reduction Refinance Loan) with a .5% VA Funding Fee (this is for Rate & Term refinances only and not Cash Out refinances) and is designed to be much more streamlined than an initial VA Loan. 

If you are an eligible Veteran or knows someone who is and would like more information on the VA loan program, please contact Jeremy Durham at JDurham@firstintegrity.com or 314-856-5626, NMLS# 989777.


Construction Mortgages in St. Louis, Missouri

By Dave Puzniak

The dream of building your own home from the ground up typically ends up with a construction loan.  
For an indivDave Puzniak Home Loans in St. Louis idual, construction loans can be challenging to obtain as they have special guidelines and include monitoring to ensure timely completion so your repayment can begin promptly.  

Construction loans are often shorter-term loans with a maximum of one year, along with variable rates.  In addition, these loan rates are higher than rates on permanent mortgage loans.  In order to gain a loan approval for a construction loan, lenders will need to approve a construction timetable, detailed plans, and a realistic budget. Once approved, the borrower will be put on a bank draw schedule that follows the project’s construction stages and will typically be expected to make only interest payments during the construction phase.  As funds are requested, the lender will inspect the property to monitor the job’s progress.  Upon completion, which is often defined by a certificate of occupancy or full payment of the contractors and their lien releases, the borrower’s liability on the loan will then be refinanced into a standard mortgage product.  

Recently, lenders have been combining both the construction and permanent financing into a single 30-year loan with only one closing.  This is called construction-to-permanent financing.  The bank’s higher loan to value risks in construction-to-permanent financing transactions will typically require the borrower to make a larger deposit.  The lender may only provide 80% of project costs or possibly less.  If you own the land on which the construction will occur, that can provide a portion of the equity requirement.

Construction loans represent a fairly small percentage of home loans made.  Construction loans also provide a greater risk for the banks, so it is typically not a financing type lenders aggressively advertise.  You will need to do your homework with any lender.  Make sure to include smaller regional banks and credit unions to determine the loan which best meets your construction loan needs.

David Puzniak
Senior Mortgage Banker
NMLS #559106
Contact me at 314-486-2652 with any questions.


Home Improvement Loans in St. Louis, MO 

Ryan Cox Home Loans in St. Louis By: Ryan Cox

    In today’s real estate market many people have thought about buying an investment property or wondered how they could get started investing in real estate.  For most people, unless you have a good amount of money saved up or have access to extra cash, this is not an option.  Which leads most people to believe that they have to be wealthy or have a lot of money in order to be able to invest in real estate. Don’t assume you can’t afford to own an investment property. Check out all your options for buying an investment property before just throwing in the towel… This is confusing… the proverbial towel throwing… am I quitting?  Didn’t I just get started??? IDK!!!

     Did you know that you can buy investment properties with Renovation financing or a Home Improvement loan?  Many people are not aware that these products even exist or the many benefits that they can offer.  Renovation financing is unique in the fact that it works off of the “after improved value” instead of the “as is value”.  This allows the buyer to get value for all the things they are looking to do to the property upfront and many times can include them in with the financing.  This can be a big advantage for someone who has less money to get started investing, or also be beneficial to someone has a good amount of money to cover all the improvements needed.  For the customer that has less money to get started, this could be a great option to help them get started in their real estate investment journey.  For the customer that does have more money put away, this could allow them to possibly purchase multiple properties with the same amount of money, instead of just doing one property at a time.  Another great benefit that these products offer is the down payment requirement is usually less than many other options.  These programs will allow for an 85% LTV, which is a down payment of 15% of the total acquisition cost (purchase price + all renovations).   

     These products will allow you to make the purchase of the property in most any condition and include all the updates, improvements or renovations needed.  The process can be easy with just one application, one loan approval, one closing, and one monthly payment.  For more information about the possibility of buying your next investment property, or discussing the many benefits these specialty products have to offer, give First Integrity Mortgage a call to discuss your options in more detail and let us help you reach your real estate investment goals.
For more information regarding investment properties or mortgages in general, or just for comments or concerns, please call Ryan Cox, NMLS# 1547172, at 618-581-3015 or email at rcox@firstintegrity.com.


First Integrity Mortgage Services St. Louis Best Locally Owned St. Louis Mortgage Company

First Integrity Mortgage Services in St. Louis Expands! 

WE HAVE MOVED! After 25 years in West Port Plaza, First Integrity Mortgage Services has moved just a short mile or so down the road to Park 270. This move has been in the works for several months. On Friday, July 13th we packed up 77 West Port Plaza Suite 200 and moved into our new office. The feelings you feel when you are packing up your childhood home were definitely in full swing that day and the weeks before.  We found many old pictures, binders, holiday decorations, and employee of the month plaques while packing and the memories that came with those objects came along. It was hard for some of us to part with the old décor and furniture, but for the most part, we have a brand new office! It is absolutely beautiful and everything that Joe Jr. and I envisioned it would be months ago. 

In our new office, we are able to showcase the type of company we are without saying anything. When you walk in you see pictures of our team out in the community with First Responders. You see the past, present and future of First Integrity Mortgage in the main conference room. You see the First Integrity Difference! I don’t want to ruin all the surprises! Every square foot of this office was thought out and has a personal touch by all who are a part of the First Integrity Family. 

Back in April, we surprised Joe and Stavra with a 25th Anniversary party. The party was not at a hall, a nice restaurant or bar, but at a vacant space, that is now our new office. We rented tables, set up decorations and had a slideshow of memories that brought us all to tears. It was a symbolic reference of the old First Integrity Mortgage transforming to the new!
We are still the same company, same staff, same process, same team but with one heck of a makeover! 
Come by and visit us at 1807 Park 270 Drive, Suite 265 St. Louis, MO 63146.


St. Louis Highest Rated Mortgage Company

 By: Joseph Bayer Sr.

Best Mortgage Company in St. Louis Some industries' differences are subtle like the old song comparing potato and tomato.  
Is it poTAYto or ?
Is it, toMAYto or toMAHto?

The song is an expression, meaning an “unimportant difference”.  In other words, who cares?  

Most mortgage lenders are like poTAYtoes or toMAHtoes, there is little difference.  Most all mortgage lenders sell their loans.   Lenders that say otherwise are most likely not explaining it correctly to consumers.  Some lenders collect payments in their names, they service the loan for the end lender.  But, that does not mean they own the loan. Is that important?  It’s poTAYtoes and toMAHtoes

Home buyers should remember, your choice of a lender should be exactly that... your choice.  That means the quality of your mortgage experience is up to you and only you.   It is not your Realtor’s® role to choose your lender.  Unfortunately, too often Realtors push lenders on their clients. This is usually because their choice is based upon personal marketing agreements with specific lenders, or their company has such a relationship. There is nothing inherently wrong with a business-to-business relationship as long as you cross-check it.  Picture this image in your mind - your mother is leaning over you wagging her finger and saying these words – “Did you look for it yourself?”  Sorry, but Mom was right!  

Buying a home can be an anxious time.  Making an uneducated choice of a lender could mean more than a nightmare experience.  In this seller’s market, if your lender cannot perform you could lose the house.  You may have only one chance to get that home.  You should always assume that the listing agent has a backup list of other people wanting your home.  Remember your mother!

A little research on your part is part of your responsibility.  In today’s world, you have access to the experiences of homebuyers.   It is called Google®   Many so-called reviews can be manipulated, stick with Google®.    Reviews are the gold-standard of reviews.  Go into Google and type the name of any lender you want. You will find their overall score like 0 to 5.  Five (5✰) stars are the best.  And, the number of clients posting reviews, 115 just happens to be an excellent number as well.

Remember, it is not an accident that lenders have high marks on Google. It is also not an accident when lenders have low marks on Google.

Seriously, you should research all lenders you are considering, or your agent is recommending.  If not here is another,               
“You have no one to blame but yourself”   Love Mom.

We Think. We Care. We Deliver! AND, we will be with you every step of the way to guide and educate you through the home buying process. Call or email us today with any questions about your mortgage or if you are ready to get pre-approved for the next home! 314.878.7900, or info@firstintegrity.com. 


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