Missouri
VA Loans in Missouri
The VA Loan is an invaluable resource for military families and veterans looking to purchase a home. In Missouri, cities such as Kansas City, St. Louis, Springfield, Columbia, Independence, and Lee's Summit have seen many veterans benefit from the VA Loan's favorable terms. These include $0 down payment, no private mortgage insurance, lower interest rates, and relaxed credit score requirements, making homeownership more accessible and affordable than ever before.
Median Sale Price of Homes in Missouri*
| Kansas City | $241,905 |
| St. Louis | $177,243 |
| Springfield | $231,384 |
| Columbia | $296,386 |
| Independence | $198,174 |
| Lee's Summit | $375,503 |
*Data provided reflects current market trends
Property Taxes in Missouri
Homeowners in Missouri benefit from relatively low property tax rates, with an average effective rate of 0.98%. The median annual property tax payment is $1,097, which is significantly less than the national average.
Veteran/Military Property Taxes
Missouri provides property tax exemptions for veterans who are former prisoners of war or have a service-connected total disability, offering significant financial relief to those who qualify. This exemption extends to their un-remarried surviving spouses, enhancing the benefits available to veteran families.
Insurance Programs in Missouri
Given Missouri's susceptibility to natural disasters such as tornadoes, floods, and severe storms, it's crucial for homeowners, particularly those utilizing VA loans, to have comprehensive insurance coverage. Veterans are advised to consult with licensed insurance professionals to ensure their policy covers all potential risks. Adequate homeowners' insurance is essential to protect against these natural threats and secure the investment in their homes.
Military Presence in Missouri
Missouri is strategically important with several military installations that bolster both the state and national defense capabilities:
- Whiteman Air Force Base: Located in Knob Noster, it is renowned for hosting the B-2 Spirit stealth bombers and provides critical combat capabilities.
- Fort Leonard Wood: Situated in the Missouri Ozarks, this is a premier Army training facility known for its engineer, military police, and chemical corps training programs.
VA Home Loan Volume in Missouri*
| Total Loans | 8,192 |
| Average Loan Amount | $269,221 |
| Total Loan Amount | $2,205,458,674 |
| Total Purchase Loans | 6,335 |
| Total Purchase Loans % | 77.33% |
| Total Cash-Out Loans | 1,686 |
| Total Cash-Out Loans % | 20.58% |
*Data pulled from the Department of Veterans Affairs (2024)
FAQ’s about VA Loans in Missouri
For more detailed information on how to utilize VA Loans in Missouri, or to learn about specific property tax exemptions available to veterans, visit our comprehensive guide. For specific inquiries or personalized advice, please contact our experts.
