VA Loan / Veteran Mortgage News
Bruce Reichstein (NMLS #273132) is Sr. Loan Officer specializing in VA Home Loans with Emery Federal Credit Union and VALoans.com. Bruce has originated and underwritten VA loans in all 50 states for over 25 years and is a Nationwide Lender.
January 2004
Veteran Home Lending Tops $63 Billion
According to the Department of Veterans Affairs Annual Performance and Accountability Report for
Fiscal Year 2003, the VA guaranteed a record 489,400 loans for veterans in attaining home
ownership or refinancing their loans for a cumulative loan amount of approximately $63 billion.
The average VA home loan amount increased to $130,772.
So where do active duty and veteran military purchase or refinance their homes?
They go to
www.valoans.com. VALoans.com is one of a select
group of lenders with "VA Automatic Status" from the Department of Veterans Affairs. This privilege
is granted at the discretion of the VA, for companies with the most qualified,
experienced underwriters who have consistently performed exceptionally under stringent
quality control reviews. With this, we can offer VA mortgage banking services for veterans and active duty
military personnel nationwide and can close mortgage loans in our own name as
mortgage bankers. We manage loan processing, documentation, underwriting, appraisals and
funding activities in-house allowing for faster, easier mortgage transactions,
saving customers weeks of time in getting their loans.
Certificate of Eligibility and DD-214
We assist our customers in obtaining the necessary VA Home mortgage related forms
including
Form 26-1880 (Request For Certificate of Eligibility) and
Form SF 180
(Request Pertaining to Military Records: DD-214). At VALoans.com, we are VA mortgage experts,
at your service.
General Veteran Population, States of Residence, Age of Veterans and Female Veterans
Based on the April 2000 census data, there were about 26.5 million veterans living in the United States and the Commonwealth of Puerto Rico: over 19 million (75 percent) of these Veterans served during at least one wartime period. The veteran population decreased by 655,000 in 2003. There are approximately 40 million family members of living veterans and survivors of deceased veterans.
Veterans in just three states - California, Florida, and Texas - comprised over 23 percent of the veterans living in the United States and Puerto Rico as of September 2003. The three next largest states in terms of Veteran population are New York, Pennsylvania, and Ohio. These six states account for more than 37 percent of the total veteran population.
At the other end of the scale, the three least populous states in terms of veteran population - Wyoming, North Dakota, and Vermont - plus the District of Columbia collectively accounted for less than 1 percent of the total.
As of September 2003, the median age of all living veterans was 58 years. Veterans under 45 years of age constituted 21 percent of the total veteran population; veterans 45 to 64 years old, 41 percent; and veterans 65 or older, 38 percent. The number of veterans 85 years of age and older totaled nearly 764,000.
As of September 2003, the 1.68 million women veterans constituted 6.7 percent of all veterans living in the United States, Puerto Rico, and overseas. The female veteran population as a percentage of all veterans is expected to increase as the number of former military service women continues to grow.
Source: Department of Veterans Affairs FY 2003 Performance and Accountability Report
Strong Home Sales Ahead
Mortgage rates recently have stabilized at low levels, making a home purchase affordable now for
many households. Rates are expected to go up later this year, as the economy surges. Vigorous growth
will encourage companies both to hire more workers, and give raises to keep current
employees loyal. Interest rates also will move up, so the economy doesn't overheat.
Today offers opportunities to make a smart home purchase. Strong demand will cause house
prices to go up close to five percent in 2004, predicts the National Association of Realtors.
Buying soon means you'll probably pay less than it would cost to purchase a year from now.
We're happy to pre-approve you for a mortgage, so you'll know how much you can afford to
spend on a house before you start looking at real estate.
Contact us soon to learn how affordable it is to buy a home today. We'll answer all
your questions, and show you how different loan options would work in your situation.
Making Homes Safer for Children
Owning your house provides a good environment for raising a family. Children feel more stability
when their family lives in its own home, and they learn to value and take care of their property.
Yet it's important to make sure your house is free of hazards that can injure a youngster.
Fortunately, many unsafe situations can be remedied easily and at little cost.
Sharp objects, medicines, and household cleaners should be stored away from children at all
times. Add latches to cabinets and drawers in your kitchen and bathrooms to protect
wandering toddlers. Safety gates can keep youngsters from accidentally tumbling down stairs,
or going into rooms where hazards are present. Also lock second floor windows, and
don't let children out on balconies or elevated decks alone.
Attach decorations or other obvious markings to sliding glass doors. Otherwise children
may assume they're open, and try to run inside or out. Make sure your hot water heater's
thermostat isn't set too high. You'll insure that children aren't scalded when they turn on the
hot water tap, while also lowering your utility bills. Smoke detectors should be on every
level of your home - and especially near bedrooms. Test them monthly to find when batteries
need replacing.
Check youngsters' play areas for safety. Furniture with sharp corners and fireplace hearths can
cause injuries if kids fall on them. Also look through your house for small objects that
toddlers could choke on, and tie up cords on window blinds so children won't get
caught in them. Putting plastic covers on electrical outlets will prevent little ones
from inserting objects into them.
Keep pot handles turned inward when you're cooking, and out of children's reach. Also teach
youngsters not to touch the stove or play with the burner controls. Using a cordless phone
allows you to take calls while keeping an eye on young children when they're in the bathtub
or otherwise needing supervision. Taking a few precautions can prevent many common
accidents. You'll also feel better knowing everyone is always safe at home.
Check Improvements Before Buying
Homeowners sometimes add improvements without obtaining building permits from local authorities.
Renovations may have been done before permits were required, or a do-it-yourselfer wasn't aware
that permits were needed. Get these issues resolved before buying a house with unpermitted additions.
You may be required to pay a penalty to get permits now.
Or it's possible that the improvements are defective, and would need to be upgraded in order
to past inspection. Have a local contractor go over the improvements, and give his opinion about
any difficulties you'll have gaining permits. Also talk with building permit authorities
before you agree to purchase the house. Make sure you won't be getting into more work and
cost than you're willing to accept.
