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The Bush administration is proposing to end the multiple use of the Department of Veterans Affairs guaranteed mortgages over the next five years.
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FEBRUARY 2004

No More Lifetime Use for VA Home Loan Benefits?

According to the President's budget proposal for fiscal year 2005, the Bush administration is proposing to end the multiple use of the Department of Veterans Affairs guaranteed mortgages over the next five years that is currently being enjoyed by millions of veterans. Many veterans purchase a VA home utilizing their Certificate of Eligibilty, which upon underwriters approval, allows the VA to guaranty a portion of the veteran's loan. Veterans currently can use their eligibility over and over again to purchase another home if their eligibility has been reinstated by selling or refinancing the original loan not using a VA loan.

In order to refocus the VA loan program, the administration "will be transmitting legislation that would limit eligibility for veterans' housing loans to one-time use in lieu of the life-time, multi-use entitlement it has become". While the administration proposal would not limit access to VA mortgage loans by active-duty members of the armed forces, it would affect the balance of the millions of US veterans.

Once Congress approves the proposal, current veterans would have unlimited use for five years and "then only once thereafter," the budget document says. We strongly urge each veteran to contact and write to their local congressional representatives and tell them not to allow your rights to use your VA eligibility be taken away from you under any circumstances.



!--- STORY #2 --->

U.S. Economy Forges Ahead

American borrowers have enjoyed falling rates in the first quarter of 2004. That's an amazing occurrence, since it also comes at a time of strong economic growth. Lower inflation rates are helping to keep borrowing costs down. Some economists predict 2004 will bring the smallest annual inflation rate in almost two decades.

Yet our economy also has been expanding at the fastest pace seen in years. Both consumer spending and business investment are behind this growth. Consumers have benefited from tax cuts that give them extra cash. Healthy economic growth also means most households should see their incomes rising this year. Business equipment spending is growing rapidly, as well. Many experts predict hiring soon will pick up, allowing the unemployment rate to edge down.



Today's Best Mortgage Shopping Tips

Frequently we hear unfortunate stories from consumers who didn't receive the mortgage rate a lender had advertised. For a number of reasons borrowers may not qualify for the best rates. But you should be told why that happens early in the process. Here are factors that affect mortgage rates:
  • Property type - Someone purchasing a condominium or rental property typically pays a higher rate. Lenders find some housing is riskier to make loans for, and that changes their pricing.
  • Borrower characteristics - Your credit history, and your ability to document that you have sufficient income and savings to make a purchase will affect your mortgage rate. Although loans are available for buyers in different situations, their rates will vary.
  • Loan characteristics - Some borrowers prefer to pay "points" to reduce their loan's rate, while others accept a higher rate in exchange for lower closing costs.
Other factors that can affect your mortgage rate are the dollar amount of your loan, and whether you take cash out of built-up equity. Having a second mortgage or equity credit line also may change the rate on your first mortgage. The number of years your loan is scheduled to last modifies loan pricing, as well. Additionally, it's important to know how your mortgage could change in the future.



Solid Home Sales

A combination of low interest rates and a flourishing economy will energize the housing market this year. Steady demand could mean house prices will go up around six percent in 2004, forecasters say. Someone with a home worth $200,000 would see their net worth increasing $12,000 this year as result! Last year existing home prices went up 7.5 percent, says the National Association of Realtors. Living in your own home will continue to be a wealth-building strategy in 2004. Let us know if you're thinking about buying your first home, moving up, or purchasing a vacation or rental property this year.



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VA LOAN RATES
New Home Loan
National Averages
for 2/03/2012

30 Year Fixed
0.000 points
4.000%
4.082% APR

15 Year Fixed
0.000 points
3.250%
3.404% APR

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