VA Loan / Veteran Mortgage News
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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.
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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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