VA Loan / Veteran Mortgage News
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MARCH 2005
Activated Guardsmen, Reservists Qualify Faster for Home Loans
Many of the recently activated guardsmen and reservists are unaware that they qualify for a VA home loan. According to the VA guidelines, guardsmen and reservists have to serve six years before becoming eligible for a VA home loan. Those requirements change dramatically when they are called to active duty during wartime.
Once called up during wartime, they are then subject to the same eligibility requirements as a regular active- duty service member. http://www.valoans.com/eligibility.cfm That is because during wartime, you only have to serve for 90 days to become eligible for a VA home loan. Those who are discharged with a service-connected disability with less than 90 days are also eligible.
During peacetime, the eligibility requirement for regular active duty personnel is 181 days of continuous active duty with an honorable discharge. Eligibility is also granted to those who are discharged with a service-connected disability with less than 181 days service.
There are some differences in the basic eligibility requirements between home loans for active-duty and reserve-component troops. The best way for Guardsmen and reservists to find out if they qualify for a home loan is to
submit an application for a certificate of eligibility to one of the two VA Eligibility Centers. The certificate of eligibility proves eligibility for the home loan benefit.
Reasons for High Home Prices
Eager buyers aren't the only factor behind rising home prices. A recent report shows that government regulations make building affordable houses difficult.
"Excessive regulations are artificially driving up the cost of housing," states the U.S. Department of Housing and Urban Development (HUD). Here are some of the agency's findings -
- Environmental impact rules can markedly increase the time and money that construction firms must spend to obtain building permits.
- Growth controls keep land from being developed in many areas. Although that may be popular with current residents in a neighborhood, these restrictions make it harder to meet the housing needs of America's rising population. Many households then find they can't afford to live near where they work, and so have lengthy commutes.
- Infrastructure impact fees also increase the cost of building homes. Limiting the number of houses allowed while also adding costs to the process can significantly raise real estate prices.
Higher costs for lumber, cement, drywall, and other construction basics also add on to home prices. Fortunately, attractive mortgage rates and innovative home loans have been making it simpler for consumers to buy a house.
America's vibrant economy and the desire of families to own their home has driven this country's homeownership rate to an all-time high. We're ready to work hard on your behalf, so that you can make the purchase you want!
How Teens Pick a College
Where someone receives their higher education will have a large impact on the rest of their life. Choosing a college is a big decision, and most high school students are aware of its importance.
Research shows that today's students focus on educational opportunities more than earlier generations did. In the past some young students wound up attending college simply because their parents expected them to, or because they didn't know what else to do.
Harris Interactive notes that students entering college now typically are "optimistic" and "driven." Additionally, they're aware of the financial burden that school will put on their parents - and they want to get their money's worth.
Students deciding on a school tend to look carefully at the study programs available and the quality of teaching. "Career placement and financial aid are also very important," adds Harris Interactive.
FIND THE FUNDS
Many parents tap into their home equity to gain the funds for education expenses. Owning a home truly helps us to pursue many worthwhile goals.
Let us show you how paying for a college education can be made easier. Knowing that the money you need is in hand provides security, so that you and your child then can make smart choices about the future.
We're On Your Side!
You may be wondering whether you can afford to buy your first home soon. Or you could be considering if now is a good time to downsize to a smaller house as you anticipate retirement.
No matter what your situation is, we can show you how different loans would affect your household's finances. Often our clients see opportunities they previously weren't aware of as we discuss their housing finance needs.
Count on us to listen to your wishes, answer all your questions, and offer a variety of solutions. We never forget that owning real estate is both a large financial commitment, and a means to realizing life dreams.
Housing Boom to Continue
America's real estate boom "will continue into the next decade," writes David Lereah, chief economist for the National Association of Realtors (NAR). He notes that more than just low rates have been driving home purchases.
Real estate has become easier to buy over the past decade, as the process of purchasing a house and getting a loan has been streamlined. Additionally, high demand for homes is coming both from baby boomers moving up or purchasing second homes and from large numbers of first-time buyers entering the market.
These other factors will sustain home sales even if mortgage rates move up, Lereah adds. Currently NAR predicts that home sales will reach their second-highest level ever this year.
Homeowners who aren't ready to move now are finding it's a great time to pull cash out of their properties with a home equity loan. Affordable, tax-deductible payments make home equity borrowing a great alternative to other options.
Call us now to learn more about today's real estate opportunities. We'll make sure you experience no surprises as we arrange your financing.
Perfect Your Home
Planning for tomorrow is important when you're buying a house. Your space needs and neighborhood preferences probably will change over time.
Growing older also creates new requirements. Someone buying a house now with upstairs bedrooms and stairs leading from the main entrance to the great room or kitchen could find it harder to navigate when they're retired.
Here are features to look for in a home to insure it's user-friendly for persons of all ages:
- Light switches should be easy to find at the door of each room. Closets, halls, outdoor walkways, and stairs also
need adequate lighting.
- All essential rooms are on the first floor - at least one bedroom and full bathroom, laundry room,
and kitchen. Also make sure it's easy to bring groceries from the garage into the kitchen.
- Landscaping should be low-maintenance, and not steeply sloped. Make sure there's a handrail
on the front steps.
- Flooring should be slip-resistant throughout the house, and carpets should have a low pile. Make sure your
patio surfaces also don't become slick when they're wet.
- Lever handles insure that doors are easy to open and close. Doorways should be at least 32 inches wide, and
hallways need 36 inches of space.
- Stairways should have a landing every ten steps, railings on both sides, and light switches at the top and
bottom of each staircase.
- Bathrooms need grab bars, tub seats, hand-held showers, elevated toilet seats, and a telephone.
- Kitchens should have a wall-mounted oven that doesn't require bending over to open. Also make sure a fire
extinguisher is handy.
Fortunately, you can update your home to fit your current and future living needs. Talk with us soon about ways to obtain the funds you need to make certain your house is always safe and enjoyable.
The GI Bill Can Change Your Future.
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Strayer University
At Strayer University, we proudly welcome active duty military students, veterans, and their families. Established in 1892, Strayer University offers students a quality education that's flexible so you can balance your educational goals with the demands of your military service.
