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VA's support to service members and veterans purchasing or improving homes through the home loan guaranty program will remain at record levels.
 
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MAY 2005

Administration Seeks $70.8 Billion for VA in 2006 - Improves VA Home Loans

WASHINGTON - Secretary of Veterans Affairs Jim Nicholson announced that President Bush will seek a record $70.8 billion in the fiscal year 2006 budget for the Department of Veterans Affairs (VA), with the overwhelming majority of these resources targeted for health care and disability compensation. The President's budget proposal for FY '06 will enable the Veterans Benefits Administration to maintain record increases in educational assistance and home loan programs.

Continuing the nation's long-standing commitment to provide educational benefits to veterans, service members and certain family members of veterans, the department will continue to offer veterans and service members educational assistance up to $1,004 per month - a record amount - for full-time education or training in an approved institution. VA's support to service members and veterans purchasing or improving homes through the home loan guaranty program will remain at record levels. VA is now guarantying home loans with no down payment of nearly $360,000 for eligible veterans, up from the $240,000 maximum last year.

Source: www1.va.gov/opa/pressrel/PressArtInternet.cfm?id=941



Home Buying Stays Strong

Higher gasoline prices haven't cooled off the enthusiasm of America's home buyers. Real estate sales early this spring were up from a year ago, and achieved the third-highest monthly total ever recorded.

Continued low mortgage rates play a big role in housing's appeal. "With mortgage interest rates remaining historically low, gains in the labor market and economic growth appear to have lifted the confidence of home buyers," says David Lereah, chief economist for the National Association of Realtors.

Strong demand will boost average home prices more than six percent this year, adds Lereah. "Home prices will continue to experience above average returns in 2005," he predicts.



Rate Outlook

Long-term mortgage rates have stayed low despite repeated increases in short-term rates by the Federal Reserve. America is the only major country that's raising interest rates now.

As a result we're attracting investors who are looking for yield. Weak economies in Europe and Japan are keeping rates in those countries lower than in the U.S.

Foreign individual investors, pension funds, and life insurance companies today find long-term Treasury securities to be attractive investments. Heavy demand for these American bonds keeps mortgage rates affordable.

It all adds up to continued opportunity for Americans to lock in low mortgage rates. We can help you move into a great new home soon!



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Dealing with High Prices

Some areas of the U.S. have seen home prices going up at rates that are faster than in the past. It's appropriate to wonder whether home values will stay at these elevated levels.

Buying a house is a long-term commitment, and homes over time have typically gone up in price. However, purchasing a house in the hopes of a quick profit is always risky.

Most of us buy real estate in order to have a great place to live. Second-home buyers also look carefully before purchasing a house to use as a vacation spot or rental unit.

No real estate purchase decision should be made quickly. But if a property meets your needs, seems to be a good value, and the financing is affordable - then it most likely will be a place you'll enjoy both as a home and an investment.

Long-term investors don't need to worry about short-term price movements. Additionally, it's unlikely home prices would fall drastically unless an area's economy was hit by a shock such as mass layoffs.

Today's mortgage rates also offer low payments that might not be available in the future. Yet current prices still can be a stumbling block for some buyers.



How to Buy a Special House

Many home buyers are looking for something out of the ordinary. But a house that's special also may have unique features that you should consider before buying.

Older homes always should be thoroughly gone over by a qualified professional home inspector. You don't want to buy a house that has basic flaws, even if they aren't immediately apparent.

Also pay attention to the furnishing of homes in order to avoid surprises. A house that's well-decorated can be more tempting for buyers than it should be.

Look beyond appearances on older houses by finding out the age of the roof and furnace, since replacing these items are costly. Check for adequate insulation, and estimate your heating and cooling bills.

Don't assume that a fireplace works or that windows and doors open and close easily. Damaged or stained hardwood floors also might be covered with rugs.

Remember that it's easy to fall in love with a unique feature that might require extra upkeep. Old windows may be drafty, and if they aren't standard sizes, would need custom-made storm windows.

Find out as much as you can about the neighborhood before purchasing. Anticipate your future needs, as well.

If you think you might add on to the house eventually, obtain a professional survey of the lot before buying. You'll then know exactly where the property line is, and whether there are any existing easements that would limit your ability to build.



A Country Place

Rural properties using well water might not have adequate year-round supplies for your needs. Drilling a producing well can be a smart contingency to put in a purchase contract.

Also find out if a home's septic system is adequate. You'll probably need to get county permits if you plan to put in a septic system.

If you're buying a large piece of land, don't assume you can build whatever and wherever you want on your property. Find out about local zoning and subdividing regulations before finalizing your purchase.

Finally, consider how your enjoyment of the property will be affected by neighbors and the changing of seasons. Noise from a nearby road could pick up during the tourist season, or when leaves fall off your trees. Additionally, your gravel driveway could become difficult to navigate during stormy weather.



Room to Grow

To save money you may need to purchase a home that's older or smaller than you hoped for. However, that doesn't have to be a huge disappointment.

Many homeowners enjoy making a house truly fit their needs by improving it a few years after moving in. You'll probably be able to finance upgrades then with a home equity loan.

Renovating your house will increase your enjoyment of living there, while also adding to its value. Adapting our homes so they better reflect our lifestyle can be very satisfying.

Our job is to let you achieve your goals with financing that's comfortable for you. We know that owning a home is a process of reaching for dreams; we'll help you gain the maximum benefits from today's real estate market.






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