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VA Loan / Veteran Mortgage News
SPONSOR:
Pioneer Military Loans offers responsible military lending solutions that can help
service members avoid or break the debt cycle. Pioneer serves active-duty and career-retired military service members,
as well as Department of Defense employees.
JANUARY 2006
Veteran Home Loans Guaranteed for 2005 Decreases to 152,200
According to the Department of Veterans Affairs Annual Performance and Accountability Report for Fiscal Year 2005,
the VA guaranteed 152,200 loans for Veterans in attaining home ownership or refinancing of their loans. So where do
active duty and veteran military purchase or refinance their homes?
They go to VALoans.com, 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 VA's annual report, there are about 24.4 million veterans living in the United States and the Commonwealth
of Puerto Rico: 7% of whom are women veterans. Over 18 million (74 percent) of these Veterans
served during at least one wartime period. The nearly 8.1 million Vietnam Era Veterans account for the
largest segment of the veteran population. About 73 percent of all women veterans served during the post-Vietnam
Era compared to 44 percent of men. There are an estimated 38 million dependents (spouses and dependent children)
of living veterans and survivors of deceased veterans in the US.
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 2005. The three next largest states in terms of Veteran population are
New York, Pennsylvania, and Ohio. Together, these six states account for more than 37 percent of the total
veteran population.
As of September 2005, the median age of all living veterans was 59 years. Men's median age was 60, women's was 46.
The number of veterans 85 years of age and older totaled nearly 980,000, compared to 164,000 in 1990. The number of
women veterans enrolled in VA's health care system is 355,000.
Source: Department of Veterans Affairs FY 2005 Performance and Accountability Report
The GI Bill Can Change Your Future.
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Buying Is Easy
Moving into the house you want most likely is easier than you think. Real estate agents nationally report that more
than 60 percent of first-time homebuyers offer a down payment of less than five percent of the home's price.
You also may discover home that prices aren't as high as you feared. Although news reports focus on soaring property
values, many neighborhoods have seen prices rise at just a moderate rate.
Many of the houses sold at elevated prices also are large, newer residences. Someone not interested in those properties
is more likely to uncover a bargain now. Careful shopping also can help you find a buyer who will reduce his price to
sell quickly. Slowing home sales are causing properties to sit on the market in many areas, and many sellers are
eager to negotiate.
"Despite a widespread sense that real estate has never been more expensive, families in the vast majority of the country
can still buy a house for a smaller share of their income than they could have a generation ago," states The New York Times.
More Affordable
"A sharp fall in mortgage rates since the early 1980's, a decline in mortgage fees and a rise in incomes has more than
made up for rising house prices" in most parts of the country, adds The Times. Two decades ago mortgage rates were
above ten percent, down payments typically had to be 20 percent of a home's value, and upfront mortgage fees were
about 2.5 percent.
Today rates are in single digits, small or zero down payments are common, and mortgage fees average about one-third
of a percent of the loan amount. "These often-overlooked changes are a major reason that most economists do not
expect a broad drop in prices in 2006," notes The Times.
Most economists expect house prices will go up moderately this year. Real estate values are unlikely to drop unless
our economy weakens substantially, and many workers lose their jobs. A need to sell quickly then could cause prices
to fall. But owners with no immediate need to move still should do well over time.
Areas that could see price dips include spots where many purchases have been made by investors. If they hope
to sell quickly for a nice profit, they could be disappointed.
Best Loan Bargains
Higher rates have made headlines in recent months. Yet some home loans still offer great value to buyers now. That's
because long-term rates have risen just a small fraction of the increase short-term rates have experienced.
Homeowners with adjustable-rate loans will find their monthly payments rising over time. Yet your payments won't
change in the future if you purchase with a fixed-rate mortgage.
We can show you how different loan programs would affect your payments both now, and as long as you plan to stay
in your home. Together we can choose a loan that will help you purchase now, without putting too much strain on
your budget.
Protect Your Credit Rating
Sometimes consumers find their debt payments are overwhelming. But if you're planning on buying a home in the future,
it's important to guard your credit rating. Work with your creditors to come up with a plan to pay them off over a
set period. Not paying debts in full means lenders will charge more when you try to borrow funds again.
Homeowners also can get control of other debts by using a home equity loan to pay off those expenses. You'll also lower
your interest rates and gain tax deductions, which should translate into reduced monthly debt outlays.
It's important to resist the temptation to charge up credit cards again once you've paid them off. Focus
instead on saving a little to help meet unexpected future expenses.
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