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VA Loan / Veteran Mortgage News
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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.
OCTOBER 2006
Celebrate Veterans Day - November 11th, 2006
World War I - known at the time as "The Great War" - officially ended when the Treaty of Versailles was signed on June 28, 1919,
in the Palace of Versailles outside the town of Versailles, France. However, fighting ceased seven months earlier when an
armistice, or temporary cessation of hostilities, between the Allied nations and Germany went into effect on the eleventh
hour of the eleventh day of the eleventh month. For that reason, November 11, 1918 , is generally regarded as the end
of "the war to end all wars."
In November 1919, President Wilson proclaimed November 11 as the first commemoration of Armistice Day with the
following words: "To us in America, the reflections of Armistice Day will be filled with solemn pride in the heroism
of those who died in the country's service and with gratitude for the victory, both because of the thing from
which it has freed us and because of the opportunity it has given America to show her sympathy with peace and
justice in the councils of the nations…"
An Act (52 Stat. 351; 5 U. S. Code, Sec. 87a) approved May 13, 1938, made the 11th of November in each year a
legal holiday - - a day to be dedicated to the cause of world peace and to be thereafter celebrated and known as
"Armistice Day." Armistice Day was primarily a day set aside to honor veterans of World War I,
but in 1954, after World War II had required the greatest mobilization of soldiers, sailors, Marines and
airmen in the Nation's history; after American forces had fought aggression in Korea, the 83rd Congress,
at the urging of the veterans service organizations, amended the Act of 1938 by striking out the word
"Armistice" and inserting in its place the word "Veterans." With the approval of this legislation
(Public Law 380) on June 1, 1954, November 11th became a day to honor American veterans of all wars.
Later that same year, on October 8th, President Dwight D. Eisenhower issued the first "Veterans Day Proclamation"
which stated: "In order to insure proper and widespread observance of this anniversary, all veterans, all veterans'
organizations, and the entire citizenry will wish to join hands in the common purpose. Toward this end, I am
designating the Administrator of Veterans' Affairs as Chairman of a Veterans Day National Committee, which
shall include such other persons as the Chairman may select, and which will coordinate at the national level
necessary planning for the observance. I am also requesting the heads of all departments and agencies of the
Executive branch of the Government to assist the National Committee in every way possible."
On that same day, the President sent a letter to the Honorable Harvey V. Higley, Administrator of Veterans' Affairs (VA),
designating him as Chairman of the Veterans Day National Committee. In 1958, the White House advised VA's General
Counsel that the 1954 designation of the VA Administrator as Chairman of the Veterans Day National Committee applied to
all subsequent VA Administrators. Since March 1989 when VA was elevated to a cabinet level department, the Secretary of
Veterans Affairs has served as the committee's chairman.
The Uniforms Holiday Bill (Public Law 90-363 (82 Stat. 250)) was signed on June 28, 1968, and was intended to insure
three-day weekends for Federal employees by celebrating four national holidays on Mondays: Washington's Birthday,
Memorial Day, Veterans Day, and Columbus Day. It was thought that these extended weekends would encourage travel,
recreational and cultural activities and stimulate greater industrial and commercial production. Many states did
not agree with this decision and continued to celebrate the holidays on their original dates.
The first Veterans Day under the new law was observed with much confusion on October 25, 1971. It was quite apparent
that the commemoration of this day was a matter of historic and patriotic significance to a great number of our
citizens, and so on September 20th, 1975, President Gerald R. Ford signed Public Law 94-97 (89 Stat. 479), which
returned the annual observance of Veterans Day to its original date of November 11, beginning in 1978. This action
supported the desires of the overwhelming majority of state legislatures, all major veterans service organizations
and the American people.
Veterans Day continues to be observed on November 11, regardless of what day of the week on which it falls. The restoration
of the observance of Veterans Day to November 11 not only preserves the historical significance of the date, but
helps focus attention on the important purpose of Veterans Day: A celebration to honor America's veterans for their patriotism,
love of country, and willingness to serve and sacrifice for the common good.
The GI Bill Can Change Your Future.
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Choose the Right Loan
Housing costs as a percentage of an average American's income have risen over the last five years, states a recent
report from the U.S. Census Bureau. While homes have gone up in value, they've also become harder to afford.
Some loans today allow borrowers to stretch their financial power, by letting them finance the down payment.
Others reduce monthly costs by not requiring full payment of both principal and interest.
We'll make sure you understand the trade-offs involved with these strategies, and what your options are. Our goal is to
help you purchase the house you want, without putting you under too much financial stress today.
Yet we also want to be certain you won't have unaffordable payments in the future. No home loan solution is correct
for everyone.
That's why we offer many different loan programs, and explain to borrowers how these products will fit into their budget.
Allowing you to make an informed financing decision is the best way to insure your next home realizes all your expectations.
We'll make sure you understand how your mortgage works. That way you won't face a big financial surprise a few years down the road.
New Retirement Trends
Many mature Americans find their changing lives require new home settings. People who have spent their working years
in a suburban area enjoy having attractive new options to choose from once they're ready to quit working.
Some are heading for small towns, where they gain several benefits. First, the cost of housing usually is lower in a
more-rural setting.
Retirees also find it's easy to become involved in the community and make friends in an area where everyone knows their
neighbors. That's true whether they retire to "a small town or a walkable neighborhood in a big city," reports The Wall
Street Journal. Being close to grandchildren and able to pursue "a post-work passion" both are essential to many
seniors looking for a spot to retire, adds the Journal. Fewer retirees are heading for golf-and-tennis communities in
sunny areas these days as a result.
It's not uncommon for retirees also to own a vacation cabin where they can enjoy a change of scenery. Besides having
a nice place to escape to, they also benefit from the increasing value of these additional real estate holdings.
Some older Americans purchase properties with funds in their Individual Retirement Account (IRA). Doing so allows you
to buy and sell real estate without having to pay taxes immediately.
However, properties owned within an IRA must be for investment purposes only. Owners and their families aren't allowed to
live in them. Talk with an IRA custodian who specializes in real estate investments before making a final decision.
Specific rules must be followed, or your IRA could lose its tax-advantaged status.
Real estate investing also is a favorite strategy used by the wealthy. Advisors for families with multi-million-dollar
portfolios say 15 to 20 percent of their investments commonly are in real estate.
Get a Good Deal Now
Real estate sales and home prices have softened in many communities. It's possible now to locate a home that you'll
love for years. Many renters today are looking to purchase, since rents are rising sharply in some areas. A growing
household or job change also can make an immediate move necessary.
For these and many other buyers, trying to time the market to get the absolute lowest price is counter-productive.
Here are suggestions to help you make a smart purchase when looking at properties now:
- Keep up on the market. Prices are changing rapidly in many neighborhoods. Make sure you're aware of the latest prices for homes on the market, as well as for those which recently have sold.
- Comparison shop, since no two homes are alike. If one has additional features, you can use that knowledge to negotiate a lower price on a home with the same asking price.
- Look for special situations. Sellers who need to move quickly are less likely to drag out negotiations. Make a fair offer and try to get the home under contract before someone else discovers it.
Also be prepared to act if the asking price is reduced on a home you're interested in. Sellers with a property that's been
on the market for awhile may be willing to pay some of your closing costs, as well.
We'll provide home financing that makes sense for you. Call us before you start looking at properties, and we'll
show you what monthly payments you can budget for.
Homes Help Us Attain Life Goals
Today's market shows that buying real estate is a long-term investment. House prices in some neighborhoods recently have
fallen, when compared to last year's levels.
But home values are up sharply when looking at prices from a few years ago. A recent government report states,
"the general level of house prices soared 56 percent from the spring of 2001 to the spring of 2006."
Average U.S. home values in June were ten percent higher than a year earlier, the report adds. Several factors
are behind America's steady rise in real estate prices.
First, we're a growing nation with a constant demand for additional housing. Right now many baby boomers are
buying vacation and retirement homes, while their children are looking to purchase their first house.
Inflation also boosts the value of our properties, just as it raises the cost of daily purchases. Researchers
say house prices typically advance one to two percent above the inflation rate each year.
Making home improvements also adds to the value of homes in the U.S. Many owners have extensively
upgraded their properties in recent years.
Yet house price increases likely will be muted for some time, as the market normalizes after years of rapid appreciation.
But owners with a long-term outlook can enjoy living in their home, secure in the knowledge that it remains valuable.
A typical American home sold for $11,900 in 1960, according to government figures. However, by 2000 house values had
increased to $119,600. Having a mortgage that allows you to comfortably make payments as long as you live in your
home is crucial today. Contact us right away for a no-obligation review of your current home loan, and to go over
today's financing options.
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