VA Loan / Veteran Mortgage News
Bruce Reichstein (NMLS #273132) is Sr. Loan Officer specializing in VA Home Loans with Emery Federal Credit Union and VALoans.com. Bruce has originated and underwritten VA loans in all 50 states for over 25 years and is a Nationwide Lender.
APRIL 2008
Offering the Best VA Jumbo Loan in the Business
VA Jumbo Loans are greater than $417,000 and are available to veterans with sufficient
down payment to qualify for a 6.0% rate.
- Available for fixed rate and adjustable rate 1-unit purchase transactions only.
- Requires a minimum 680 FICO score on loan amounts > $650,000.
- Higher loan amounts do not apply to manufactured homes.
- Does not apply to 2-4 units or refinance.
- Funding fee cannot be financed on the loan amounts above the conforming limit. The funding fee must be paid in cash either by the veteran, seller or the lender.
- The loan must have 25% guaranty (available guaranty plus down payment from veteran's own sources).
VA Federal Benefits for Veterans and Dependents - 2008 Edition
Veterans of the United States armed forces may be eligible for a broad range of programs and services provided
by the federal Department of Veterans Affairs (VA). These benefits are legislated in Title 38 of the United States Code.
This booklet contains a summary of these benefits effective Jan. 1, 2008.
Definition of General Eligibility
Eligibility for most VA benefits is based upon discharge from active military service under other than dishonorable
conditions. Active service means full-time service, other than active duty for training, as a member of the Army, Navy,
Air Force, Marine Corps, Coast Guard, or as a commissioned officer of the Public Health Service, Environmental Science
Services Administration or National Oceanic and Atmospheric Administration, or its predecessor, the Coast and Geodetic
Survey. Generally, men and women veterans with similar service may be entitled to the same VA benefits.
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Download the 2008 edition.
A Better Outlook
Time magazine recently urged Americans to "Ignore the headlines" dispensing gloom about housing. Prospective home buyers were warned that "it's time to get serious - before an inevitable rise in interest rates wipes out your advantage."
Consumers who don't act now could find any future house price decreases "might be offset by rising financing costs," Time magazine adds.
No one can be certain how the economy will perform in coming months. Yet some economists forecast stronger growth in the U.S. over the second half of this year. Lower rates and tax rebates will help get the economy moving.
Recently the UCLA Anderson Forecast predicted the U.S. economy would slow down, but not contract in 2008. And it sees growth picking up later this year.
In 2001 UCLA also went against the trend, by correctly forecasting a recession before other experts did. Today real estate markets are suffering, UCLA notes, but the overall employment picture is healthy.
The National Association of Realtors (NAR) also recently reported that "the latest reading on home sales further confirms stabilizing trends." Rising sales and reduced numbers of properties on the market earlier this year are a positive sign, NAR explained.
America's growing population will continue to provide healthy demand for housing. Owning a residence also gives lifestyle and tax benefits.
Begin your home buying experience by talking with us about financing. We'll go over your credit report with you, since we may find ways to improve your score. You then can obtain a loan on more-favorable terms.
Next we'll go over how different mortgages would fit into your budget. Soon you'll be ready to make an offer on a home you'll love for years!
Effective Selling Tips
Selling a home soon doesn't need to be a daunting experience. Knowing what comparable properties are selling for is a key to attracting attention.
Today that means looking at the price of recent sales, rather than focusing on the asking prices of your competition. Some owners may not be setting a realistic value on their house.
But going over the actual sale prices of houses similar to yours shows how the market currently values your home. Although that price may not be what you hoped for, you'll find that the house you purchase next also will feature an attractive price.
If you need to move soon, it's essential to price your home below what nearby sale properties are asking. With plenty of houses on the market in many areas, prospective buyers won't bother making an offer on an overpriced home.
Make your house appealing before placing it on the market by removing clutter and refreshing your paint and landscaping. It's not necessary to do extensive upgrading to attract a buyer.
But point out to buyers any improvements which make your house more energy efficient. Being able to save on utility bills every month is a benefit many Americans are looking for now.
Lower Rates Help Borrowers
Aggressive action by the Federal Reserve is creating opportunities for American consumers now. Mortgage rates have dropped in response to recent Fed interest rate cuts.
Weakness in the financial markets was one reason for the cuts. Today's real estate marketplace is worrying to many Americans simply because they don't understand what's occurring.
Seeing national financial firms being forced to sell themselves at bargain prices is hard to grasp. Even more difficult to fathom are the rising delinquencies and foreclosures some communities are going through.
Yet most consumers are experiencing these challenges just as headlines.
Fortunately, today's turmoil isn't directly affecting the lives of the vast majority of homeowners.
Financial innovations and low rates allowed lenders and consumers alike to aggressively commit to real estate purchases in recent years. Some took on too much risk, and are suffering as a result.
But we're more likely to make poor money decisions now if worries dominate our thoughts. Start by looking objectively at your own situation, rather than focusing on things which you can't control.
We're ready to help you select beneficial actions if you're considering a real estate purchase or refinancing now. Together we'll choose a home loan which allows you to confidently move towards your personal financial and housing goals.
Green Homes
Close to half of all home buyers say energy efficiency is "very important" when they're choosing a property to purchase, reports the National Association of Realtors. Both saving on energy costs and helping the planet are reasons for this priority.
Fortunately, new developments are making this dream possible. Home builders will cut the amount of energy a house requires by half over the next ten to 15 years, according to some forecasts.
Window sensors will take the outside temperature to determine how much sunlight is allowed to come in. Roofs also will be covered with grass to provide insulation.
But you won't need to mow your roof, since new strains will grow just a set length. We'll keep finding ways to make our homes more comfortable and efficient!
