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VA Loan / Veteran Mortgage News
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AUGUST 2008
VA Increases $0 Down Loans Up to $729,750 in Certain Areas
While many Veteran's felt left behind on the higher loan limit increases recently passed by other housing agencies, there is some encouraging news coming from the recent signing of the Housing and Economic Recovery Act of 2008. Section 2201 calls for the Temporary Increase in Maximum Loan Guaranty Amount for Certain Housing Loans Guaranteed by the Secretary of Veterans Affairs.
For all locations in the United States other than Alaska and Hawaii, the maximum guaranty amount is 25% of the greater of: (a) $417,000 or (b) 125 percent of the area median price for a single-family residence, up to $729,750.
With the temporary increase, here are some example counties where this would be allowable with no down payment.
California: Alameda, Anaheim, Contra Costa, Los Angeles, Irvine, Oakland, San Benito, San Francisco, San Mateo, Santa Ana, Santa Cruz, Ventura and others. Maryland: Anne Arundel, Calvert, Carrol, Charles.
States with one or more increases include: CT, DC, MA, NH, NJ, NY
Here is how a veteran can find out if they qualify for this new amount. Simply go to https://entp.hud.gov/idapp/html/hicostlook.cfm. Enter in the desired county and state. When it asks for limit type, click Fannie/Freddie. The results will show the one-family maximum loan amount. The eligible Veteran can purchase a new VA home loan with $0 for that amount.
This only applies to new houses and does not cover cash out refinances or streamline refinances. Please be aware that this is temporary until January 2009 and may be extended.
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New Benefits for Real Estate
A major new law designed to stabilize the housing markets came into effect this summer. One purpose of the legislation was to make credit more-readily available to Americans. This was accomplished by reinforcing Fannie Mae and Freddie Mac, two government-chartered firms which purchase mortgages from local lenders.
Specific measures also were spelled out to help both existing homeowners and potential buyers. Here are some of those provisions:
- First-time homebuyers can receive a $7,500 tax credit if they purchase between April 8, 2008 and June 30, 2009. But borrowers will have to repay the credit amount over the following 15 years. "First-time buyers" are defined as households which have not owned their principal residence during the previous three years.
- Homeowners who don't itemize deductions on their income tax returns can still deduct property taxes. Write-offs can reach $500 for singles and $1,000 for married couples.
- Starting in October 2008 a three-year program to help homeowners refinance into affordable mortgages begins. An estimated 400,000 borrowers whose payments are above 31 percent of their income will be able to obtain a fixed-rate mortgage as a result.
- Fannie Mae and Freddie Mac now have higher loan limit amounts. These limits vary by region, since they're based on an area's median home price.
But until the end of this year they can reach $729,750 in some high-cost neighborhoods. Borrowers thus can obtain lower rates than they could on a traditional "jumbo" mortgage.
These are just some of the major provisions of the new housing bill. Contact us to find out more about how this legislation could benefit you, or someone you care about.
Refinance for Stable Payments
Inflation concerns are causing some economists to forecast rising interest rates in the future. Refinancing now into a fixed-rate home loan can insulate you from the shock of higher adjustable-rate payments.
Obtaining a loan at today's low, stable rates also will provide you with peace of mind. You'll be able to budget effectively, and know you can meet your living expenses in the future.
Some homeowners find that refinancing isn't possible now or isn't currently beneficial for them. If that's the case, we'll identify the conditions which would make refinancing advantageous to you. You'll then be ready to act when the opportunity emerges
.
Talk with us soon to learn how a fixed-rate home loan would affect your personal finances. We'll answer all your questions, and show you how different mortgages would work in your situation.
Move When You're Ready
Reduced demand for houses has led to lower prices in some communities this year. Yet generally it's not practical to try to time the housing market when purchasing.
Most of us buy houses primarily to live in them; so choosing when to purchase is mainly based on lifestyle needs. Someone who has a job transfer or wants their children in a different school will look for a new place to live.
Homes are a large purchase, so it's natural to want to buy when prices are attractive. But owning for an extended period is the most-reliable way to see the value of your home rising. Staying in a property for several years typically means you'll be able to sell profitably.
Life Keeps Improving
New studies confirm that "when you check on how happy people are at various ages, the elderly generally come out ahead," reports The Washington Post. Most of us can expect to find our retirement years are the best part of our life, researchers say.
"Older people reported a larger number of health problems," adds The Post. "But tended to report far fewer difficulties overall."
One survey found the highest levels of stress among adults ages 35 to 49. Harris Interactive notes persons in the 25-34 age bracket have the second-highest stress levels.
"But the most striking differences by age are found among adults aged 65 and over," says Harris, "who report experiencing less stress and far fewer symptoms of stress than people in all age groups under 65."
High stress can adversely affect our health and relationships. One reason the elderly may feel less stress is that over time they've developed resilience, experts say. Factors which help us to counter stress include:
- Having caring and supportive relationships with family and friends.
- Being able to make realistic plans and then gradually accomplish them.
- Maintaining confidence in your abilities and a positive self-image.
- Knowing how to manage your emotions.
Resilient people stay connected with others, while also taking care of their own needs. They avoid seeing problems as being insurmountable, and understand that change is inevitable.
No matter what their situation is, they are able to set goals and move towards them. Life then seems more like a pleasant journey, with a mix of daily challenges and joys.
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