 |
VA Loan / Veteran Mortgage News
SPONSORS:
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.
Military Hub is about building wealth and saving money. It's about helping you make the best military financial choices while you're in the military, and fully leverage your military salary to support your military family now and after military retirement.
SEPTEMBER 2008
Popular VA Loan Blog Is Excellent Resource
The underwriters at VALoans.com recently created a VA Loan Blog in order to answer many questions our visitors sent in for clarification concerning their VA home loans. VALoans.com is one of a select group of lenders who were granted VA Automatic status from the Department of Veterans Affairs who have on staff underwriters with LAPP Authority to allow for faster, better, and easier appraisals. Here are the top ten items which can be found at http://www.valoans.com/blog.
- What To Submit for Military Statement of Service Request
- VA Loan Lenders Can Increase Appraisals by up to 5%
- Veteran's Real Allowable Closing Fees and Charges
- Proof of Income For Military Service Members
- VA Eligibility On Short Sales Involving 2nd Liens
- VA Home Loans 101 - Free Download - No Registration Required
- Co-Signors on VA Loans
- Substitution of VA Eligibility
- VA Home Loan Assumptions
- Are Home Eligibility Benefits Transferrable?
Our underwriters will continue to write about relevant questions and topics that directly relate to the VA loan underwriting process.
Easier to Buy
Housing affordability has gained significantly over the past two years due to attractive mortgage rates and lower home values in many areas. If you were looking at houses previously and grew discouraged, you may be surprised at the values available now.
But higher mortgage rates in the future would cause monthly payments to rise. By acting soon you can lock in affordable payments on a home you'll love for years.
Deciding where to buy always is important, but especially so now. Today we can see that some new developments built far from city centers in recent years were speculative.
Even though their prices may have fallen, those neighborhoods are struggling to gain owners. Commuting costs also are greater in distant suburbs.
Purchasing closer in often means buying an older property, however. Yet the stability of those areas typically has kept prices closer to their peaks.
The GI Bill Can Change Your Future.
We have partnered with the following schools and service providers. Visit their content centers and
fill out an instant inquiry to receive more information!
DeVry University
DeVry University offers flexible scheduling and the convenience to study at any of 80+ locations, online or a combination of both. Earn a respected associate degree, bachelor’s degree or master’s degree from an accredited university.
Westwood College Online
Westwood College’s online program offers you the flexibility you need to earn your degree when and where it’s most convenient. Degree programs include business, criminal justice, design and technology.
Colorado Technical University Online
At Colorado Tech Online, you can earn a career-relevant degree in just 15 months. Every CTU Online degree includes multiple Professional Certificates without additional courses or cost. Learn more today.
Capella University
As an accredited university with online degree programs in five schools, Capella University is committed to helping you accomplish your goals through a high-caliber educational experience.
Strayer University
Strayer University offers degree programs designed to fit your busy schedule. Attend real-time courses via the Internet, or complete coursework at times most convenient to you.
Walden University
Balance your personal and professional commitments while earning a respected Ph.D., master’s degree, or bachelor’s degree online at Walden University. Programs offered in management, education, psychology and health and human services.
American Military University
American Military University’s online programs can prepare you to succeed in a civilian or military career. Choose from more than 50 Associate, Bachelor’s and Master’s degree programs.
Kaplan University
Advance your career and get the distinct competitive advantage you need with an online degree from Kaplan University. And do it without missing a day of work.
University of Phoenix
As a regionally accredited university, and a long-time member of Service members Opportunity Colleges (SOC), University of Phoenix is approved by all branches of the military for tuition assistance and is approved for veterans training.
South University
South University enjoys a long-standing tradition of excellence in education and personalized student attention. Enjoy the convenience of earning your bachelor’s degree entirely online.
AIU Online
Earn your Associate’s, Bachelor's completion—even an MBA—from the comfort of home at AIU Online. Choose from career-track programs such as Visual Communication, Information Technology and more.
The Art Institute of Pittsburgh -- Online Division
Whether you’re just starting out or are a seasoned professional, you can jump-start your career with an associate's or bachelor's degree from The Art Institute of Pittsburgh -- Online Division.
Everest University Online
Expand your career horizons with an online degree from Everest University Online. Balance work and family while you study for your Associate’s, Bachelor’s, or Master’s degree.
Virginia College Online
Earn your associate's, bachelor’s or master’s degree from Virginia College Online. Our extensive programs are offered 100% online, so you can launch the career of your choice from the comfort of your own home.
Grand Canyon University
Grand Canyon University is currently offering programs through our Online Campus in our College of Education, Ken Blanchard College of Business, College of Nursing, and College of Humanities and Social Sciences.
Grantham University
Looking to advance your career or enhance your professional skills? Earn your degree online at Grantham University. Programs include Business Administration, Criminal Justice, Computer Science and more.
Jones International University
Earn a high quality degree in Business, IT, Education, or Communications. Jones International University® offers self-paced bachelor’s and master’s degrees tailored to your needs.
Ellis College
Take your career to the next level. Ellis College offers customized, flexible online degree programs for busy working professionals like you.
Baker College Online
Pay less than half the tuition at Baker College Online, a fully-accredited and highly-respected online school. Click to learn more about the over 30 programs.
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.
A Home You Can Afford
Finding ways to make a home purchase more affordable now takes effort. But the rewards can be great when you're shopping for an ideal house, but have a budget to stick to. Here are suggestions to go over -
- Look at smaller homes. You may not require as much living space as you think. Many of us live in houses with rooms which are rarely used. Calculate the essential amount of space you need in a home, and see how affordable houses of that size are. Or you may buy a smaller home now, and then add a room in the future.
- Buy a property with negative features. A house with an odd layout won't appeal to many buyers. But you can reap big savings by purchasing a home which others wouldn't consider. Also look at properties that have been neglected. A professional home inspection can tell you if a house has major defects which would be difficult to fix. But a residence which just needs updating can provide enjoyable projects for a thrifty buyer. You'll enjoy transforming your house, and every upgrade will add to its value.
- Become a landlord. Renting out a bedroom can provide income which helps you buy the house you want. Many successful real estate investors got started by purchasing a duplex and renting out half of it.
We'll help you make a purchase by offering ideas for improving your credit score. You'll then be able to gain financing on better terms. Mortgage rates remain at historic lows today, and home prices have dropped in many areas. You may be surprised at how easy it is to move into a house you'll love for years. Being able to take action once you spot a bargain is crucial. We'll pre-approve you for a home loan, so you'll be ready to make an offer when you locate the real estate opportunity you're searching for.
New Help
A housing law passed this summer means "a housing recovery is on its way," predicts Lawrence Yun, chief economist at the National Association of Realtors (NAR).
"This legislation will go a long way to help stabilize the housing market and make the dream of homeownership more attainable for many Americans," he adds. "In addition, more families will be able to refinance into safer, more affordable mortgages."
One of the premier features of the law is a tax credit of up to $7,500 offered to first-time homebuyers. However, to qualify for the credit you must purchase by June 30, 2009.
Close to three million Americans will take advantage of this tax break before then, NAR forecasts. All that activity will "be a big shot in the arm" for housing, adds Yun.
NAR predicts average home prices will begin moving up again towards the end of this year. Talk with us right away if you're considering the purchase of a first-time or move-up property.
Do the Math
A primary question is whether you should rent or buy a home. Answer this by comparing the cost of renting against your monthly mortgage payments on a similar property.
You'll need to adjust your mortgage payments by subtracting tax deductions you'll receive for mortgage interest, property tax, and possibly for mortgage insurance premiums. But add back in the estimated cost of maintaining your home.
Next see how owning works out over time. Remember that rent costs typically go up every year, while fixed-rate mortgage payments stay the same.
Also calculate how your equity will increase as your house's value goes up. Compare those gains to what you'd expect to receive by investing the difference between rent and mortgage payments in stocks or mutual funds.
Most homeowners find the gains they achieve grow slowly but steadily over time. That's why many Americans say that buying their first home was a step which affected the rest of their life.
Purchasing also enhances your daily life, by giving you more freedom to live as you wish. But it's best to decide whether you want to buy or rent after looking at the full picture of emotional and practical benefits, as well as financial realities.
Affordable mortgage payments are crucial to gaining the long-term advantages of homeownership. We can help you decide whether purchasing now is in your best interest. Contact us soon to figure the costs and benefits of buying a house.
GET A FREE CREDIT REPORT
Do you know what's on your credit report? View it online instantly. Find out before you
purchase a home, apply for a loan, or change jobs.
|
Building a military bank
one veteran at a time. |
|
 |
|
|
|
 
|
Get Started with a
VA Home Loan
|
Copyright © 1997- 2009
VALoans.com
All Rights Reserved
Web Design
Archimage
Houston, Texas
|
