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.
NOVEMBER 2008
Department of VA Home Loan Program Still Strong
In 2008, approximately 179,670 veterans, active-duty service members, and survivors received home loans valued at over $36 billion. Since 1944, VA has guaranteed nearly 18.4 million home loans worth approximately $967 billion. About 2.1 million home loans that still have outstanding balances were purchased through VA's home-loan guaranty program. This program has made home loans more affordable for veterans, active-duty members, and some surviving spouses by protecting lenders up to 25% from loss if the borrower fails to repay the loan. More than 90 percent of VA-backed home loans were given without a down payment.
Source: Department of VA 2008 Annual Report.
Best Holiday Wishes!
Shelter means more than having a roof over our head. Homes are places where we celebrate life's milestones, and find peace at the end of a long day. In our homes we can welcome friends and family, or simply enjoy being by ourselves. Our houses reflect our dreams - and provide us with the security we need to realize them. Helping households like yours to have a great place to call home is very satisfying.
In 2009 we'll always be ready to assist you, as well as your family and friends, with your home loan needs. Here's hoping you have a joyous holiday season!
Ready for a Rebound
House sales across the U.S. moved up 5.5 percent in September when compared to a month earlier, as bargain hunters took advantage of today's attractive house prices and great loan rates. It was the highest level of sales seen in a year, notes the National Association of Realtors. Yet prices still are moving downward in some areas. A slower economy and job losses could hinder real estate's comeback, as well.
No one can predict when the best time to make a real estate purchase will be. Mainly that's because buying a home is a lifestyle choice for families. Each household has different priorities which play a role in determining when and where they purchase.
For most of us it's best to consider moving when doing so would improve our life. Finding a home you like and gaining affordable payments provide extra support for a decision to buy.
In other words, choosing when to purchase depends mainly on your personal situation. If you've been thinking about making a move, now is certainly a great time to see what's available.
Start by asking us to review financing options with you. We'll show you what payments you could expect under different loan types. And we'll go over how those programs would work within your specific circumstances.
Making Improvements
Numerous suggestions have been made for how to improve our nation's financial system. Ideas range from increased regulation to more consumer financial education.
Making sure our system works as well as possible for all of us is crucial. But even the best plans can't foresee and protect us from all the challenges we'll face in the future.
That's why one of the more-important decisions you'll make when purchasing or refinancing a home is deciding which professionals to work with. Knowing you can trust someone to put your interests first, and that you can rely on them to perform as promised may mean the difference between a successful transaction and a disaster.
Every day our goal is to earn and retain the trust of our mortgage clients. We understand the importance each loan holds for the persons involved.
You'll find that we take the time to answer all your questions, and work at a pace you're comfortable with. Ask us to provide you with the names of previous customers of ours who can tell you more about how we worked together.
More Help for Housing
A big positive for real estate is the attention it's receiving from government authorities. Government officials know that America's economy won't be back on track until home sales have stabilized and prices have leveled off.
Steps are being taken to assist the housing industry in regaining health. Mortgage rates have dropped this fall, and are around their lowest points in a generation.
Buyers also are benefiting from higher loan limits on many mortgages. Good rates can be found on larger mortgages which many home purchasers need.
We can expect more efforts to support housing in coming months. One proposal is to expand and enhance the tax credit for buyers. Government guarantees also could enable lenders to lower monthly payments for homeowners at risk of foreclosure.
Real estate will keep changing as we move forward. We'll monitor these developments for you, so that you can obtain every available benefit as you reach towards your personal homeownership goals.
Plan for Tomorrow
Today's changing real estate markets could help us devise better ways to use land and other resources, experts say. New conditions create the need for unique solutions.
Higher gas prices have made commuting from the suburbs expensive in terms of both time and money. City planners now are working to produce nice homes closer to jobs, shopping, and entertainment.
Adding housing to proposed redevelopments in urban settings makes sense for everyone. Such areas have favorable locations to attract owners. And they don't require governments to build new roads and schools, or to extend utility lines.
Of course, there will still be plenty of great suburban neighborhoods for families who want to live there. But your next home also could be closer to a city center if that's convenient and suits your living patterns. It then will be possible to walk to shopping, and take public transit to work.
We'll help you obtain advantageous financing no matter where you prefer to live. Our expertise is in finding a home loan which fits into your budget and helps you purchase the house you want.
