VA Loan / Veteran Mortgage News
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JANUARY 2009
New VA County Lending Limits and Secretary of Veterans Affairs
On January 1st, 2009, the Department of Veteran's Affairs announced the VA county home loan limits for 2009. Qualifying veterans can now apply for a regular VA Loan with $0 down up to the VA Loan Maximum in qualified counties. To see the
$0 down amount for the single family home limit in your county, simply click on the applicable state.
On January 21, 2009, Retired Army Gen. Eric K. Shinseki took the oath of office to become the Nation's seventh Secretary of Veterans Affairs. Shinseki takes the reins of a 284,000-employee organization delivering health care and financial benefits to millions of Veterans and survivors. Born in 1942 on the island of Kauai, Hawaii, Shinseki graduated from the U.S. Military Academy at West Point, N.Y., in 1965. He served two combat tours and was wounded in action in Vietnam. He served with distinction in Europe, the Pacific and stateside, eventually becoming the Army's senior leader from June 1999 to June 2003. Retired from military service in August 2003, Shinseki's military decorations include three Bronze Stars and two Purple Hearts. Source: US Department of Veteran's Affairs.
Falling Rates Provide Benefits
At the end of 2008 rates on 30-year mortgages had dropped to the lowest point in 37 years. Fixed-rate loans fell by more than a percentage point last year. That means someone with a $250,000 mortgage would save about $2,000 annually by refinancing.
Lower mortgage rates are helping Americans to buy a great house now, and to obtain a smaller payment on their current home. Getting a loan today also isn't as difficult as you might think.
Typically borrowers need to be able to document their earnings and savings. But it's possible to purchase with a down payment of five percent -- or even less at times.
We'll lead you through the steps, and show you ways to gain advantageous rates and terms. Begin the process by calling us to arrange a no-obligation meeting, where we'll answer your home financing questions.
Today it's more important than ever to work with experienced professionals you can trust. Ask us for the names and phone numbers of recent clients of ours who can tell you how they obtained a mortgage with our assistance.
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Ready to Move
Housing demand is expected to pick up later this year, since lower monthly payments make it easier to purchase real estate. We still consider homeownership to be a smart long-term move. A national survey shows that Americans who bought a house last year on average plan on staying in it for a decade.
Living in a great home is the first step towards larger lifetime goals. Having the right mortgage also increases the enjoyment you'll obtain from owning your home.
With our help, you may find that getting a home loan now is easier than you thought it would be. We can go over several borrowing options to determine which loan type will work best for you.
Contact us soon to go over how these recent changes can benefit you. We'll help you make the most of today's developments!
Top 10 Reasons Why VA Financing is a Good Deal for Veterans
There are more than 24.5 million armed forces veterans in the U.S. today, many of who qualify for attractive home financing programs guaranteed by the Department of Veterans Affairs. Most popular online mortgage companies do not address VA loans at all. At VALoans.com, we specialize in them, offering in one place all the expertise every veteran needs to secure VA financing via the Internet. Before arranging for a new mortgage to finance a home purchase with other types of loans, veterans should consider some of the advantages of VA home loans.
- Most important consideration, no down payment is required in most cases.
- Loan maximum may be up to 100 percent of the VA-established reasonable value of the property. Due to secondary market requirements, however, loans generally may not exceed $417,000 unless in high cost counties.
- Flexibility of negotiating interest rates with the lender.
- No monthly mortgage insurance premium to pay.
- Limitation on buyer's closing costs.
- An appraisal which informs the buyer of property value.
- Thirty and fifteen year loans.
- An assumable mortgage, subject to VA approval of the assumer's credit.
- Right to prepay loan without penalty.
- VA performs personal loan servicing and offers financial counseling to help veterans avoid losing their homes during temporary financial difficulties.
Now's the Time to Buy
In many areas around the country house buyers are finding bargains. Recently a headline in The New York Times told readers "It May Be Time to Think About Buying a House."
"Five or 10 years from now, when the financial crisis has ended and housing prices are up smartly once more, we'll look in the rearview mirror and realize that we missed a golden age for first-time homebuyers," the article forecast.
"Then, everyone who sat on their down payment savings accounts for a few years too long will kick themselves for not taking advantage of what may turn out to be the buying opportunity of a lifetime," added The Times.
"We'll only be able to identify a bottom to the housing market with the benefit of hindsight," The Times reported. "But as it does with the stock market, the moment will probably arrive when everyone is feeling the most pessimistic."
Improve Your Credit Score
Changes are coming this spring to how credit scores are calculated by credit reporting firms. Some experts believe around half of all consumers will find their credit score has changed at least 20 points as a result.
It's helpful to periodically review your credit report. You can check for errors, and look for ways to improve your score.
We're happy to go over your credit report with you, and provide the benefit of our experience to assist you. Identifying ways to boost your results will lead to a lower rate when borrowing.
But it's best to look at your credit report well before you are preparing to apply for a loan. You'll then have time to correct errors and arrange your financial picture so that it puts your best foot forward.
Contact us now if you're thinking about buying real estate or refinancing a mortgage in 2009. Taking the time to improve your credit score will pay off when you're in the market for a home loan.
You'll then enjoy smaller monthly payments, and have a wider range of homes to select from when buying. Being able to shop for a new place to live on great terms makes the process a lot more fun and rewarding.
Ready To Act
One feature of today's turbulent financial markets is that mortgage rates can move rapidly. For that reason it's important to contact us soon and let us know about your dreams of moving or refinancing. We'll go over your financial situation together and look at your options. If now isn't the right time to take action, we can watch the market for you as it changes in the future. When conditions are right, we'll let you know immediately.
The outlook for being able to take positive money steps this year is growing brighter. While America's economy remains weak, there are positive elements emerging. Energy prices remain low, providing relief for household budgets. And government actions designed to boost business and financial activity soon will begin improving conditions for many. Low interest rates also are helping borrowers obtain affordable payments.
Rely on us as your financing partner in today's market. We'll work with you to reach your housing goals this year.
The Whole Picture
Picking a home you'll love involves making both financial and lifestyle choices. You must weigh the importance of a house's location, size, and age before finalizing your decision. For instance, a home providing a shorter commute may be smaller or older than houses in another neighborhood.
Knowing what your priorities truly are will make a big difference in your everyday life. Are you willing to drive further to work in order to have a larger kitchen? Or would you appreciate having less time on the road, and be content with less space?
Consider how you'd live in specific properties before choosing. People with small kitchens can use a drop-leaf dining table to save space. Or you can add cabinets which reach to the ceiling, and store infrequently-used items on the higher shelves.
Finding a refrigerator which fits better into the existing space can make redesigning a small kitchen easier. Storing items you don't need very often also will create more counter space for working in your kitchen.
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