Qualify for a VA Home Loan
According to the Department of Veterans Affairs, demand for VA loans remains strong during these difficult economic times. With all other loan types requiring varying down payments and / or mortgage insurance, the VA loan program remains the only no down payment type out there. In addition, there is no mortgage insurance (there is a one-time VA funding fee that can be added to the loan amount).
The VA also recently bolstered the program by increasing the VA loan limits in many counties up to $1 Million dollars. Certain companies including www.valoans.com offer VA jumbo loans in all counties as long as the Veteran puts a down payment equal to 25% of the amount over the VA county limit.
The Department continues to say that they believe the program will even be more viable once the housing market and economy gets back on course.
"The housing market is expected to bottom sometime in late spring or early summer," says Diane Swonk, chief economist at Mesirow Financial. First signs of a recovery came in February, as home sales unexpectedly jumped after mortgage rates fell.
Lower rates help buyers by reducing their monthly payments. When combined with softer home prices, Swonk adds, "housing affordability has reached an all-time high."
First-time home purchasers also are benefiting from a tax credit of up to $8,000 now. However, it's important to remember this tax break is set to expire at the end of November.Americans continue to form new households, and they all need a place to live. Although the rate of household expansion has slowed due to the economic recession, Swonk estimates that 750,000 new households will be created this year. Ongoing demand for homes will cause real estate values to stabilize. Contact us soon to find how you can take advantage of today's unique market conditions.
Finding a house you can afford and will love for years is possible now. But to gain the greatest benefit, it's important to select a home carefully. Start by considering these shopping tips -
Remember that you can purchase a bargain property and renovate or add to it as your housing needs change in the future. Getting established as a homeowner now will provide you with material and emotional gains for years. Excellent buying opportunities will be available over the next few months, as prices remain attractive and rates stay low. Starting to look now will pay off when you find a great new place to live.
We all know home prices and mortgage rates will move higher at some point. First-time buyers also can expect the new $8,000 tax credit to end later this year. But for now, anyone who hasn't owned their residence for the last three years is eligible to use that tax break.
Being ready to purchase when you find the right house gives you the freedom to confidently look at what's available on the market. We'll work with you to find a low-rate mortgage which suits your needs, and allows you to buy the house you want. Contact us before you begin looking at homes to discover how today's mortgage options can assist you. We'll go over your questions, and look for ways to gain financing on excellent terms.
More Americans are looking at the costs, and finding they'll do better financially by purchasing a home now, rather than renting. Tax savings are a big part of the picture. Owners can deduct mortgage interest payments and property taxes each year. Additionally, first-time buyers now can receive a tax credit of up to $8,000.
Tax credits pack more punch than deductions do. Credits directly reduce your tax obligation. Deductions are subtracted from your income before figuring your tax bill. Potential buyers must remember that the $8,000 credit is scheduled to terminate at the end of November 2009. Your home purchase must be made before then to qualify for the tax break.
Over time renters can expect to see their monthly payments going up. If a $1,000 rent payment rises four percent annually, after five years it will reach more than $1,200 per month. Owning real estate isn't always the best solution for everyone. If you think the size of your household could change soon, if your income isn't stable, or if you plan to move within a few years it could make more sense to retain the flexibility which renting provides.
Stock and real estate values have gone down recently, yet new data show that homeowners still have plenty to be happy about. At the end of 2007 an average U.S. renter had a net worth of $5,300. At the same time, a typical owner was worth $243,100. By the end of October 2008 the renter's net worth had dropped to $4,200. And the owner also experienced a reduction - yet still had a total net worth of $205,200.
Owning a house offers tax benefits and a great place to live, while also typically rising in value over time. Owners almost never say they wish they'd waited to purchase a home. Most Americans see the value of homeownership, and eventually take that step. Low mortgage rates and attractive prices make today a window of opportunity for households who are ready to buy. Our job is to help you make housing decisions which suit your unique needs. We'll answer all your real estate finance questions, and review how different loans would fit into your circumstances.
Slower economic times have touched everyone's life. "No matter your age, gender or financial status," reports Forbes magazine, "nearly everyone is giving something up."
A recent survey found that more than four out of five Americans are willing to cut back on eating out. Entertainment spending - from baseball games to Broadway shows - is being trimmed by more than two-thirds of us.
Close to two-thirds also are reducing their clothing purchases. However, parents say they aren't willing to stop buying for their children. Vacations are another expense that we're finding ways to shrink. More Americans will stay closer to home when taking time off now. We're also less likely to cut back on home entertainment such as cable or satellite TV and video games. Some commentators find positives in these changing habits. We're realizing that luxuries aren't essential to our happiness, and finding ways to regularly put funds into savings.Simplifying our lives can be satisfying. More Americans are planting vegetable gardens, doing yard work themselves, and holding garage sales to clean out clutter. Not all the news is glum. Lower energy costs are putting some breathing room in household budgets. And a new poll shows that two-thirds of us believe our financial situation will get better over the next twelve months.
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