Qualify for a VA Home Loan
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A recent comparison of both VA and FHA 30 year fixed single family interest rates for the last 11 months as of August 31st, 2009 show that the average VA rate was 5.33% and the average FHA rate was 5.66%. While the average number of FHA loans insured during this period was 5 to 1 over VA loans, many veterans are realizing that the zero down benefits outweigh the 3.5% down payment requirement of FHA loans.
Sources: Hud.gov, VA.gov
Why do our homes seem more important to us at this time of year? Perhaps because the weather outside can be harsh. Or it could be because we’re anticipating holiday celebrations, and special times with friends and family. Everyone knows a home is more than four walls and a roof. Owning a home provides secure surroundings where we can pursue our dreams.
Contact us if you – or someone you care about – is thinking about buying or refinancing a home. We’ll make sure you obtain affordable monthly payments which will give you a foundation for building the life you want.
America’s homebuyer tax credit has been expanded and extended until the end of April 2010. Both existing homeowners and first-time buyers now can receive this credit. Anyone who hasn’t owned their residence for the past three years can cut their taxes by up to $8,000 under the new law. Purchase contracts must be signed by April 30, 2010 to qualify. Existing owners must have lived in their current house for five years. If they are buying another primary residence before the end of April, they can receive a tax credit of as much as $6,500.
What that does is effectively lower the cost of buying by $6,500 for repeat buyers and $8,000 for first-time purchasers. Tax credits are available to consumers who are buying a principal home for themselves, and which costs no more than $800,000. Higher income caps for purchasers will let more consumers claim the credit, as well. Individuals with annual incomes up to $125,000, and married couples earning as much as $225,000 will qualify for the full tax credit. Benefits are phased out for buyers who earn more than those amounts.
Talk with us to learn more about how this makes a smart purchase affordable now. We’ll help you take full advantage of today’s excellent values, great rates – and expanded tax benefits.
Most people would love to increase their income by a few thousand dollars next year. And that’s possible for many Americans to do – simply by refinancing their existing home loan. Recently 30-year, fixed-rate loans were close to 1.2 percent lower than they were just a year ago. During 2009 fixed home loans reached their lowest average rate since data was first collected in 1971, says mortgage investor Freddie Mac. Someone who buys or refinances a house with a $250,000 mortgage will save $192 each month, compared to what their payment would have been a year ago. That produces a yearly savings of $2,304!
You could pay off credit cards or a car loan, or perhaps taking a much-needed vacation with that extra money. Just putting the funds into a savings account for emergency expenses would provide peace of mind. "Home refinancing may never look so good again” states Bloomberg News columnist John Wasik. He notes that government buying of mortgage-backed securities has caused rates to stay low. But Wasik reminds consumers that today’s rates “will not last. Market forces, inflation or a new government policy will eventually force rates up."
He encourages homeowners to consider refinancing right away. "Clearly this is one situation in which patience probably isn’t a virtue," adds Wasik. Get in touch with us today if you’d like to find out how much you could save by refinancing now. We’ll help you enjoy the benefits our current market is offering.
Young people seeking education and training have caused college enrollments to surge, says the Pew Research Center. Almost 40 percent of young adults aged 18 to 24 now attend college.
"Enrollments have been rising over many decades at both two- and four-year colleges,” researchers add. “But the most recent annual spike has taken place entirely at two-year colleges."
Women make up 53 percent of young college students, according to Pew Research. Since 1987 women have outnumbered men on campuses. Reaching for a higher education is becoming more important to American youth. In 1973 fewer than one in four young adults were still going to school. Close to 16 percent of 18- to 24-year-olds then had dropped out of high school. But now less than ten percent today of young people don’t have a high school diploma. That’s a big change from 1967, when almost one in four young adults hadn’t finished high school.
Perhaps some of the concerns about the ability of Americans to do well in a high-tech society are misplaced. Young people now are more serious than they’ve ever been about learning, and taking their place in the world.
"The housing recovery is well underway," proclaims syndicated real estate columnist Kenneth Harney. "Housing not only bottomed out earlier this year, but is steadily racking up price gains."
Harney notes that the Case-Shiller home price index has shown gains for four straight months. Prices of existing homes will advance about four percent next year, predicts the National Association of Realtors (NAR). Home sales in September – the most recent month for which data is available – jumped 9.4 percent from the preceding month. Sales of existing properties also were more than nine percent higher when compared to a year earlier.
"Sales activity is at the highest level in over two years," reports NAR. Sales began picking up in January 2009, and that trend is forecast to steadily continue through next year. Real estate sales should rise almost nine percent in 2010, NAR says.
One reason for this comeback is that positive economic growth has resumed in America. Low mortgage rates and attractive house prices are making it easier for consumers to make a move now. Yet it’s important to act soon to benefit from these conditions. Shopping for a house at the end of the year can save you money. Many sellers who have property on the market now need to move soon, and are eager to strike a deal with you. It’s crucial to be pre-approved for financing before looking at homes. You’ll then be ready to make an immediate offer when you’ve found a bargain. Contact us right away to take advantage of today’s unique opportunities!
