VA Loan / Veteran Mortgage News
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MARCH 2010
VA Loan Applications and Your Credit Report
When applying for a VA home loan, one of the most important parts of the process is your credit report. While it's true that the VA does not go by your credit score to determine eligibility, your credit report affects your VA loan application in other ways. The VA criteria for examining your credit report includes looking at credit history and patterns over the last 12 months, so it is crucial for you to begin preparing your credit early. Did you have a missed or late payment earlier in the year? >>
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Homeowners and Life Insurance for Veterans
When looking for
home and auto insurance, VALoans.com customers have found that they can rely on Armed Forces Insurance. For over 120 years, (AFI) has been providing property insurance for military professionals throughout the U.S. and overseas. AFI is solely dedicated to the service of our members and their families and offer offer fair and competitive rates and quality customer service. AFI is headquartered at Leavenworth, Kansas. They are founded by and led by former military leaders and their products are tailored for you.
When looking for
life insurance, VALoans.com customers have found that they can also rely on Military Benefit Association. MBA was founded in 1956 as a non-profit association to promote the welfare of their members, to safeguard their economic interests, and to improve their financial conditions through cooperative enterprises.
Today, MBA sponsors affordable group term life insurance that fits the needs of military and federal employees and their families. We’ve assembled a host of valuable membership benefits you asked for to support your modern military life. MBA has one purpose: to serve military and federal civilian communities with real value, real information, in real time.
Take Advantage of Today’s Market
House prices are going up in some areas of the country, due to stronger buyer demand and a shrinking supply of homes for sale. Yet considering average prices when you’re ready to purchase can be misleading.
Average prices may appear to be going down in one area, but that could be due to an influx of first-time buyers there. Since they typically purchase lower-priced homes, it makes the cost of an "average" house drop.
Buying a house also isn’t the same as purchasing identical shares of stock in a company. Homes have different features, are in various conditions, and are located in diverse neighborhoods.
So there is no “average house.” Your goal is to purchase an affordable residence which will provide you with comfort, convenience, and security for years.
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Buying Tips
Today’s excellent mortgage rates and attractive home prices make buying a home more affordable now than it’s been in years. Start the process by contacting us, and we’ll schedule a time to review your credit report.
At that point we can identify ways to improve your score, which will allow you to obtain financing on better terms. Taking this step before you start looking at homes accomplishes several tasks.
First, you’ll have the opportunity to correct any errors on your credit report. You’ll also be able to direct your bill-paying efforts in ways which will boost your credit score.
We’ll be able to estimate how much you can afford to pay for a house after finishing these tasks. You can start home shopping then, knowing that financing won’t be an issue.
Understanding your housing budget makes shopping easier. Once you’re aware of your target price, you can search for a residence with features that you love.
Your efforts can be devoted to locating a neighborhood and home which will suit your living needs for years. Concerns about gaining a mortgage with affordable payments won’t need to enter your thoughts.
Let us know when you’re thinking about taking advantage of today’s home purchase opportunities. We’ll help get your purchase adventure off to a strong start, and then assist you throughout the buying process!
Economy Set for Growth
Real estate values are showing more vitality, according to the Standard & Poor’s/Case-Shiller Home Price Indices. “As measured by prices, the housing market is definitely in better shape than it was this time last year,” says a Standard & Poor’s official.
A survey of recent homebuyers also reveals they’re optimistic about the prospects for America’s economy in the years to come. Most of them agreed that real estate values would be higher a decade from now.
Many forecasters expect continued slow expansion in the economy, and a stabilization of home prices. They note that the vast majority of American adults have jobs, and many have improved their personal finances by saving money or paying off debt in recent years.
"Although it may take some time before another major real estate pricing cycle develops, the risk of further real estate price erosion seems near an end," writes James Paulsen, chief investment strategist at Wells Capital Management.
Job growth is a key factor for reviving real estate markets in the future. However, mortgage rates will tend to rise as the economy gains strength.
You can come out ahead by taking advantage of today’s low rates and good supply of sale homes. Talk with us soon to discover more about today’s house buying opportunities!
Military Pay Charts, Benefits, and Guidelines
Changes to military pay scales and veteran benefits are introduced each year for everything from Drill Pay to your VA Loan benefits. This family of websites offers free information so you can stay current.
Reduce Energy Consumption
Homes account for 22 percent of the nation’s energy use, according to a government study. It’s no surprise that most homeowners appreciate finding ways to cut those costs.
Older houses require more energy per square foot than younger properties do, studies show. However, average square footage on newer homes is higher.
Federal tax credits are available for owners who boost their home’s energy efficiency in 2010. Adding insulation, putting in new doors and windows, or upgrading your heating and air conditioning systems or water heater can give you a tax credit of up to $1,500.
Determining where your energy costs are highest can help you select the improvement projects which will provide you with the biggest savings.
Homes in the Northeast devote the largest portion of their energy spending to keeping warm, notes a federal energy consumption survey. Adding a programmable thermostat, servicing their furnace, and sealing leaks in their home and heat ducts would be smart steps to take.
Western and Southern homes typically shell out most of their energy dollars on keeping appliances running and the lights on. Replacing those everyday tools with energy-efficient models will produce savings that add up over time.
The GI Bill Can Change Your Future.
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