Qualify for a VA Home Loan
Home loan rates have been dropping steadily this summer. Interest rates on both fixed-rate and adjustable loans recently "fell to all-time record lows," reports mortgage investment firm Freddie Mac. Payments on a 30-year mortgage for $250,000 have dropped by $128 over the past twelve months. Buying has gotten more affordable in recent weeks than it has been for years.
Today's market is allowing many Americans to purchase their first home. In addition to low rates, house shoppers also are finding plenty of affordable properties to choose from. Real estate investors are responding to great property prices now, as well. These savvy buyers understand that housing values will be higher in a few years – and rents also will increase over time.
Buyers who are energized by the idea of purchasing on great terms are being rewarded. Owning a home gives you a head start on realizing your dreams. Real estate also helps owners build equity over time. You'll then be prepared to move up in the future to suit your lifestyle needs, or simply be able to retire debt-free. Contact us right away to discover how market forces are working in your favor today! Even if you considered purchasing just a few months ago, it pays to look again at what your monthly payments would be on a terrific new home.
Homeowners taking advantage of record-low mortgage rates are refinancing and watching their monthly payments drop. Refinancing now can lower your payments for as long as you live in your residence. Almost one in four owners who refinanced recently also gained extra benefits by paying down their home loan at the same time, reports mortgage investment firm Freddie Mac.
Owners who have cash in savings accounts or money market funds which is earning almost nothing can come out ahead by using those funds to reduce what they owe on their house. You'll lower your future interest payments by cutting your principal balance when refinancing. Putting cash into a transaction can help borrowers with jumbo loans to qualify for lower-rate conventional financing when they refinance. You also may be able to avoid paying private mortgage insurance premiums after a cash-in refi.
Today's mortgage market is different than what we've been used to in recent years. For that reason we need to approach current conditions with a fresh eye, and be willing to consider actions which weren't common a few years ago. Talk with us about your existing mortgage situation to determine if you could benefit from refinancing now. We'll explain your options, and show you how different ways of refinancing would affect your payments.
America's economic growth contains to be steady, although not proceeding at an eye-popping rate. Yet it's important to understand that the overall trend remains positive. Conditions are much more upbeat now than they were two years ago. At that point many experts were concerned about the soundness of our basic financial system.
A recovery which begins with somewhat-faltering steps is a recovery nonetheless. While growth may not be as robust as we wished, that doesn't mean another downturn is around the corner. Instead, our ongoing expansion becomes more established every month. In fact, the U.S. economy is showing resilience. Earlier this year markets faltered when concerns arose that some European countries would have trouble repaying their debts. Now those issues seem to be manageable.
One of the brightest new developments has been the renewal of hiring. Corporate surveys show that companies added to the total number of workers employed this summer. Although many Americans still are looking for jobs, the number of people on payrolls continues to rise. And that helps our economy and the housing market.
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We can always find something to worry about. Taking reasonable chances, though, continues to be a way to make the most out of our circumstances. People buying homes today are looking at the facts, and finding opportunities. Mortgage rates are at all-time lows, and real estate prices are attractive. Additionally, both home prices and financing costs most likely will be higher within a few years. We understand that buying a home is a big decision. Yet for generations it's been a foundation for building a better life. Tell us your housing goals, and we'll work on your behalf to make them come true soon. If you take a long-range view and act with cautious optimism, now is a great time to investigate the real estate market.
The deadline for the Home Buyer's Tax Credit has been extended one year for members of the military and federal employees as well as their spouses who served outside the continental United States for at least 90 days during the period January 1, 2009 through April 30, 2010. The tax credit can be utilized on mortgage loans for an FHA, VA or conventional loan. * We suggest that you consult your real estate agent as well as your lender prior to determining your eligibility. Some IRS restrictions apply and can be seen at www.IRS.gov.
WHEN TO CLAIM
If you purchase (or enter into a binding contract to buy) your home on or before April 30, 2011, you can claim your tax credit when filing your tax paperwork for 2010. The current rules forbid you to amend your 2009 return to make the claim when the home was purchased between those dates. If you take out an FHA, VA or conventional home loan and close on the house in 2011 you can claim the tax credit on either your 2010 or 2011 income tax. To claim your tax break on your 2010 taxes, you may be required to file a paper tax return instead of an e-filed version. Check with your tax preparer or the IRS for more information.
INCOME REQUIREMENTS
The First Time Homebuyer's Tax Credit program has income requirements for single and married buyers. If you are taking out an FHA, VA or conventional mortgage as a single person, your income must be no more than $125,000 per year to qualify for the full tax credit. Married borrowers must make no more than $225,000 per year. If you make $145,000 per year as a single person, you are eligible for a partial tax credit under the program. Married taxpayers who make no more than $245,000 a year are also qualified for partial credit.
Financial markets are showing more volatility recently, and we can expect that trend to continue. Knowing what to expect, however, can help us take advantage of these conditions. You may be thinking about how refinancing your current home loan would lower your monthly payments. Or you may wonder if today's excellent rates would allow you to purchase affordably.
By meeting with us and going over your plans together, we can calculate where rates would need to be in order to gain the payments you want to have. We then can watch the mortgage rate markets for you, and let you know the best time to make your move. No one can be sure how rates will change in the future. But it's certain that our current record-low mortgage rates will be available for only a limited time. Right now may be seen in the future as being the best time in years to obtain home financing.
We'll help you get ready to apply for a mortgage by reviewing your credit report with you, and identifying ways to improve your score. You'll then be in a position to gain financing on the best possible terms. Let our experience guide you, and the process will flow smoothly. You'll soon have a loan which lets you reach your housing goals, while staying within your budget.
We're using these social media tools to keep the veteran community informed about a variety of issues. We'll be highlighting changes to veteran benefits and will keep our fans updated on relevant stories and articles.
Many households are looking for ways to spend less now. Fortunately for most of us, we're finding that it's possible to cut back without feeling deprived. It helps to know that being slow to take out our wallets today means we'll have more funds in the future. We can feel confident about tomorrow when we know how to respond to the changing world around us.
A big way to save is simply by prioritizing our purchases. We may decide to spend our vacation time close to home, rather than taking an extended trip. But that doesn't mean we have to neglect important life issues. Saving money actually prepares a smooth path for you to advance towards homeownership. And today's rates and home prices can help you make a purchase you'll appreciate for years. Call us now if buying a house soon would provide you with personal benefits. We'll show you how it's possible to gain payments you can live with for years.
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