Qualify for a VA Home Loan
According to Mortgage Bankers Association's National Delinquency Survey, VA's foreclosure rate for the last nine quarters and serious delinquency rate for the last six quarters have been the lowest in the housing industry. In the same news release from the Department of Veterans Affairs, VA has guaranteed their 19 millionth home with cumulative guarantees of $1 trillion. - READ MORE -
It's not surprising that some prospective homeowners are wary about purchasing now. Real estate values have dipped in recent years, after experiencing a long boom in home prices. But long-time owners have no doubt about the importance of living in your own residence. U.S. homeowners have enjoyed average annual appreciation of more than three percent over both the last ten and 20 years, states the Federal Housing Finance Agency.
A recent survey shows that 95 percent of homeowners and almost three out of four renters believe that homeownership is more sensible than renting, as long as you plan on staying in the same residence for several years. Close to nine out of ten owners agreed that "owning a home provides a healthy and stable environment for raising a family." More than 60 percent of renters are planning to buy a house in the future, the Harris Interactive poll adds.
Mortgage rates have been drifting up from 50-year lows for a few months. However, rates recently were lower than they were a year ago, states mortgage investment firm Freddie Mac. Stronger economic indicators are causing rates to edge higher. U.S. factory output rose in January at its fastest pace in more than six years, and consumer spending at the end of 2010 was expanding more than it had in almost five years, according to economic reports.
Low mortgage rates are keeping housing affordability at record levels. And today's best bargains come from adjustable-rate loans. Borrowers can obtain monthly payments which won't change for five years at more than one percentage point below what's available on 30-year, fixed-rate loans. Someone with a $150,000 mortgage would save almost $100 each month as a result.
Let us go over with you how today's financing opportunities make buying a house possible now. Buyers who are stretching to find funds for a down payment also can ask sellers to pay some of their closing costs. Or borrowers may be able to pay a slightly-higher rate and obtain adequate funds from their lender to finalize the purchase. Contact us soon to take advantage of current real estate opportunities!
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Homebuyers face fewer risks today than we've seen in years, since mortgage rates are at some of their lowest points in decades. Great prices also make buying soon an affordable possibility for many households. Yet real estate price movements are "becoming less national and more regional," notes Liz Ann Sonders, chief investment strategist at Charles Schwab & Co., Inc. Study neighborhoods you're interested in to see how values currently are moving before making an offer.
Despite a price uptick in many areas, some potential purchasers are hesitating now. Yet if your payments would be affordable and you plan on staying put for several years, there's no reason not to move ahead with a home purchase soon. Let us show you how mortgage payments would fit into your budget, so you can select a special house that's affordable for you.
No one can be certain how home prices will move over the next few months. But it's reasonable to forecast that real estate values will climb in coming years. Here are some factors to consider:
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