Archive for February, 2011
Family Award Program
As someone familiar with the military, you know that while one member joins, the whole family serves. The National Military Family Association’s Family of the Year Award recognizes strong military families who embrace their service to the Nation, are role models in their community, and understand that together they are stronger.
Nominate your family or a special family you know. One family from each of the seven Uniformed Services will be chosen, from the nominations submitted, to represent their Service branch.
That's right—we'll pick a family from the Army, Navy, Marine Corps, Air Force, Coast Guard, NOAA and the USPHS. From these seven outstanding families, one family will be named the National Military Family Association Family of the Year!
All family finalists will receive an all-expense paid trip to Washington, DC for the award ceremony and announcement of the Grand Prize winner. The recipient of the National Military Family Association Family of the Year will also receive a cash prize of $1,000!
To cast your vote click on the image below:
Your source for VA loan information.
My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.
Alan Gross
Senior Mortgage Consultant
PrimeLending, A PlainsCapital Company
704 Quince Orchard Rd., Suite 230
Gaithersburg, MD 20878
Home Office: 240.813.0614
Email: agross@primelending.com
Web: www.mtg-info.net
Web: www.DCMilitaryVALoans.com
FHA To Increase Annual MIP Premiums Effective 4/18/11
The Department of Housing and Urban Development (HUD) announced on February 14, 2011 that it would be raising the Annual Mortgage Insurance Premium effective April 18, 2011. The amount of the increase will be 25 basis points per year. On a $250,000 loan with the minimum 3.50% down payment the monthly MIP will increase from $187.50 per month to $239.58 per month. This is an increase on a $250,000 loan of $52.08 per month. To read the announcement go to HUD Mortgage Letter 2011-10.
As many of you already know Fannie Mae and Freddie Mac have increased the costs of their loan pricing models. The cost of borrowing money to buy or refinance a home is going up.
All of these changes have made the VA Loan even more attractive. If you or someone you know is eligible for a VA loan I will be happy to answer their questions and help them select the loan program that best fits their needs.
Your source for VA loan information.
My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.
Alan Gross
Senior Mortgage Consultant
PrimeLending, A PlainsCapital Company
704 Quince Orchard Rd., Suite 230
Gaithersburg, MD 20878
Home Office: 240.813.0614
Email: agross@primelending.com
Web: www.mtg-info.net
Web: www.DCMilitaryVALoans.com
Special Tax Rules For Military Members
Do you serve in the military? Are you aware there are special provisions built into the tax code for military members? The IRS has a section on their website to find information on what tax credits might apply to you. Maybe you made a move this year or sold your home. You might even have questions on a home you own, but you rent out. Members of the U.S. Armed Forces, especially those serving in combat zones, face some special tax situations and are entitled to some special tax benefits.
For federal tax purposes, the U.S. Armed Forces includes officers and enlisted personnel in all regular and reserve units controlled by the Secretaries of Defense, the Army, Navy and Air Force. The Coast Guard is also included, but not the U.S. Merchant Marine or the American Red Cross. However, these and other support personnel may qualify for certain tax deadline extensions because of their service in a combat zone.
Click on the image below for a link to the IRS website.
Your source for VA loan information.
My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.
Alan Gross
Senior Mortgage Consultant
PrimeLending, A PlainsCapital Company
704 Quince Orchard Rd., Suite 230
Gaithersburg, MD 20878
Home Office: 240.813.0614
Email: agross@primelending.com
Web: www.mtg-info.net
Web: www.DCMilitaryVALoans.com
Military Fallen Or Wounded Scholarship Applications Extended
The National Military Family Association has extended their scholarship deadline for spouses of wounded or fallen service members until February 15, 2011. Apply today or share with a friend who might be interested!
The military spouse scholarship program recognizes the importance of military spouse education and the difficulties that come with achieving higher education due to moves and expenses. Each year, hundreds of military spouses receive our scholarship to help them on the path to a successful career.
National Military Family Association scholarship funds are awarded only to military ID-carrying Uniformed Services' spouses (active duty, retiree, Reserve, National Guard, and/or survivor).
For more information or to apply for a scholarship click on the image below.
Your source for VA loan information.
My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.
Alan Gross
Senior Mortgage Consultant
PrimeLending, A PlainsCapital Company
704 Quince Orchard Rd., Suite 230
Gaithersburg, MD 20878
Home Office: 240.813.0614
Email: agross@primelending.com
Web: www.mtg-info.net
Web: www.DCMilitaryVALoans.com
Can How You Pay Your Rent Effect Your Credit Score?
Until recently rental payment history was not reported to the major credit bureaus and therefore wasn't included on your credit report. Because it was not included on the report, the payment history was not included in the credit score.
Experian, one of the 3 majors credit reporting companies, recently announced that it will be the first major credit reporting agency to include these payments in its credit reports.
To get the data Experian acquired RentBureau in 2010. RentBureau is the largest and most widely used credit bureau for the multifamily industry. A national network of 45 property companies – including large apartment owners and managers – collect data about rental payments and, in turn, automatically report that payment history to RentBureau every 24 hours.
Will this be good or bad for your credit score? Initially, only positive rental histories will be reported but it is expected that in 2012 they will start reporting negative credit histories. If you make your rental payments on time this should help you credit score and lower your borrowing costs.
Will the other credit agency's Equifax and TansUnion start using rental data? It's uncertain at this time but if one uses the data I'm sure the other 2 bureaus won't be far behind.
A number of articles about this change have been written recently. For more information you can see the articles in the Baltimore Sun, Bankrate.com or AOLOriginal.
Your source for VA loan information.
My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.
Alan Gross
Senior Mortgage Consultant
PrimeLending, A PlainsCapital Company
704 Quince Orchard Rd., Suite 230
Gaithersburg, MD 20878
Home Office: 240.813.0614
Email: agross@primelending.com
Web: www.mtg-info.net
Web: www.DCMilitaryVALoans.com
