VA Loan Information Center

Archive for May, 2011

Kings Dominion, is pleased to announce that it will offer FREE admission to active, retired and former United States military personnel on Saturday, Sunday and Monday of Memorial Day Weekend, along with, Sunday and Monday of July 4th Weekend as a part of its "Tribute to the Armed Forces" program. The exact dates are May 28, 29, 30 and July 3, 4, 2011 and include all branches of the service, including National Guard and Reserves.

"The brave men and women of the Armed Forces sacrifice so much of their time with their families to help protect our country," stated Pat Jones, Vice President and General Manager of Kings Dominion. "This is our way of saying thank you to them by allowing them to save money and spend a fun-filled day together with their families."

The free ticket offer will be available on Saturday, Sunday and Monday of Memorial Day Weekend and Sunday and Monday of Independence Day Weekend. A valid military ID or discharge papers must be presented at Kings Dominion on one of the dates of the program.

Also as a part of its Tribute to the Armed Forces program, active, retired and former members of the U.S. military will be able to purchase discounted admission tickets for members of their immediate family (maximum of six) at a special military discount price of $34.99 at the park. Many of the MWR and ITT Recreation offices located in Virginia, Maryland, Washington D.C. and North Carolina offer discounted admission tickets; Kings Dominion suggests you purchase your friends and family tickets at these locations.

For more information visit the Kings Dominion web site.




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

It’s high school graduation time now but before you know it those graduates will be heading off to college. Squeezed into the trunk along with books and clothes are all of the must-have items of today's college set: a laptop computer, cell phone, MP3 player, television and maybe even a top-of-the-line mountain bike.

There’s a lot to think about and get ready for but one of the things that doesn’t always get on the list is property insurance. In some cases if your son or daughter is living in a dorm on campus it could be covered under your homeowner’s policy. If their going to be living off campus their probably not covered.

There are two types of policies to consider: property insurance and property/liability insurance. One covers just the student’s property while the other covers both property and liability which protects against injury or negligence.

If you decide to use your homeowners policy insurance coverage is generally 10 percent of your homeowner's insurance policy. For example, if your family has a $200,000 policy for its home, then your college-bound youngster would be covered up to $20,000. Depending on your existing policy and what sort of property coverage your child may need, you may need to add a rider, which would add to the cost. Here’s a link to a brochure put out by the Nebraska Department of Insurance titled Renter’s Insurance 101---for College Students.

The disadvantage of using your insurance to insure your child: Any claims made by your child will be made toward your policy. Repeated claims can raise your rates and can even make it difficult to keep or get another insurance policy.
Renter’s insurance policies are generally affordable, costing as little as $150 - $250 per year and it provides liability protection, as well as protection for your stuff.

I did a little looking online a found a few companies that offered property insurance. I make no endorsements but it’s a place to start:

• National Student Services, Inc.




• CSI Insurance Agency, Inc.

Whatever you decide to do be sure you son or daughter is covered.

If you considering using you home equity to pay for college expenses give me a call and we can go over your options.



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

Blue Star Museums is the result of a partnership among Blue Star Families, the NEA and museums across the country. While available to all active/activated duty military members and families, the program was specifically designed to provide a fun outlet for the approximately one million children who have had at least one parent deployed. This will be only the second year for the program. More than 300,000 military families participated last year, visiting more than 950 sites across the country.

As Blue Star Museums cover a range of interests, there’s always something for everyone to enjoy. Here are just some of the participating museums: The Metropolitan Museum of Art in New York City, the Art Institute of Chicago and Chicago Children’s Museum in Chicago, IL, and the Grammy Museum at LA Live in Los Angeles, CA. Of course, there are literally 1000’s of great museums in between, many right in your own communities. And for kids, many of the museums have special activities to capture their imagination and interest: at the Children’s Museum of Pittsburgh, PA, tomorrow’s engineers can take apart household appliances like stereos and computers to see how they work. The GWiz Science Museum (Gulfcoast Wonder & Imagination Zone) in Sarasota, FL, introduces children and adults to science and technology with exhibits like “Mindball,” where competitors use brainwaves instead of muscles. Finally, museums such as the McNay Art Museum in San Antonio, TX, offer cell phone tours, gallery kits, and other resources to help families enjoy their foray into the fine arts.

To visit the web site and get a list of participating museums go to Blue Star Museums.




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

I've been saying for several months that we are in the "perfect storm" for real estate. The combination of low real estate prices and low interest rates make this the best buying opportunity in many years.

This was verified in a paper to be published in Real Estate Economics. The paper is titled Lessons from Over 30 Years of Buy versus Rent Decisions: Is the American Dream Always Wise? The paper is authored by Eli Beracha of East Carolina University and Ken H. Johnson of Florida International University.

The following are quotes from the paper:

"Two major findings evolve from the analysis. First, individuals, on average, were better off in economic terms to have rented for most of the years in the study period. This first result is strongly dependent upon fiscally disciplined individuals that, without fail, reinvest any residual savings from renting. Second, fundamental drivers now appear to be in place that favor homeownership over renting in the near term future."

"The second finding might seem unwise to many given the recent crash in the real estate markets around the country. However, rent-to-price ratios now seem to be in place along with other fundamental drivers that favor ownership over renting in the near term future. Sections on a review of the extant literature, proposed hypothesis, data, methodology, results, and concluding remarks follow in order."

"Ownership is virtually universally viewed as being the superior choice when whether to buy or rent residential property is being decided. Evidence suggests that ownership increases preferable societal outcomes and increases individual wealth (Engelhardt, 1994; Haurin, Hendershott, and Wachter, 1996; Rohe, McCarthy, and Van Zandt, 2002; Haurin, Parcel, and Haurin, 2002; and Dietz and Haurin, 2003, among others). In fact, there seems to be an almost nati onal obsession with ownership, resulting in a paradigm that favors ownership."

A recent article on CNN Money reached the same conclusion. "For the first time in years, buying a home may beat renting." "Even in cities where people are, theoretically, better off renting, they may not be in reality. Paying off a mortgage is a forced savings plan, said Baker. The mortgage bill comes in every month, the homeowner pays it and the mortgage balance goes down." "Renters, meanwhile, are just as likely to spend their savings. They'll wind up with less money than homeowners, which is kind of what your dad was saying all along."

If you have questions about the home buying process, want to know how much of a home your will qualify for, or want to get started give me a call.



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

In 1999, Chief Master Sergeant Rick Honeywell was deployed to a four-month stint in Kuwait. To his dismay, he found himself on a base that had no recreation facilities – no movies, no library, no gymnasium.

Chief Honeywell's wife, Chrissy, and other Air Force spouses responded by sending the squadron a gigantic care package of candy, games and books. Chrissy's father, Dan Bowers, became inspired by the situation. He selected paperback books from his own shelves to send overseas. Then he turned to others for contributions. Soon he had collected cases of books and shipped them all to Rick in Kuwait. "Before anyone realized it," recalls Chrissy, "There were 500 books over in Kuwait, and Rick's squadron was building bookshelves." Operation Paperback was born.

Today, this family has been joined by volunteers around the nation. Individual citizens, American families and community groups have sent over 1.3 million books since 1999. Some folks participate by sending a few books at a time, others clear their shelves and hunt for paperbacks at yard sales and used book stores. Every volunteer gives what they can in their own way, and each helps remind our troops that we are thinking of them.

To donate books or money go to Operation Paperback - How To Help.




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

Do you like to visit our National Parks? Did you know that the National Parks that have entrance fees waive these fees 5 times during the year?

The fee-free days occur at more than 100 National Parks.

Fee waiver includes: entrance fees, commercial tour fees, and transportation entrance fees. Other fees such as reservation, camping, tours, concession and fees collected by third parties are not included unless stated otherwise.

We've already missed a few in 2011. Here's a list of the 2011 fee-free National Parks days:

• January 15-17 (Martin Luther King, Jr. Birthday weekend)
• April 16-24 (National Park Week)
• June 21 (First day of summer)
• September 24 (Public Lands Day)
• November 11-13 (Veterans Day weekend)

Making the fun even more affordable, many national park concessioners are joining the National Park Service in welcoming visitors with their own special offers.

Here’s a tip – many of your 394 national parks NEVER charge an entrance fee. So start Planning Your Visit!

So get out from the house and start enjoying all the great National Parks.




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

ThanksUSA is a non-partisan, charitable effort to mobilize Americans of all ages to "thank" the men and women of the United States armed forces. We're doing that by providing need-based college, technical and vocational school scholarships for their children and spouses.

ThanksUSA offers two interconnected programs: The national treasure hunt and the military family scholarship program. The treasure hunt raises awareness, excitement and funds for the scholarship program in an educational, family-friendly way. And the scholarships are an invaluable way to "thank" our troops with the gift of education.

ThanksUSA serves a crucial purpose by assisting family members of military personnel who risk their lives for our country. Further, ThanksUSA's mission is part of a national movement because millions of Americans have the opportunity to participate in the treasure hunt, make a donation and/or take action in other ways to thank the troops.

ThanksUSA complements -- and in some cases might supplement -- a variety of additional scholarship opportunities, including the G.I. Bill (direct educational aid for the troops) and other scholarships for military children and spouses that are offered by other organizations.

To learn more and to contribute go to ThanksUSA.




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

In a continuing effort to help get the housing market back on track Primelending, APlainsCapital Company has added a new underwriting variance for FHA loans with FICO scores from 600-619. To qualify for the special variance borrowers must meet the following requirements:

• Automated underwriting approval required
• Primary Home (No Co-Borrowers allowed)
• Purchase ONLY
• Single Family Residences Only
• Maximum ratio 31/43%
• All installment loans under 10 months included in Debt-to-Income ratio
• All deferred student loans must be included in Debt-to-Income ratio
• No Declining Income
• Maximum Seller Contribution – 3%
• No lates on housing payments in the last 12 months
• 2 months reserves (from Borrower’s savings or checking – not retirement)
• High Balance (over normal FHA maximum loan) not allowed
• Bond/Down Payment Assistance programs not allowed
• Borrower’s that abuse credit may not be eligible at Underwriters discretion

Call or email me if you need help of have questions.



Your source for Conventional, FHA and 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

After moving up for most of this year mortgage interest rates have fallen in the past few weeks.

This is from the latest from the latest press release from the Mortgage Bankers Association:

"Rates dropped again last week as the Federal Reserve continued its QE2 asset purchase program. The 30-year fixed mortgage rate is now 46 basis points below its 2011 peak, and has decreased for four straight weeks by a total of 31 basis points," said Michael Fratantoni, MBA's Vice President of Research. "Over this four week span, the refinance index has increased by about 18 percent. Despite the recent increases however, refinance application volumes remain more than 50 percent below levels seen last fall."

If you have been thinking about refinancing your current home or are considering purchasing a new home this may be the best time this year to do it.

To get started or to get your questions answered give me a call. Here's my contact information.



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

Whether you need to create a will, obtain notary services, or have a rental agreement reviewed, you and your family have access to free legal services and attorney advice through the The Armed Forces Legal Assistance Program. The program serves as a central source for legal information on issues such as wills and estate planning; family and domestic matters (such as separation, divorce, child support, and child custody matters); citizenship, immigration, taxes, consumer and economic matters; military rights and benefits; landlord-tenant issues; powers of attorney; and citizenship and immigration. Each service branch has specific regulations regarding the extent of legal assistance provided.

Legal assistance offices are staffed by both licensed military lawyers (called "judge advocates") and licensed civilian lawyers. Only the lawyers in a legal assistance office may provide legal advice -- or interpretation of how the law might apply to your particular situation. Paralegals and administrative clerks, who also work in legal assistance offices, may provide services and information in support of your case.

For more information and assistance go to : The Armed Forces Legal Assistance Program.




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