Archive for December, 2011
Where Do I Find Information About VA Mortgage Loans?
Where Do I Find Information About VA Mortgage Loans?
With all the conflicts that have happened since 9/11 there are now more people eligible for VA mortgage loans. Where do you go to get your questions answered about VA mortgage loans?
A logical place to start is VA.gov. This is the web site maintained by the United States Department of Veterans Affairs. The site has lot of information but it can be challenging to find answers to specific questions. Another option is to use a sites specifically targeted to VA mortgage loans such as DCMilitaryVALoans.com.
The most basic question that needs to be answered is "Am I eligible for a VA mortgage loan?" Here are a couple of places to look:
Basic Eligibility Requirements
or
http://www.benefits.va.gov/homeloans/lp.asp#eligible
Another important question is "How much can I borrow?" VA loan limits vary if different parts of the country. To find out how much you can borrow in your are go to:
http://www.benefits.va.gov/HOMELOANS/docs/Loan_Limits_2012_Dec_2011.pdf
or
VA Loan Limits
So, "What does a VA Loan cost?" You can borrow up to 100% of the purchase price with a VA mortgage loan. VA loans don't have mortgage insurance but do have a VA Funding Fee. The fee is determined by a number of factors including the down payment, how you qualified for a VA loan and the number of times you have used your VA mortgage loan benefit. In certain cases you may be exempt from paying the VA Funding Fee. You can find information about the VA Funding Fee at:
VA Funding Fee Tables
or
http://www.benefits.va.gov/HOMELOANS/circulars/26_11_19.pdf
Before qualifying for a VA loan, veterans and active duty military personnel must first obtain a Certificate of Eligibility. A Certificate of Eligibility is one of the first important steps in the VA loan process. The U.S. Department of Veterans Affairs put in place certain protocols for acquiring a COE that can make obtaining the document simple and straightforward. To find information or get your Certificate of Eligibility go to:
VA Loans - Certificate of Eligibility
or
https://www.ebenefits.va.gov/ebenefits-portal/ebenefits.portal
Here are some advantages of the VA program:
- You can buy a home without a down payment - as long as the sales price doesn’t exceed the appraised value. (Of course, you have to qualify in terms of income and credit.)
- You won’t need to buy private mortgage insurance.
- VA rules limit the amount you can be charged for closing costs.
- Closing costs may be paid by the seller. (You should keep this in mind when negotiating the sales price.)
- The lender can’t charge you a penalty fee if you pay the loan off early.
- VA may be able to provide you some assistance if you run into difficulty making payments.
- You don’t have to be a first-time homebuyer.
- You can reuse the benefit.
- VA-backed loans are assumable, as long as the person assuming the loan qualifies.
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
NMLS#217388
Create A Custom Video From Santa Claus?
Create A Custom Video From Santa Claus?
Christmas is just around the corner. So what can you do that is fun and unusual for both kids and adults?
How about a custom video from Santa Claus.
In just a few easy steps, you can create a personalized video from Santa Claus for your children, friends, family members or colleagues by providing a few little details about the person.
New Portable North Pole 2011: the elves' machine will help Santa decide whether or not you were good!
Just go to: www.portablenorthpole.tv.
It's easy to do and only takes a few minutes. Be sure to have some pictures you want in the video ready to upload.
You can also schedule to have a birthday greeting sent.
Here's a preview done by my good friend Scott in Michigan.
Have a Great Holiday Season
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
NMLS#217388
VA Changes Loan Limits For 2012. They Will Be Lower In Some Areas
VA Changes Loan Limits For 2012. They Will Be Lower In Some Areas
The method to calculate loan limits for VA loans will change in 2012. Loan limits for counties in the contiguous US will range from $417,000 to a possible maximum of $625,500, depending on the median county price. In Hawaii, Guam, Alaska and US Virgin Islands limits will range from $625,500 to a possible maximum of $938,250. It's possible Congress may pass legislation affecting the way our limits are calculated and if so we will post any changes on this website. We expect that any changes would result in slight increases to some limits - but no decreases. Please note that "loan limit" is the maximum loan a lender can make and still receive a 25 percent guaranty, provided the veteran has sufficient entitlement. There is no maximum loan amount so lenders can make loans in excess of these "limits" if they choose, although they will not receive a 25 guaranty.
REMEMBER: The total loan amount, including the VA funding fee, must be below these limits. The VA funding fee is typically financed, which means that it is rolled into the loan amount. So, if you are an active duty, first time VA loan user shopping for a home while trying to stay under the $625,500 limit, you must have a purchase price of under $612,334 (when adding the 2.15% funding fee, the final loan amount is $625,499).
Some of the decreases in VA Loan Limits are significant. In parts of California the maximum loan is dropping from $1,000,000 to $625,000. In Nantucket, MA the loan limit is dropping from $1,094,625 to $625,000. In the Washington, DC and some surrounding Maryland and Virginia counties the VA Loan Limit is falling from $818,750 to $625,500. Baltimore City and some Baltimore area counties aren't seeing aa large a drop falling from $500,000 to $494.500.
Remember, if your county isn't on the VA County Loan Limits list, the maximum VA loan is $417,000. To view the current limits go to VA County Loan Limits.
Earlier this year congress lowered the FHA loan limits and then passed legislation raising them to there previous levels. We will watch and see if congress restores the old limits for VA Loans.
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
NMLS#217388
Are Home Prices Going Up In The Washington DC Area? Has Housing Finally Bottomed Out?
Are Home Prices Going Up In The Washington DC Area? Has Housing Finally Bottomed Out?
The Standard & Poors/Case Shiller Index is a monthly report that measures the change in prices of a group of homes in 20 major metropolitan areas in the US. The most recent index for September was released on November 29, 2011.
Seventeen metropolitan areas reported price declines since August, excluding the New York, Portland and Washington, D.C. areas. In the New York and Portland areas, prices edged up 0.1 percent. Prices rose 1.2 percent in the Washington, D.C., area. “Detroit and Washington DC posted positive annual rates of change and also saw an improvement in these rates compared to August" says David M. Blitzer, Chairman of the Index Committee at S&P Indices.
In a speech Tuesday at the Federal Reserve Bank of San Francisco, Federal Reserve Vice Chair Janet L. Yellen called for more housing stimulus. "A sharp downturn in housing was at the core of the previous recession, and this sector continues to weigh on the recovery," she said. "I see a strong case for additional policies to foster more rapid recovery in the housing sector." There has been speculation that this could partially come in the form of lower mortgage interest rates with the Federal Reserve purchasing mortgage backed securities.
Jim Cramer, a co-founder of TheStreet and contributes daily market commentary to the financial news network's sites, asked "Has Housing Finally Bottomed?" concludes "In other words, it could at last be happening -- and not a moment too soon."
So, are housing prices finally starting to bottom out? If your in the Washington, DC metropolitan area the anwser appears to be yes.
At least in the Washington DC area we appear to have the "Perfect Storm" in real estate with a combination of low housing prices and low interest rates. Are you thinking about purchasing a new home? Act now before the storm subsides!
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
NMLS#217388
