Buying a Home in Colorado - Why You Should Definitely Consider

The United States of America has given people reasons to look for new opportunities for having a successful and happy life. For the past few years, states like Colorado have been witnessing an influx of a large number of veterans and military professionals, willing to consolidating their place as citizens. The reasons being the booming real estate industry and the number of government schemes and policies that have been launched in the interest of eligible military professionals and veterans. In the current period, the industry is experiencing historically low interest rates and high home prices. If you are thinking about investing in homes and wish to save up for down payments, you would have to get in touch with a reliable mortgage broker who would surely help you with the same.

How does the home buying market in Colorado look?

The market in Denver is really worth your home ownership aspirations. It has been noticed that a renter spends an average of 35% of his earnings on housing, whereas it is considerably different for home buyers who spend at least 21% of their monthly income on mortgage payments. This tells that home ownership in Denver is less expensive compared to home renting. Let us tell you how.

Suppose you opt for renting a place that charges you $1800 per month. If you look at a nice house that costs around $250,000, we would suggest you to give up on the idea of renting and instead purchase the house. You would probably ask why. In most cases, people opt for an FHA loan for home purchase that asks for a minimum of 3.5% down payment along with a little mortgage insurance premium. If a rate of interest of 3.875% is levied for a 30-year loan, you would soon find yourself paying monthly taxes of $150, loan insurance of $125 and a monthly mortgage of $170.89. Your total monthly mortgage payment would round up somewhere around $1,600.19. That implies that you would be saving around $200 every month, even when a market is potentially appreciating!

 

Home ownership in Colorado - your go-to!

 

Buying a home for yourself is not only the best decision one can take for himself, but also one of the smartest investment decisions that he can take in the current period. For those who are thinking about securing an VA loan in Colorado, they can arrange for building equity and saving on rent. In addition, gaining tax advantages by deducting mortgage insurance from federal taxes is also possible. If you are completely serious about investing in home ownership, you should get in touch with a VA loan consultant in Colorado, at the earliest.

VA Loan Maryland Now with Greater Benefits

Maryland is touted to be one of the best places on the East Coast that has got all the right features to attract tourists and investors. In recent times, the state has gathered prominence in the home finance sector as many military men and veterans are making a beeline into the state due to the opportunities for land and property purchase, that it is producing. Close to six million people live in Maryland and every year the population is receiving a boost, majority of them being veterans and serving people of the armed forces.

The VA loan program, as we are aware of, is a military home loan program devised by the Department of Veteran Affairs of the country to help these bravehearts find a secure home for themselves through low interest loans. Besides the fact that the Veteran Affairs loan program do not ask for down payments, the rate of interest on these loans is lower compared to other states of the country. Recently, the Maryland Department of Housing and Community development had talked about extending the term of the VA loans for active-duty military and veterans along with reducing the mortgage rates.

This news has generated countrywide interest, more because of the fact that changes would also lead to reduction in the amount of incentive that people in the Defense Forces were offered earlier.  The changes have been quite a few. The fact that the loan rates were quite low, were probably one of the high points of the Maryland VA loan program. Now, with talks of loan percentages going down further within a short duration, the situation is brighter than ever before. A deduction by quarter of a percentage would be carried out under the scheme and it is approximately half the discount percentage announced in the previous year! Currently the state has $50 million reserved for the incentive and by the new order, there would be increased interest rates in the market.

Additionally, efforts would be made to extend the duration of the program. Thus, even when the discounts are not very deep, there is still prospect of better returns. So, get in touch with the leading VA loan experts with your access and they will help you in becoming eligible for the VA loan process, federal tax benefits as well as other assistances.

The Difference between VA Loan Qualification and VA Loan Eligibility

The Loan Guaranty Scheme of the Department of Veteran Affairs has helped millions of veterans and active duty members of the US Armed Forces to get a home loan with ease. Now, most of the veterans who find themselves eligible under the prescribed standards set by the VA automatically assume that they would get a loan under the program. However, sometimes it might so happen that you might be eligible under the said rules, but you might not qualify for the loan. Why is it so? This is because there is a difference between being eligible for a VA loan and qualifying for a VA loan.

While understanding the difference between the two, you must first understand that the eligibility criteria for the VA loans is declared by the Veteran Affairs Department only to verify whether you are a veteran and that you have been honorably discharged from service. However, it does not mean that you would actually get the loan. In other words, being eligible would mean that the Veteran Affairs department is willing to provide the guaranty for the loan, but it does not necessarily mean that the lender would be willing to offer you the loan too.

It is a fact that risks to lenders are minimal since a government authority will take care of most of their losses in the event of a foreclosure but lenders would still not be interested to go through the aggravation caused by a foreclosure. Instead, they would set certain criteria of their own to determine whom to give and not to give a loan. Now, in most cases, lenders could deny you a VA loan for two reasons,

1)  You don’t have the required credit score - The Department of Veteran Affairs does not have any minimum credit score requirement. However, the lender might still ask for a minimum credit score. This is because they only want to lend money to the people who can pay back the loan. It is not in the best interest of their business to get their loans foreclosed. That is the reason why they might check your credit score to check whether you can pay the interest or not. However, the value of the ‘minimum’ credit score differs from lender to lender. There might be certain VA approved lenders who would offer you a loan even if your credit score is low.

2)  You need to go through the appraisal of your home in declining markets – A declining market is a home market where the Fannie Mae decides that the home value is not appreciating but depreciating. In these markets, the VA Lender might ask you to go through an appraisal of your home in order to give you a VA Streamline Refinance loan, even though the Veteran Affairs Department doesn't need you to go through an appraisal for such loans.

These are only few of the situations where you might be denied a VA Loan, even if you are eligible for such a loan under the prescribed standards. To get around such issues, it is advisable to get in touch with a reputed VA approved lender, as they would have VA loan specialists who would guide you on the problems you might be facing and they would also help you find effective solutions to such problems. Therefore, get in touch with such professional VA loan experts and get qualified for a VA mortgage loan with ease.

Getting to Know About Arizona VA Loans

The state of Arizona, also known as the Copper state, is home to a large number of veterans. According to the Department of Veteran Affairs (VA) of the U.S. Government, 532,206 veterans of the US Armed Forces currently live in Arizona (as per the 2014 data). This is one of the largest veteran populations among the states in the country. Apart from the large number of veterans, there is also a large number of active duty personnel stay in the state, as two important bases are located here. They are Fort Huachuca and the Davis-Monthan Air Force Base. Now the U.S. Department of Veteran Affairs (VA) has several programs to look after the welfare of the veterans and active duty personnel who have served and are serving their country. One of the most popular programs of the VA is the Loan Guaranty Program. Here we look at the features of VA loan program and the way in which veterans in the state of Arizona can get a VA loan with ease.

What are the biggest features of the VA loan guaranty program?

Being a veteran or an active duty member of the American Defense Forces, you might have heard from your friends in the services about the VA loan guaranty program or VA loans, as some people like to call it. So what are the benefits of the VA loan guaranty program? Well, there are many! A few of them are below.

No down payments : While taking a VA loan to buy a property, you do not have to pay any down payment unlike most other forms of loans. However, the VA has prescribed limits for each county, based on their property markets. This is the highest amount the VA would guaranty. You do not need to pay any down payments if your loan amount does not exceed more than 4 times the loan limit. Therefore, if the loan limit is $100,000, the maximum amount of loan that you would get without any down payments is $400,000.

No PMI : Since a government authority would guarantee the loan, the risk to the lenders offering you the loan is less. That is the reason why, a leading VA approved lender would not ask you to pay for any Private Mortgage Insurance or PMI.

The interest rate would be lower : In most cases, the rates of interest for a VA mortgage loan would be lower than the rate for conventional loans.  You would be paying less in monthly mortgage payments.

VA Loan Limits in Arizona

Earlier we spoke about VA loan limits and how they affect the maximum amount of loan you would get from a lender. So let us look at the limits of VA loan Arizona. The maximum loan limit in the counties of Arizona is set at $417,000. So irrespective of the county who want a buy home in, you would get a loan of $1,668,000, in usual cases. However, the final amount might also depend on various other factors like your income statements, your debt-to-income ratio and your credit score.

How you can get a VA loan in the state of Arizona?

The first step in the process is to get in touch with a reputed VA approved lender in Arizona. The top VA loan lender in the country has offices in Arizona, so it would not be that tough for you to find professional assistance. They have a team of VA loan specialists who would help you to deal with the process of application and would also help you get pre-approved. Getting pre-approved is a wise decision, as a number of real estate agents would ask for your pre-approval letter before entering into contract with you. So get in touch with the experts and get a VA mortgage loan that would fulfill your dream of having a home.

VA Loan Refinancing in Hawaii - An Introduction

There is not much difference between VA Mortgage Refinancing in TX and VA Mortgage Refinancing elsewhere in the United States. However, there are some options, which are available exclusively to veterans in Hawaii and not to everyone. So let us look at some of the things that you should know before getting a VA refinance loan in TX.

You do not need to pay any mortgage insurance If you have an existing conventional mortgage loan and pay for Private Mortgage Insurance (PMI), then you must seriously consider getting a VA Mortgage Refinance. You can get a VA refinance loan, which can be worth 100% of the value of your home. There are limits on certain loan fees such as the closing costs and others, which keeps the cost of refinancing low. It is also quite easy to qualify, as the requirement for debt ratio is quite lenient. With a VA Loan Refinance, you might expect to save thousands of dollars over the loan duration. However, the amount you would actually save would depend on the amount that you are paying now for mortgage insurance.

You Might be Eligible for a VA Interest Rate Reduction Loan If you have a VA Loan already, then you might be eligible for a VA Interest Rate Reduction Refinance Loan, also known as a VA Streamline Refinance. Hawaii veterans, who want to refinance their existing VA mortgages to lower the interest rate, can consider getting such a loan. You do not need to go through any appraisals, loan verification or credit check. Hence, you don't have to make any 'out-of-the-pocket' expenses.

Other Loan Options available to Texans Apart from VA mortgage refinances (which is a program initiated by the Department of Veteran Affairs of the US Government), veterans in Hawaii also have three other options offered to them by the Hawaii Veterans Land Board. The three programs include housing assistance, home loans and home improvement loans. Although these might not be helpful for people who want to reduce the interest rate, as refinancing option is still not available for these programs. However, if you want to get a cash-out refinance, then the offerings of the Hawaii Veteran Land Board must be considered.

VA Loans Hawaii

For a better guidance on the subject, it is always better to get in touch with a professional VA Loan Consultant in Hawaii. The leading VA loans lenders in America have their offices in Hawaii, so it would not be that difficult to get in touch with them. Get the services of the leading experts and get a refinance loan, which would make your home mortgage less burdensome.

Arizona - Where Veterans can Enjoy the Comfort of Home-ownership

Arizona, as the world knows, has been blessed with a natural backdrop of mountains, canyons and rivers, making it one of the most gorgeous states of the United States of America. However, apart from the fact that Arizona offers substantial material to feast your eyes on, it also leads as one of the most prominent states with great real estate potential. The situation there is brilliant, especially for war veterans who have spent years in the service and wish to have a safe and secure residential space for themselves and their families. However, for that a veteran needs to begin with a Veteran Affairs loan sanctioned by a private financial organization. Low interest rates, no PMI and zero down payments are the various facilities that a veteran can enjoy, once he or she qualifies for the VA loan process.

Military service benefits offered in Arizona

There are several reasons why veterans can actually think of settling in Arizona. Besides the fact that the state holds great opportunities in terms of VA loan financing and home-ownership, Arizona also has a number of military installations. The air force base at Davis-Monthan and Fort Huachuca employs as many as 13,000 people. The defense contractors like General Dynamics and Raytheon have great influence in the state as they hire veterans who have completed their service period. In addition, veterans looking for the G.I bill benefits can receive a tuition deferment until the time the benefits of the bill are awarded.

VA loan refinance

A VA loan benefit is something prestigious and is hence awarded exclusively to veterans. Your dream Arizona home is just moments away from you, if you qualify the various eligibility requirements chalked out for the purpose. Nevertheless, the real gem of a facility is the refinance benefit that loan holders are entitled to. To make the process easy and hassle-free, it would be advisable to get in touch with trustworthy Arizona VA Loan Consultant  offering valuable guidance on refinance through Cash-out or Streamline refinancing.

The VA Loan Guaranty Scheme for Veterans in Virginia

Virginia, The Mother of States, has always been the home of a large number of brave men and women who have made immense sacrifices to protect America and uphold her values on the battlefield. According to the US Department of Veteran Affairs (VA), there are more than 7 hundred thousand veterans currently residing in the state of Virginia. If you are a veteran who wants to settle down in this state after separating from the service, then you are not alone. There are a large number of veterans who dream of settling down in this state by buying a home of their own. Now, if you don’t have the finances to buy a house of your own, then you can always get the benefits of the VA Loan Guaranty Program. Under this particular program of the Department of Veteran Affairs, eligible veterans and active duty soldiers can take a home loan from a lender and the guaranty of the loan would be provided by the VA.

There are many advantages of getting a loan under the guaranty program. For one thing, you don’t have to pay any down payments and the interest rate is also quite low. In most cases you don’t have to pay for Private Mortgage Insurance (PMI). Surely, all these advantages make getting a VA Loan (as these loans are often called) one of the easiest and the most convenient ways of fulfilling the dream of home ownership for veterans. Here we look at some of the things that you should be aware of, while applying for a VA Loan in Virginia.

Things You Can Use a VA Loan For

You can get a VA Loan for the following >

• Buying a home
• Building a home
• Repairing, altering, or improving a home
• Buying a residential condominium
• Refinancing an existing home loan
• Buying and improving a manufactured home lot
• Buying a manufactured home with a lot or without a lot
• Purchasing a home and improving it simultaneously with energy-efficient improvements
• Installation of a solar heating or cooling system
• Refinancing a manufactured home loan to acquire a lot
• Refinancing an existing VA loan to reduce the interest rate and make energy-efficient improvements.

VA Loan Limits in Virginia

The concept of VA Loan limits refers to the maximum amount of loan that the VA would guarantee. This does not mean that it is the maximum amount you would be getting. There might be certain VA-approved lenders who would offer you a larger amount as a loan than the prescribed limit. The VA loan limits differ from county to county. The list of VA Loan Limits Virginia is given below.

Working with the Specialists

The leading VA approved lender in the United States would be of great help during the process of application for a Virginia VA loan. They would make sure that you get the Virginia Veterans Benefits you are entitled to and they would guide you effectively in the process so that you can apply for a VA loan without any hassles. They would have a team of VA loan specialists who know all the matters pertaining to Virginia Veteran Affairs inside out. So if you want to make sure that you get a VA loan, get in touch with the VA home loan specialist in Virginia and get a home loan that would help you fulfil your dream of setting in the Old Dominion.