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Tag Archives: VA Loans

YOU CAN BUY A HOME WITH LESS THAN 20% DOWN!

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Posted by Make your Home your Haven! in Helpful Information, News you can USE!, Timely Advise

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FHA loans, HOME DOWN PAYMENT, home financing, home loans, RURAL DEVELOPMENT LOANS, VA Loans

Many potential home buyers give up before they’ve even gotten started because they think they don’t have enough for a down payment. Often times it’s because they’ve bought into the myth that you can’t buy a home with less than a 20% down payment. Use our free infographic to show potential buyers that their dream is within reach and that now is the time to start their search.

Email it to potential clients, post it on your website, or use it in a blog post. Here are some post ideas to get you started:

  • Mortgage loan types
  • How to save for a down payment
  • Tips for first-time buyers
  • Breaking down the mortgage application process

CLICK THE LINK FOR ALL THE DETAILS

You CAN Buy a Home with Less than 20% Down

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Loan Assumptions are an Alternative..something to consider if you are in the market for a home.

17 Monday Jul 2017

Posted by Make your Home your Haven! in Helpful Information, News you can USE!, Timely Advise, Who New?

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Assumptions Loans, FHA loans, interest rates 2017, Mortgages, Updated Interest Rates, VA Loans

FHA VA Assumption.png

In the late 80’s, both FHA and VA began requiring buyers to qualify to assume their mortgages. The main reason there haven’t been many assumptions in the past 25 years is that interest rates have been steadily going down and if a person has to qualify, they might as well do it on a new loan and get a lower interest rate.

Based on projections by Fannie Mae, Freddie Mac, the MBA and NAR, rates for the second half of 2017 and 2018 are expected to be higher. When interest rates on new mortgages are higher than the rates of assumable FHA and VA mortgages in the recent past, it becomes more advantageous to assume the existing mortgages.

FHA and VA loans originated with lower than current interest rates have great advantages for buyers and sellers.

  1. Interest rate won’t change for the qualified buyer
  2. Lower interest rate means lower payments
  3. Lower closing costs than originating a new mortgage
  4. Easier to qualify for an assumption than a new loan
  5. Lower interest rate loans amortize faster than higher ones
  6. Equity grows faster because loan is further along the amortization schedule
  7. Assumable mortgage could make the home more marketable

An Assumption Comparison can help determine the savings and financial benefits of an assumable mortgage with a lower rate.

 

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The Reason They’re Called Benefits

28 Monday Jul 2014

Posted by Make your Home your Haven! in News you can USE!

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Baton Rouge Real Estate, Baton Rouge Real Estate Trends, Home Ownership Tax Benefits, homes for sale in baton rouge, Housing Market Trend, Relavent Real Estate News, VA Loans

The Veterans Administration guarantees home loans for eligible veterans. It is considered an attractive loan because the veteran can purchase the home with no down payment up to specific loan limits and no mortgage insurance. This makes the monthly payment considerably lower.

Let’s assume a buyer wants to purchase a $200,000 home and can get a 4.5% interest mortgage for 30 years.

A FHA loan would require a $7,000 down payment plus $3,377.50 in up-front MIP which can be rolled into the mortgage. The monthly mortgage insurance premium would be $221 per month for a total payment of $1,215.94.

The VA loan doesn’t require a down payment. There is a 2% VA funding fee that can be rolled into the mortgage which would make the principal and interest payment on $204,400 much less at $1,035.66.

The revised loan limits for 2014 are published by VA and can change each year especially based on high-cost areas. However, a lender can allow a home purchase in excess of these amounts with a 25% down payment on the amount above the limit.

If a purchaser wants to buy a $600,000 home in an area where the VA limit is $417,000, the lender could require a $45,750 down payment and make a $554,250 mortgage. In this example, the purchaser is able to get in for less than 10% down payment and no mortgage insurance.

Veterans with the available funds for a down payment should compare all loan products to consider which will provide the lowest cost of housing. A skilled real estate professional and a trusted mortgage advisor can be valuable resources.

Benefits of VA financing 2.png

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