Current Trends in VA Home Loan Applications
10/3/2008
The past few weeks the national media has reported that home loan applications nationwide have seen a steep decline as the credit markets have tightened in response to the failed bailout plan a week ago. One of www.LowVARates.com, leading government mortgage partners, Flagship Financial, is reporting something completely opposite. "Our VA loan applications have sky rocketed in response to the deteriorating economy and the fact that veteran home owners are feeling a huge pinch in their wallets." Eric Kandell, Branch Manager of group 403. "The amazing thing about VA loans is that lenders, mortgage companies, and banks across the country are begging for VA loans because they perform so much better than other types of loans. I personally believe it is the inherent work ethic and good pride that veterans have and this is what pushes them to keep current on mortgages and make payments on time, not to mention the VA loan does NOT allow for subprime or limited documentation loans." Eric Kandell.
Our research has concluded that VA interest rates have stayed much lower than many other mortgage products available to the general public over the past year. Most of our lenders are currently offering 30 yr fixed rates as low as 5.5% and even down to 5.25%. If there are any veterans that currently have a VA loan on their property and have not looked into the various different refinance options available to them, we strongly urge you to contact a VA lender and explore your many options! Veteran home owners are able to access loan amounts well over $417,000 and even as high as $1,000,000.00 with many lenders, due to the recent stimulus package signed by the president.
