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Posts Tagged ‘VA Purchase’

VA Loan Videos Can Help Military and Veteran Home Owners Learn More About VA Loans

Friday, May 28th, 2010

LowVARates has put a lot of time and energy as of late to solidify their place in the online universe as a leader in online videos about VA loans.  Statistics show that online video sites like YouTube are the future of the online search arena and this is a main reason why Google has purchased YouTube.  Think about it.  If you needed information on how to get a VA loan with no closing costs, would you rather read pages and pages of content or watch a video?

We have all sorts of VA Loan videos on our site to help prospective VA home buyers and existing VA loan holders alike.  In addition to the videos on our site we invite you to follow us on YouTube by clicking here.

Here  is a list of some of our Top Videos and we feel they will be of great worth as you try to become more educated in the field of VA home mortgage loans.

No Cost VA Loans

Insider Secrets to the VA Streamline

How to payoff debt with a VA Hybrid Streamline

Understanding the VA Hybrid

Why a VA Loan to Purchase a Home

Using their VA home loan benefits to buy or refinance your home is something more and more eligible military families and veterans are doing.  It is the goal of LowVARates to make using these VA home loan benefits a reality for all of those that are eligible.

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Posted in Loan Processing, VA Loan, underwriting | 1 Comment »

Christmas Suprise Giveaway

Thursday, December 10th, 2009

LowVARates is providing up to $250 of Christmas presents for a fortunate military family.  To nominate a family, please submit a 200 word essay to PR@LowVARates.com stating why the military family should win the contest.

(Lehi, Utah, Dec. 10, 2009) – Christmas is just around the corner and the season of giving is sweeping through the nation.  As the famous carol states, “It’s the most wonderful time of the year.”

LowVARates is adding to the Christmas spirit this season by providing a military family with up to $250 of Christmas presents. 

Please submit a 200 word essay telling us why the military family should receive the prize.  Essays must be submitted by Dec. 22nd at midnight to enter the contest.  The goal of the giveaway is to help a military family going through tough times receive some good fortune.    

According to the Department of Defense, the U.S. military is deployed in over 150 countries with around 25% of its active duty soldiers serving in foreign countries.

President Obama just announced another 30,000 troops are deploying to Afghanistan in the next six months.  Many of the troops will spend Christmas and other holiday’s fighting for the freedoms we enjoy.

The holiday season and particularly Christmas can be a difficult time for the men and women of the U.S. Armed Forces and the families they leave behind.

“Many valiant men and women don’t get to spend Christmas with their loved ones,” Owner of LowVARates Eric Kandell said.  “Hopefully the giveaway can provide a deserving military family a Merry Christmas.”

LowVARates recently provided the Chesney family with a free Thanksgiving Dinner.  The husband Tim is deployed in Iraq and missed his first Thanksgiving with his wife and two daughters.

“The Thanksgiving dinner giveaway was such a great success that we decided we wanted to do another contest for Christmas,” Kandell said.

To enter the contest, please submit the following information to PR@LowVARates.com:

           1) Name

           2) Address

           3) Contact Information (Phone or Email)

           4) 200 Word Essay

           5) Name of the family you are entering in the contest

Individuals can nominate their own families or other military families.  We also encourage individuals to submit more then one family. 

The family must be associated or enlisted with the military or they will not qualify for the prize.  Once again, all entries must be submitted prior to December 22nd at midnight to enter the contest. 

 

CONTACT:

Craig Walton

Director of Public Relations

pr@lowvarates.com

Office:  801-341-7048

Cell:  801-824-1635

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Pre-Approval: The gateway to your New VA Loan

Friday, November 13th, 2009

Before any buyer is to be taken seriously in a real estate transaction, they must first obtain a pre-approval letter from a lender.

The purpose of this letter is two fold. First, you as a prospective buyer are able to get an idea of what you are actually qualified to buy in the current market conditions. This allows, you the veteran, to search out the home that best suits your needs and your budget. Second, this shows a real estate agent that you are not only a serious prospective buyer but also qualified to purchase the home that you are viewing.

By working with a VA approved lender such as Flagship Financial Group, you ensure yourself the best possible service for the specifics of a VA loan, and it doesn’t matter if your are looking for a Florida VA loan or a Georgia VA loan. Veterans are entitled to a number of benefits through the VA that many run of the mill mortgage loan officers may not know about. Benefits of a VA loan include: no down payment, 100% financing, relaxed credit requirements, No monthly mortgage insurance, & the ability to refinance to a lower rate through a streamline refinance.

In order to get a pre-approval letter from a LowVARates.com approved lender a few things are required. Copies of your last two years W2 forms as well as a months worth of paystubs & copies of your ID’s (military or drivers license and Social Security card). Armed with this information a loan officer will be able to determine how much you could be approved for on your new home.

A pre-approval is not a guarantee of a loan, however, with it you will be better prepared to finance your new home through the VA.

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Posted in VA Loan, VA Purchase | No Comments »

Military Thanksgiving Feast Giveaway

Tuesday, November 3rd, 2009

A fortunate Utah military family will receive a FREE Thanksgiving dinner courtesy of LowVARates.com.  Families can apply by submitting a 200-300 word essay to PR@LowVARates.com.

 

Nov. 3, 2009, Lehi, UT- Thanksgiving Day dawns the beginning of the holidays and represents the season to give.  It’s almost as if giving and the holiday season have become synonymous. 

 However, the men and women of our U.S. Armed Forces dedicate the entire year in our behalf, giving their lives to ensure our safety and comfort. 

 This year LowVARates.com has decided to give back to one of our loyal military families through the “LowVARates.com Thanksgiving Feast Giveaway.”

 The winner of the giveaway will receive a free family dinner on Thanksgiving Day November 26, 2009.  The restaurant chosen will include an exclusive banquet room for the winner and their family.

 Owner of LowVARates.com, Eric Kandell, hopes the contest will give a deserving Utah military family an extravagant Thanksgiving dinner.

 “Hopefully we can help a family in Utah receive a Thanksgiving dinner that otherwise would not get one,” Kandell said.  “Everybody deserves a Thanksgiving feast and we want to make that a reality for a Utah military family in need.”

 According to the Department of Defense, the U.S. military is deployed in over 150 countries with around 25% of its active duty soldiers serving in foreign countries. 

 Many military families spend holidays, like Thanksgiving, with a family member deployed on military service.  This can make the holiday season a particularly tough time to have a loved one away from home.

 The contest is designed to help a Utah military family to have an enjoyable Thanksgiving Day dinner even amidst sad or tough times. 

 Families can nominate themselves or another military family in need.  To enter the contest, please submit a 200-300 word essay to PR@LowVARates.com and tell us why the military family should be selected.

 Please include the following information:

1)      Your Name

2)      Address

3)      Contact Information (Phone # or Email)

4)      200-300 word essay

5)      Name of Family You are submitting for the contest (You can submit your own family or another family in need)

 “If we can just help one military family have a happy Thanksgiving that will be worth it,” Kandell said.  “We just want to thank the men and women of the U.S. Armed Forces.”

 The family must be associated or enlisted with the military or they will not qualify for the prize.  All entries must be submitted by November 20th to enter the giveaway.  LowVARates.com will pay for dinner for up to 10 individuals.  Any number more then 10 will not be compensated.

 

 

CONTACT:

Craig Walton

Director of Public Relations

LowVARates.com

PR@LowVARates.com

Office:  801-341-7048

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Posted in For Fun, General Veteran Information, Press, press release | 1 Comment »

How Much Money Should I Plan on Putting Down When Buying a New Home via a VA Loan?

Tuesday, October 27th, 2009

One of the first things a home buyer thinks of or plans on when preparing to purchase a home is, how much money will need to be put down to buy the home.  From about 2003-2006, no money down loans were a dime a dozen and very few home buyers were putting money down even if they had substantial money saved up.  Well after the mortgage meltdown of 2007-2008, the 100% financing or no-money-down loans are a thing of the past; for most home buyers.

Veterans and those using a VA home loan for the purchase of their house, still do not have to put any money down when purchasing or buying a home whether getting a Texas VA loan, Florida VA loan, or any other VA loan type.  Just because veterans are not required to have money to put down and are able to borrow the full sales price of the home, doesn’t mean it is always in the veteran’s best interest.  There are reasons to consider for making a down payment on a VA loan.

VA loans do not require mortgage insurance (PMI) and this is the main reason people would be interested in putting money down on a home purchase; by putting money down you can in many cases avoid paying mortgage insurance.  So if VA loans do not require the payment of a monthly mortgage insurance, then why would a veteran want to put money down?  Below is a list of some reason or options to consider for making a down payment on a VA loan.

Reasons to consider for making a down payment on a VA loan or VA home purchase:

Make your monthly payments on your mortgage smaller.  (budgeting) By putting money down a veteran is able to control more of the monthly mortgage payment that will be due each month.  Suppose you are buying a home for $250,000 and your rate is 6.5%.  Your monthly payment if you did not put any money down would be $1580.00 (PI only).  Putting down 20% or $50,000 would lower your monthly PI to $1264 and save you $316 a month.  These examples do not take into account your VA funding fee.
Pay a lower % on your VA funding fee. (lower your closing costs) The amount of money a veteran puts down on a VA purchase, will affect the amount of the VA funding fee charged by the department of veterans affairs and also has an impact on the monthly payments for the VA loan.  To fully understand how your VA funding fee will affect your VA loan please click here.  Just like a down payment will lower your monthly payment purely mathematically, a VA funding fee will also affect the final loan amount and thus have an impact on your overall monthly payment.
Emotional satisfaction of having some instant equity in your home. When a veteran doesn’t put any money down on the purchase of a home, the veteran will not have any equity in the house.  Knowing you have skin in the game and that you owe less on your home than what it is worth goes a long way in making you feel good, responsible and you also have given yourself more peace of mind.
Possible lower interest rate. Though most lenders or mortgage companies that work with veterans and do VA loans will not give lower rates or incentives for veterans that put money down, it has happened in the mortgage industry that a lender may be more willing to give a lower rate to a veteran that has shown responsibility in saving money and putting it down on the home.

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Posted in VA Loan, VA Purchase, va funding fee | 1 Comment »

Will VA loans stand the test of time? VA loans and their ability to survive new regulations.

Wednesday, September 30th, 2009

If you would have asked me a year ago if VA loans would see massive amounts of overhaul and guideline changes, I would have laughed at you and said “NO WAY”! You see I have been in the mortgage industry since 1997; I have been doing VA mortgage loans the entire time also. As the housing market heated up and everyone was jumping on the sub prime and/or option arm band wagon, I stood my ground and built my business around good old fashioned VA home loans. It was a regular occurrence in my office to have representatives from banks, mortgage lenders, and all types coming into our office to try to convince me and my loan officers to start “pitching” or “selling” these unique new and “profitable” loans. I never once swayed. A good friend of mine named Garret had stopped doing VA loans and began building a very successful mortgage operation around the option arm loan. We had many opportunities to change our model from VA loans to something else, and frankly I may have made a lot more money in the short term. I however, was not purely motivated by money like many that were doing loans at that time. Was an option arm or a sub prime loan good for the homeowner? Those loans kind of came out of nowhere and what would happen if they disappeared one day? When I looked at VA loans I realized they were cut and dry, black and white and had stood the test of time and it didn’t matter if you were talking about a Georgia VA loan, North Carolina VA loan, or any other kind of VA loan. I enjoyed serving American soldiers both active and retired and had confidence in knowing I was offering these people a solid loan that I could count on never going away or changing.

Lets now fast forward to 2009 and the soon to be 2010. Option arm loans are non existent, sub prime loans are shunned and gone.  VA loans are more popular than ever and are being utilized like never before.  Do you think my ideas and thoughts on VA loans have been unscathed or unchanged in light of the mortgage meltdown or real estate implosion? They have changed quite a bit! I still think the VA loan is the best loan by a long shot. If you are an eligible veteran, then you should always use your VA entitlement and get a home with the help of a VA loan. However, I sometimes feel at this point that the never changing, black and white, old fashioned VA loan will change and could essentially fall from grace if the big wig government law makers keep trying to get involved in mortgage regulations.

Here is a short list of POSITIVE attributes of the VA loan program as it was/is and a list of what possible changes may be coming/already have come

Positive Attributes of the VA Loan Program

Current Status

Comments

100% no money down purchase option

Still available

FHA canceled the no money down option and some think VA may follow suit.  Let’s hope not.

No minimum fico score required

all major banks and lenders require a 620 score.  VA does not take a stance but is allowing banks to add this requirement.

We feel this is a HUGE slap in a veteran’s face.  Suppose the VET got hurt in battle and has medical expenses that are hurting his/credit but all other accounts are to date and clean.  In the past banks took that into account and now they don’t.

Streamline refinancing with no appraisal or employment verification.

Most banks or lenders want an appraisal or other form of verification of property value.  Wells Fargo is a big proponent of this dumb rule.

You cannot name a single city in out country where the home has NOT lost value.  Why allow a veteran to buy a home with no money down, then force them into a high rate during low rate periods, by telling them, “sorry your home is not worth what it used to be!”  Give me a break.

1-2 30 day late payments are okay on your mortgage if you want to refinance.

NON EXISTENT.

Why are we seeing all this talk about bail out the home owner and make housing more affordable, yet America’s veterans can not get a break?  In the past banks were ok with a late or two if the veteran was current at the time of refinance.

NO employment verification on VA streamline refinance.

almost non existent, banks and lenders are all verifying employment.

On a streamline as long as the veteran is making payments on time they should be allowed to refi to a lower rate.  Un employment is at an all time high and we need to help those that are still making payments and trying to keep their houses.

So veterans if you are reading this, please don’t be bummed out but please be alarmed.  Your hard-earned VA benefits are being jeopardized by people in Washington and Big Banks that took bail out money.  I will fight this fight along with many others to protect your hard-earned benefits and I will keep doing loans for Veterans as long as the market allows and tells us loan officers that Veterans deserve special treatment!

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Posted in Uncategorized | 1 Comment »