Posts tagged "Townhouse"

Va Loans Demystified – Get Yours Today

The Veterans’ Administration – or VA – was established in

1930 to coordinate the benefits and legislation affecting war veterans.

Today, the VA is the second largest government department and is

responsible for the affairs of about 70 million people who are veterans,

survivors or family members.

The VA loan program was established in 1944 to assist veterans

returning from war. The program’s aim was to allow veterans to easily

afford to buy a home – and also to thank them for their service and

dedication. Almost 20% of veterans aren’t actually aware of the home

loan program – despite this, over 18 million VA home loans have been

taken out since the program’s inception, totaling well over $500

billion.

A VA loan is basically a mortgage aimed specifically at veterans

and while it works much the same way as a regular mortgage, it does have

several advantages. Typically, a VA loan doesn’t require money for a

down payment or for closing costs – it also tends to come with a

lower interest rate as well.

Around 90% of applicants don’t provide a down payment and most

VA loans close in 45 days or less. And there are usually no penalties

for prepaying a VA loan early. You also don’t need to have private

mortgage insurance as the VA itself guarantees the loan amount.

A VA loan can be used not only to buy a house, but also for a

townhouse or condo as well. Loans can be obtained if you are building your

own home. And if you are thinking of refinancing your current mortgage,

a VA loan is almost certainly going to give you a lower interest rate

– and lower monthly payments. The VA itself doesn’t actually supply

the loan – they insure the loans provided by the lender.

Those eligible for a VA loan include active duty veterans

discharged during World War II or after; active duty personnel with at least

six months of active service as well as members of the National Guard and

Selected Reserve. Around 80% of those who qualify for a VA loan would

not be able to qualify for a regular loan.

If you think you qualify for a VA loan, your first step is to

complete a Certificate of Eligibility. If you aren’t sure whether you

qualify or not – contact a VA loan specialist or a mortgage broker.

Incidentally, the VA puts no maximum on the amount that a person can

borrow; this is determined by the bank or mortgage company.

Once you are qualified for a loan, finding a lender is fairly

easy. A quick search on line will give dozens of lenders who participate.

The VA also has ten regional offices located throughout the country that

can provide advice, as well as provide a list of recommended lenders

in your area. Compare products and services, just as you would with a

conventional mortgage.

Not all lenders are qualified – or willing – to offer a VA loan,

although most larger lenders do offer the service. If a lender offers

FHA loans, they generally offer VA loans too. The VA has strict

requirements regarding potential lenders – the size of facility and number

of staff, financial stability and knowledge of staff.

As a veteran, you are eligible for several benefits – an

affordable mortgage is certainly one of the most important. If you are

qualified – or think that you are – be sure to take advantage of the VA

program.

David
http://www.articlesbase.com/finance-articles/va-loans-demystified-get-yours-today-281248.html

Reverse Mortgage Purchase Program

Purchase your next home with no monthly mortgage payments! The Federal Housing Administration will now allow seniors to use the revolutionary Reverse Mortgage program to purchase real estate. New enhancements to the government program allow seniors to purchase a home with no monthly payments. Why not move into your next home and have no mortgage payments for the rest of your life!

Eligible Property Types Include:
• Single Family Residence
• Condo
• Townhouse
• 2-4 Unit Multi Family
• Manufactured home

Who Qualifies?
• Minimum Age 62
• Must Occupy property as primary Residence
• No Income or Credit Score is needed to qualify
• Good credit is not required
• Can own up to 4 dwellings

Using a Reverse Mortgage to purchase a home allow seniors to purchase a new home as if they paid cash. After the home is purchased they never have to make a monthly mortgage payment on the outstanding balance. Income, good credit and credit score are not required for qualification and the same property types for the current program qualify for the new Reverse Purchase program.

Why not move close to family when the need arises, down size into something smaller or just get a home that is newer and better then what you currently own. The only monthly out go would be taxes, homeowners insurance and HOA dues if the home is located in a Home Owner Association.

The down payment requirements are based on age. The older the senior, the less of a down payment. Age should be based on the youngest senior if they are married.

Seniors can also make payments on the Reverse Mortgage to get a tax deduction after the program is in place. In other words, they can treat it like a regular mortgage and make regular monthly payments if they want, but if they would rather keep their money in their pocket they can. A Reverse Mortgage will never be foreclosed upon due to non-payment if the senior is living in the home.

Robert E. Jones
http://www.articlesbase.com/mortgage-articles/reverse-mortgage-purchase-program-730867.html

The Best Home Owner Insurance Quote

You may feel that the best home owner insurance quote is going to be the cheapest home owner insurance quote, but that’s not always, if ever, the case. The best home owner insurance quote is going to be the quote offered by the insurance company that thoroughly investigates your home owner insurance needs.

When you begin shopping for a home owner insurance quote, make sure the home owner insurance company you speak with covers the following issues with your.

What do you want to insure? This usually means a home, a townhouse, a condo, a mobile home, or an apartment or home you rent. This gives the home owner insurance agent a jumping off point.

Where is your home located? The location of a home greatly affects the home owner insurance quote, because it gives the home owner insurance agent an idea of what kinds of crime or weather elements they may be up against.

Have you taken inventory of your home? This means, have you made a list and/or video of everything in your home, focusing especially on the most precious and valuable contents in your home. This information may lead your home owner insurance agent to suggest a floater policy to make sure the possessions are covered, or even suggest storing them somewhere safer than a home, such as a bank safety deposit box.

How safe is your home? Tell your home owner insurance agent about any special alarm systems, sturdy locks and windows, and repairs to roofs and steps, as well as electrical and plumbing upgrades you’ve made. These answers will let your home owner insurance agent know just how protected your home and its contents are, as well as any visitors that may drop by.

The answers to these questions will help your home owner insurance agent determine the kind of home owner insurance you need, and provide you with a quote based on those needs.

Elizabeth Newberry
http://www.articlesbase.com/finance-articles/the-best-home-owner-insurance-quote-83731.html