VA Loans: A Home for the Brave

February 4, 2020February 23, 2020 Chad Hobot

Since the creation of the Veterans Affairs (VA) Home Loans Program, over 22 million veterans have achieved the American Dream of homeownership. Many veterans do not know the details of the program and therefore do not take advantage of the benefits available to them.

If you are a veteran or you know someone who is, here is a breakdown of the VA Home Loan benefits that can be used to achieve the American Dream!

Top 5 Benefits of a VA Home Loan

The greatest benefit of a VA Loan is that borrowers can buy a home with a 0% down payment.In 2016, 82% of all VA Loans put down 0%!

Private Mortgage Insurance (PMI) is not required! (Most other loans with down payments under 20% require PMI, which adds additional costs to your monthly housing expense!)

Credit Score requirements are also lower for VA Home Loans. The average FICO^®score of a borrower for an approved VA Loan is 620, compared to 676 (FHA) or 753 (Conventional).

There is also a limitation on a veteran buyer’s closing costs.Sellers can pay all of a buyer’s loan-related closing costs and up to 4% in concessions in some cases.

Even with interest rates rising, VA Loans continue to have the lowest average interest rates of all loan types.

Who Qualifies for a VA Home Loan?

One of the most important first steps when applying for a VA Home Loan is obtaining your Certificate of Eligibility (COE). “The COE verifies to the lender that you are eligible for a VA-backed loan.”

You Can Apply for a VA Loan if You:

Serve 90 consecutive days during wartime
Serve 181 consecutive days during peacetime
Have more than 6 years in the National Guard or Reserves
Are the spouse of a service member who has died in the line of duty or as the result of a service-related disability

You Can Use a VA Loan To:

Purchase a Home
Purchase a Condo
Build a Home
Refinance an existing home loan
Make improvements to a home by installing energy-related features or making energy-efficient improvements

Bottom Line

For more information or to find out if you or a loved one would qualify to use the VA Home Loan Benefit, let’s get together! Thank you for your service!

For a Hassle-Free consultation with United Family Mortgage on: Home Refinancing, First-Time Home Buyer Mortgage, Zero-Down Mortgage, Home Construction Loan or VA Home Loan, contact DJ Riley today at 763-276-3960 or via email djriley@unitedfamilymortgage.com.

*Re-posted by: https://www.mykcm.com/2018/07/04/va-loans-making-a-home-for-the-brave-possible/

5 Reasons to Sell This Winter

December 23, 2019February 23, 2020 Chad Hobot

Below are five compelling reasons to list your house this winter.

1. Demand Is Strong

The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains strong throughout the vast majority of the country. These buyers are ready, willing, and able to purchase, and are in the market right now. More often than not, in many areas of the country, multiple buyers are competing with each other to buy the same home.

Take advantage of the buyer activity currently in the market. VA home loan Elk River, VA home loan Monticello, VA home loan Ramsey, VA home loan Zimmerman, veteran home loan Elk River, veteran home loan Ramsey, veteran home loan Zimmerman, home construction loans Elk River, home construction loans Monticello, home construction loans Ramsey, home construction loans Zimmerman

There Is Less Competition Now

Inventory is still under the 6-month supply needed for a normal housing market. This means in the majority of the country, there are not enough homes for sale to satisfy the number of buyers in the market.

Historically, a homeowner would stay an average of six years in his or her home. Since 2011, that number has hovered between nine and ten years. There is a pent-up desire for many homeowners to move as they were unable to sell over the last few years due to a negative equity situation. As home values continue to appreciate, more and more homeowners will be given the freedom to move.

Many homeowners were reluctant to list their homes over the last couple of years, for fear they would not find a home to move into. That is all changing now as more homes come to the market at the higher end. The choices buyers have will continue to increase. Don’t wait until additional inventory comes to market before you decide to sell.

Buyers Are Serious at This Time of Year

Traditionally, homeowners think about spring as a great time to list their homes, when more buyer traffic may be out there actively searching. In the winter the buyers who are seeking a home, whether for relocation or whatnot, are serious about buying a home. They’re ready to make offers and they’re eager to move, often quickly. Your house may be exactly what they’re looking for, so listing when other potential sellers are holding off may be your best opportunity to shine. mortgage broker Albertville, mortgage broker big lake, mortgage broker Elk River, mortgage broker Monticello, mortgage broker Otsego, mortgage broker Ramsey, mortgage broker rogers, mortgage broker St. Michael, mortgage broker Zimmerman, veteran home loan Elk River, veteran home loan Ramsey, veteran home loan Zimmerman

There Will Never Be a Better Time to Move Up

If your next move will be into the premium or luxury market, now is the time to move up. There is currently ample inventory for sale at higher price ranges. This means if you’re planning on selling a starter or trade-up home and moving into your dream home, you’ll be able to do that now. Demand for your entry-level home is high, and inventory in the luxury or premium market is too.

According to CoreLogic, prices are projected to appreciate by 5.6% over the next year. If you are moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and in your mortgage) if you wait.

It’s Time to Move-on with Life

Look at the reason you decided to sell in the first place and determine whether it’s worth waiting. Is money more important than being with family? Are you ready to go on with your life the way you think you should?

Only you know the answers to these questions. You have the power to take control of the situation by putting your home on the market this winter. Perhaps the time has come for you and your family to move on and start living the life you desire.

That is what is truly important.

*Re-posted by: https://www.mykcm.com/2019/12/02/5-reasons-to-sell-this-winter-3/

4 Reasons to Buy A Home

July 13, 2019July 13, 2019 Chad Hobot

Here are four reasons to consider buying today instead of waiting.

1. Prices Will Continue to Rise

CoreLogic’s latest U.S. Home Price Insights reports that home prices have appreciated by 3.7% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 4.8% over the next year.

Home values will continue to appreciate. Waiting may no longer make sense.

2. Mortgage Interest Rates Are Projected to Increase

Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year fixed rate mortgage have started to level off around 4.3%. Most experts predict that rates will rise over the next 12 months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac, and the National Association of Realtors are in unison, projecting rates will increase by this time next year.

An increase in rates will impact YOUR monthly mortgage payment. A year from now, your housing expense will increase if a mortgage is necessary to buy your next home.

3. Either Way, You Are Paying a Mortgage

Some renters have not yet purchased a home because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s.

As an owner, your mortgage payment is a form of ‘forced savings’ which allows you to have equity in your home that you can tap into later in life. As a renter, you guarantee your landlord is the person with that equity.

Are you ready to put your housing cost to work for you?

4. It’s Time to Move On with Your Life

The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise.

But what if they weren’t? Would you wait?

Examine the actual reason you are buying and decide if it is worth waiting. Whether you want to have a great place for your children to grow up, greater safety for your family, or you just want to have control over renovations, now could be the time to buy.

Bottom Line

If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.

For a hassle-free first-time home buyer mortgage consultation, contact DJ Riley today at 763-276-3960 or via email @ djriley@unitedfamilymortgage.com.

*Re-posted by: Keeping Current Matters, Inc.« The Top Reasons to Own Your Home [INFOGRAPHIC]

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