VA Homebuyer Seminar
When we started HawaiiVALoans.com - our vision was to make it as easy as possible for those who may be eligible for a VA Loan to learn the basics of the VA Loan program; who’s eligible, the benefits of a VA Loan & how the home buying process works.
Step one was to create our site, HawaiiVALoans.com & the VA Loan Blog that has a wealth of information, tips and tools. Step two was to create our 21-page eBook - “VA Homebuyers’ Guide - Understanding Your VA Loan Benefits & the Home Buying Process” and so far, we’ve received great feedback on how informative this guide has been. Finally, we are at step three. In an effort to continually provide more FREE information to those who would like to learn more about the VA Guaranteed Home Loan program, we will be doing a free VA Homebuyer Seminar, which we plan on holding every month.
VA Loan Benefit: Reduced Closing Costs
When Congress officially passed the Servicemen’s Readjustment Act of 1944, one of the key elements in this bill was the creation of the VA Guaranteed Home Loan program. With this program, President Roosevelt & Congress wanted to make it as easy as possible for our soldiers returning home from World War II to become homeowners.
One of the biggest obstacles of homeownership for everyone is out-of-pocket expense, which includes down payment and closing costs. We’ve already discussed that you don’t need a down payment with a VA Loan since you can do 100% financing. In addition, the VA Department restricts the amount of closing costs that a VA borrower can pay - essentially breaking up the closing costs into two categories; Allowable Closing Costs & Non-Allowable Closing Costs.
Introducing Our VA Homebuyers’ Guide
According to the VA Department, there are roughly 25 million Veterans living in the US today - and yet only 2.1 million VA Loans are currently being insured by the VA Department. It’s obvious that most VA eligible borrowers are not taking advantage of the unique benefits allowed to them through the VA Home Loan program. Why? Probably due to the lack of information explaining the true benefits of a VA Loan as well as being intimidated by the home buying process.
From day one, our goal with HawaiiVALoans.com was to provide our current military personnel as well as Veterans with as much information regarding their VA Home Loan benefits as possible. And to continue our vision, I’m proud to announce that we have just released our 21-page eBook:
VA Homebuyers’ Guide
Understanding Your VA Loan Benefits & The Home Buying Process
This 21-page ebook will cover everything from:
- VA Eligibility Requirements
- Your Entitlement
- How to Get Your Certificate of Eligibility
- Benefits of Homeownership
- VA Loan Benefits
- Occupancy Requirements
- The VA Funding Fee
- VA Closing Costs
- Condo Eligibility
- The VA Home Buying Process
- And Much More…
We feel that this 21-page eBook is a must have (we’re bias of course) for anyone who is interested in buying a home (either now or in the future) and is (or think they are) eligible for a VA Loan. Download your copy today and we’d love to hear any feedback you have!
$625,500 Not Enough? VA Increases Guaranty To Cover $793,750 Loan Amount
It’s official. Included in the Housing and Economic Recovery Act of 2008 that President Bush signed, is Section 2201 that calls for the “Temporary Increase in Maximum Loan Guaranty Amount for Certain Housing Loans Guaranteed by the Secretary of Veterans Affairs”.
In essence, from July 30th 2008 - January 1st 2009, the VA Department will increase their guaranty amount to cover 25% of the greater of the two:
- $625,500 (for Hawaii, Alaska, Guam and Virgin Islands), or $417,000 (Continental 48 states).
- 125 percent of the area median price for single-family residence, up to $1,094,625 (Hawaii, Alaska, Guam and Virgin Islands) or $729,750 (Continental 48 states).
Homeownership May Be Easier Than You Think
Our main goal here at HawaiiVALoans.com is to educate current military personnel and Veterans about their VA Loan Benefits. When you look at the benefits that the VA Home Loan Program provides compared to doing a conventional mortgage - you truly realize how advantageous it is to be a VA eligible home buyer.
In addition to these benefits, most current military personnel have another great advantage in that they currently receive a monthly housing allowance to pay or subsidize their housing payments. This housing allowance, also known as BAH, can range from $1491 - $3419 per month depending on rank and whether this person has dependents or not.
Paying Points vs. Not Paying Points
If you’ve ever purchased a home before, you’ve probably been asked if you wanted to “points” or not pay “points”. Now, if you are like most people, the common answer would be, “I’m not sure - what would you suggest?”. Well, before we get into the specifics of when it is beneficial to pay points or not, let’s go over what the exact purpose of points when it comes to closing costs.
A point is an upfront fee that is paid at closing to reduce your interest rate. A “point” is always 1% of the loan amount. For instance, using a $300,000 loan amount, one point would cost $3,000 at closing. Now keep in mind - you don’t have to pay points if you don’t want to (except when dealing with adjustable-rate mortgage loans - where sometimes it’s mandatory to pay a point to guarantee the lender a yield) but by doing so, you’ll decrease not only your monthly payments but also the total amount of interest paid over the life of the loan.
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