VA Loan Updates

SAN MARCOS – Chad Hill, a decorated Iraq war veteran, is now deployed as a freshman at California State University San Marcos.

He’s part of the first wave of returning war vets nationwide studying Plato and Pythagoras, while learning to assimilate into campus life.

Hill, 26, has found it’s not easy. “I’ve snapped a couple of times; I’m adjusting.”

Early in his first semester, he blasted classmates for rudeness and inattention when they took turns making speeches. The professor thanked him, he said with satisfaction, but Hill knows now that he’s off the battlefield he’s got to work on his “take command” reflex.

Welcome to the GI Bill, post-Afghanistan and Iraq invasion.

It’s been more than 75 years since President Franklin D. Roosevelt launched the program that has turned more than 21 million veterans into students.

Next year as many as 14,300 veterans are expected to use the GI Bill and various military educational benefits in California’s public colleges. Most of them are expected to study at lower-cost community colleges, but the California State University system is expecting 4,700 and 1,600 are projected to enroll at University of California campuses.
Hill is part of an elite Marine Corps officer-training program in which only about 120 qualify for a year. Instead of waiting until they leave the service to use their federal education benefits, these officer-trainees remain on active-duty status but sit out the war while they earn degrees in four years. In exchange, they pledge to become officers and stay in the Corps longer.

For Hill, the challenge has been to regain his academic footing after nearly a decade away from school.

“I hate reading. To just sit there and read about some little thing just isn’t something I like to do,” said Hill, as he sat at the cafe veranda at the San Marcos campus.

Once, he was one of the smartest in his Texas high school, Hill said, but he turned down college scholarship offers for the action of the Marine Corps.

In Iraq he fought in Ramadi, then one of the bloodiest centers of the long-running war that has killed more than 2,870 U.S. service members. He talks about his platoon being cut down repeatedly by roadside bombs, about his commanding officer being blown up in his Humvee. He has seen innocent people taken by war, many of them children as young as his toddler daughter.
These are things he talks about not with classmates, but only with fellow combat veterans. “Some people don’t need to know some things,” he said.

Joan Putnam, veteran coordinator for San Diego State University, said everybody wins when veterans enter the classroom.

“Students today think of vets as their grandfathers. It’s good for them to hear from one from their own generation,” she said.

Putnam reminds vets to stay open-minded regarding their classmates. “They’ll have to learn how to relate to the young ones whose biggest dilemma that day may be what cell phone cover to put on.”

As more military personnel leave war behind in the Middle East, California’s higher education system is gearing up to help them. Putnam serves on a statewide task force to expand the state’s contribution to federal veterans’ benefits, especially for the many reservists and National Guard members whose benefits are lower.

The GI Bill in its current incarnation provides far less than World War II levels, but Hill gets enough to cover the more than $3,000 a year tuition.

Financially, he finds being a full-time student a struggle, with the hefty cost of textbooks, rent and the rising cost of gas commuting to school – a struggle that makes him far more of a typical college student.

Hill has an ambitious academic schedule in a university system where fewer than half the students graduate even after six years.

But he benefits from some key things few classmates get: Unprecedented help reaching graduation with weekly visits with academic advisers, who are in the military.

The Marines give officer candidates crucial academic guidance on top of the advisement by mapping their course schedules for the next four years – summers included. They also get remedial educational help at a summer boot camp at San Diego’s Marine Corps Recruit Depot.

Therein lies the key to earning a college degree, according to the Department of Defense: “Desire and enthusiasm are definite assets, but there is no substitute for scholarship. Scholarship, however, will not assure student success unless accompanied by dedication.”

The success rate for the academic achievement of Marine vets is high, said Capt. Teresa Ovalle, a Marine Corps spokeswoman in Quantico, Va. “It’s their one chance to be something different.”

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Almost a million a year ask federal officials about retrieving papers they need to apply for valuable aid. Now forms are available online.

FORT LAUDERDALE, FLA. — Harold Brewster certainly earned the right to veterans benefits. He was aboard the battleship New Mexico when a kamikaze pilot slammed into its bridge, killing its commanding officer and 29 crew members during World War II.

But when the former sailor now living in Boca Raton asked about the free plots that would be available to veterans in the new South Florida National Cemetery, he found out he needed documents that had been lost years before. Brewster’s military papers and five medals were taken when his household belongings were stolen 10 years ago.

“I didn’t know what we were going to do,” said Brewster, 80.

Almost a million veterans a year ask federal officials about retrieving lost military documents, papers they need to apply for valuable veterans benefits like housing loans and low-cost healthcare.

The process now can be expedited by applying online. But some veterans and their families still find it cumbersome and confusing.

“Most people don’t have the ability to do it on their own,” said Floyd White, section manager with Broward County Elderly and Veterans Services.

At least one veteran a week comes into the office for help replacing lost papers, White said.

Brewster’s family turned to the Mae Volen Senior Center in Boca Raton, where Brewster goes for activities and lunch.

Administrative assistant Grace Ginsberg pulled up the forms online and, within a few months, had the papers, as well as replacements for the medals.

Brewster wept as a Navy recruiter presented his decorations, in a display box put together by the center, during a ceremony two days before Veterans Day.

But some documents can be hard to retrieve, especially for veterans who served in World War II or the Korean War.

A huge fire swept through the National Personnel Records Center in St. Louis, Mo., in 1973, destroying as many as 18 million military files.

The majority of Army and Air Force veterans discharged before 1964 were affected; the center has reconstructed service histories for 6 million, sending them certificates to replace their military discharge papers.

Officially called a Report of Separation, or DD Form 214, a military discharge paper is required for most veterans benefits, including a veteran’s home loan, healthcare at a U.S. Department of Veterans Affairs clinic or hospital, low-cost prescription drugs through the VA, and burial at a veterans cemetery.

According to the VA, the best way to request records is to fill out the Standard Form SF-180. It is available online at http://www.archives.gov/veterans . Veterans can file the form electronically or by mail.

The records center receives about 5,000 requests a day involving its 60 million records. But the center, part of the National Archives and Records Administration, tries to respond within 10 days, officials said.

Older veterans should apply for replacement documents as soon as they realize their originals are missing, veterans officials said.

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One of the benefits the military offers to potential recruits as an enticement to enlist — really, the marquee benefit — is money for a college education.

Carry a pack for a few years, they say, and we’ll give you thousands of dollars to get that degree.

One of the delineations in that compensation is between active-duty sailors, soldiers, airmen and Marines and their reservist counterparts, which makes sense.

Active members of the military serve every hour of every day; reservists, as a general rule, serve a weekend a month and two weeks in the summer. Their benefits should be different.

Except in times like these, when a reservist or National Guardsman is just as likely as an active soldier to be in a combat zone. And that’s when the government is failing to recognize a job well done.

The Montgomery GI Bill, which addresses college benefits for the military and hasn’t been updated in 21 years, offers up to $1,075 a month for active members. For reservists, the ceiling is $309. Again, that’s fair.

But the travesty comes when reservists and guardsmen are called to active duty, as so many have been over the last several years in Iraq and Afghanistan.

Even as they stand next to “active” soldiers, facing the same dangers, they only receive up to $860 per month, and that’s if they serve two consecutive years on active duty.

Even worse, active members have 10 years to use their benefits after they leave the service. Reservists must use them while still enlisted.

That’s not right, plain and simple — especially when we realize that about one out of every four casualties in Iraq and Afghanistan is a reservist.

Equal jobs deserve equal pay, and lawmakers — led by Rep. Vic Snyder, D-Ark. — have pitched a change in the GI Bill to make that so. The bill hasn’t made it out of committee, but will be reintroduced next year. The new Democratic majority would be wise to enact it.

There’s no denying it will cost the U.S. more money. But in a time when everyone wants to jump aboard the military bandwagon, and as reservists play a much larger role than ever in our war strategy, it’s time to acknowledge that our military forces are on the same footing when it comes to serving our country.

Bullets have no names on them, and don’t care about someone’s military status on the battlefield. Neither should we.

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DEAR BOB: We are selling our house, which has been vacant since we moved out about two months ago. The buyers are obtaining a Veterans Affairs (VA) mortgage. But it will take another 30 days until the closing. Meanwhile, they are living in a motel nearby. They offered to pay us rent if they can move into the house now. Our listing agent says “no.” What do you advise? –Loren H.

DEAR LOREN: Listen to your smart real estate agent. Never let a home buyer move into the property before the sale closes, the title transfer is recorded, and you have your money.

The reason is if you let the buyer move in now and pay you rent, that buyer will surely discover real or imagined defects and refuse to close the sale until you repair the problems discovered. Although I know you want that rent income, it’s not worth the risk of letting your buyer move in early. Don’t do it.

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When members of the National Guard or Reserves put in the same kind of active duty as the regular Army in the war on terror, they deserve the same benefits of the GI Bill.

Disparity exists in the military benefits that help pay for college. Under current guidelines, members of the National Guard and Reserves who are called to active duty for a war or national emergency are eligible to receive up to $860 a month if they serve two straight years, and they must be in the service while using the GI bill. That varies from the way it works for other veterans, who can gain up to $1,075 a month after active duty, and those veterans have a decade after leaving the military to take advantage of the assistance.

The system was not set up as a slight to troops in the National Guard and Reserves, but it has worked out that way, as they have been very much a part of the battle in Iraq and Afghanistan. Congress should bring the education benefit for Guard and Reserve troops in line with the rest of the military.

Fortunately, Rep. Vic Snyder, D-Ark., is sponsoring a bill to bring more equality and fairness to the education assistance plan. He recognizes the unfairness that Guard and Reserve members have to be in the service to use the benefit while others have a long period after their service to make a decision. Snyder calls the disparity “shameful.” But it’s not something that can’t be fixed.

The nation has high regard for its troops, whether they are in traditional full-service ranks or in the Guard and Reserves and called into a kind of duty many of them never envisioned. The good part is that the GI Bill is in place as a model for the way to help soldiers with college costs. All it takes is an adjustment in the law to bring benefits in line for all of those who serve so well.

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Life insurance will pay off your mortgage when you die which means your family won’t be left in financial difficulty.

When you buy a home you need to consider how your family would live if you were unable to pay the bills. Even if you and your partner both work and contribute equally to the household expenses one partner may find it a struggle to cope on their own, particularly if there are children involved.

There are different types of cover you can buy. Whole life insurance is the most expensive and pays out the full sum insured whenever you die. Term insurance, which is a cheaper alternative pays out a lump sum if you die within a specified period – usually between five and 25 years. If you are still alive at the end of the term, no payment is made.

You can arrange for a policy to match the repayment term on your mortgage, so if you die before the end of the term, the payout will clear your debt. And you can choose for the level of cover to decrease in line with your mortgage, meaning your monthly premiums will be cheaper.

Couples can take out a joint-life policy that will cover both of them. This is cheaper than taking out two individual policies, but typically only pays out on the first death.

Life insurance is easy to buy because once you’ve decided on the type of policy you want and the amount of cover, all you need to do is to compare costs and find the cheapest quote. But it does pay to shop around as premiums have come down over the last few years, making it a very competitive market.

Life insurance is cheaper when you are young and healthy and premiums won’t increase as you age.

How much life insurance you take out will depend on how certain you are of what your future will hold. It doesn’t have to be linked to your mortgage, or coincide with the mortgage term and you need to take other living expenses into consideration and recognise future financial circumstances too.

Use the life insurance calculator to help you work out how much insurance you need.

As you will probably be holding this insurance for many years it does make sense to review it from time to time to make sure you are still getting a good deal.

Be careful about changing insurers though, as your premiums quoted will increase with age and if you have any medical conditions they may have to be investigated and this could affect your premiums too.

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A mortgage rate is a price tag that is flying from the smoke stack of your home. It is the cost that you will be charged, on top of the principle amount of the homes value that you will be charged for borrowing money to pay for your home. Buying a home does not have to be just a dream anymore because rates of interest on homes are very low. Yet, will they stay that low? And, what else helps to contribute to the overall cost of the interest? There are several things that do, but you can easily sort through these and have the best options at lowering the cost of the home for your needs.

The first thing that affects the home’s mortgage rate is that of the Prime Rate. This is the number that the US federal government sets to help improve the economy. It is the prime cost of interest and it is the guideline that most banks will use when providing loans to their customers or when providing interest on savings accounts and other such investments. Some lenders do offer sub prime rates, meaning that they are below the prime level, but this is hard to come by and may mean fee increases in other conditions.

Secondly, the mortgage rate may change from one type of loan to the next as well. For example, the longer the loan terms are, the lower the interest rate will be on them. Yet, when you consider how much you will be paying in the length of the loan, this is not really a savings at all. Other loan options such as VA and FHA loans may also offer a lower than prime rate or at least be near to it.
Even more so the more risk that you pose to the company, the more costly your mortgage rate is. If you have a poor credit score, you will often be charged a higher amount of interest on your home’s purchase. You should know what your credit score is and you can find this out by getting your credit report. To raise it or to keep your score high, make sure to pay loans and credit lines on time, keep your balances as low as possible as well as to insure that you have enough credit against your debt. The higher your score is, the lower your interest is likely to be as well.

In order to know what the rates of a home loan that you qualify for are, simply go to the lenders websites and request a free loan quote. This will give you a good understanding of where you stand as well as provide you with a way to compare one lender to the next. Because the difference in just a few fractions of a percentage point are so very important (it can cost you thousands of dollars), it makes sense that you will need to carefully look for the lender that can offer you the most ideal interest. Finally, you should know the mortgage rate on any loan long before you agree to pay for it.

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Officials dedicated the G.V. “Sonny” Montgomery Center for America’s Veterans Saturday.

The Montgomery Center is located at 45 Magruder Street next to Hathorn Residence Hall. Following an open house at 10 a.m., veterans were also recognized before the final home football game through a fly-by salute and halftime presentation.

Mississippi State President Robert “Doc” Foglesong initiated the establishment of the Montgomery Center, which has been open and running for about two months.

Foglesong named the center in honor of close friend Sonny Montgomery, a late Mississippi congressman and Mississippi State alumnus. Montgomery was instrumental in establishing the GI bill, which provided college or vocational education for World War II veterans.

Montgomery Center director Andrew Rendon noted that through the GI bill, [Sonny] Montgomery affected the lives of millions of American veterans.

“We want to continue with the legacy of Sonny Montgomery and his unyielding support of student veterans,” said Rendon. “We’re proud to say that Sonny Montgomery was an alumnus of Mississippi State, and we hope to build on his legacy.”

Rendon, a Mississippi State alumnus and Starkville native, assumed the position of director about two months ago when the center opened. A Blackhawk helicopter pilot and Army Reserve captain, Rendon was also a veteran of the Balkan peacekeeping force.

Part of Rendon’s responsibilities as director include working on different programs and trying to set up research opportunities.

“Our theme is ‘build as we recruit’,” Rendon said. “I’ve been going out and meeting with centers of influence people who can help establish and build the programs.”

Rendon has also met with the state legislature and Congress. He is working with them in hopes to have the Montgomery Center established as an educational and research base at Mississippi State.

Lorene Cox, veterans administration supervisor, said she is excited about having the Montgomery Center because it will make it easier to help veterans. She said that before the founding of the Montgomery Center, resources were limited. Having the center will enable her and others to better identify and serve the needs of veterans.

Cox and Rendon compared the Montgomery Center to Student Support Services with a veteran emphasis. Veterans interested in coming back to school, currently in-rolled in school or starting school for the first time since active duty can go to the center and take surveys to help the Montgomery Center staff figure out their specific needs. The surveys will help veterans find things that they are eligible for in order to assist them in their education.

“We’re able to identify the needs of veterans and better help them,” Cox said. “I’m honored to be able to help them.”

“Veterans need to understand that we’re their advocate,” Rendon said. “This center is to provide and listen to issues: to support, instruct, refer and do our best to resolve.”

Student veteran William Brooks, a junior majoring in political science, said that Mississippi State currently has over 300 veterans and noted that the Montgomery Center is a good place for the veterans to get together and meet one another. Brooks, a bilateral above-knee amputee, was injured in March 2005 in Iraq when his humvee hit an IED.

Rendon mentioned that they are trying to form a student veterans organization but are still working on the details of it. He said that he wants the group to focus on interaction and becoming and being college students and getting back into civilian life.

Brooks said he hopes that the organization will reach out to other veterans organizations, especially those with older members who physically cannot do things like blood drives and other service projects.

He said he wants the organization to focus on serving the community and showing the university and others that the veterans still want to serve.

“I want to make this university as attractive to veterans as possible,” Brooks said.

Rendon said that the Montgomery Center hopes to attract student veterans to Mississippi State, take care of them while they attend school and prepare them for the civilian world.

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CHICAGO — Iraq war veteran and failed congressional candidate Tammy Duckworth has a new mission: directing the Illinois Department of Veterans’ Affairs, Gov. Rod Blagojevich announced Tuesday.

Leading the agency was a logical next step following a losing bid to replace retiring Republican Rep. Henry Hyde, said Duckworth, a Democrat and former Army helicopter pilot who lost her legs after a rocket-propelled grenade attack north of Baghdad.

“As a soldier I fought for my country, and now I thank Governor Blagojevich for giving me the opportunity to fight for my fellow Illinois veterans,” Duckworth said in a news release.

Duckworth’s experiences as a soldier and rank as a major in the Illinois Army National Guard will help her run the department that handles benefits, education and nursing care for veterans and their families, Blagojevich said.

“She has been an inspiration to people all over the country, showing extraordinary personal strength and speaking out on behalf of soldiers who are coming home from the wars in Iraq and Afghanistan,” Blagojevich said in a news release.

Duckworth, 38, lost the congressional race earlier this month to Republican State Sen. Peter Roskam.

Duckworth’s first priority is to boost enrollment in the state’s Veterans Care program, which would help more than 9,000 Illinois veterans who don’t qualify for federal aid, the governor said. As of last week, only 14 people had enrolled in the program in 75 days, with an additional 19 applications pending, according to the Blagojevich administration.

Duckworth’s appointment to the $102,000-a-year-job is scheduled to begin Dec. 15 and still needs confirmation from the state Senate.

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When looking for a home mortgage, there are several aspects that you will want to consider about this loan. First off, this is likely to be the biggest investment that you undertake in your lifetime. It should be done carefully, only after you have found the options that will fulfill your needs in the best way possible. There are several aspects that you should consider here, all of which will have a direct impact on the outcome of your future loan.

Interest Rates

The most costly aspect of your purchase of a loan will be that of the interest rate. This is the cost of the purchase. The interest on a loan is compounded every month and so it really can add up to extraordinary levels. When comparing the home mortgage of one lender to that of the next, you should carefully look at how much interest you will be paying in the long run. Comparing the various options that you have can help you to get the best results possible.

Another option that you have is to go with adjustable rate loans or with fixed. You should compare the outcome of these to find the best solution for your needs. An adjustable rate offers an interest rate that will go up and down depending on what the prime rate will do. This can be beneficial in times where rates are tending down. A fixed rate will remain the same on the entire length of the home mortgage and is ideal in times of low rates.

Terms

The terms of the home mortgage are also quite important. You should carefully look at how long you will have the loan for your home. The longer you have it, the more time for your loan to compound interest. This means that it will cost you additional funds to purchase your house over the long run. Still, the longer the terms are on the loan, the less you will pay in monthly payments too. You should look for the balance in all of these various options.

Types Of Loans

One thing is for sure, there are many various types of loans that you can choose from. The standard is the conventional loan that provides for the most common house purchases. For those that are purchasing for the first time, a FHA may be the ideal way to go because these are federally backed and often have a lower rate of interest on them. There are also VA loans for those that have served in the armed forces. Finding the right home mortgage choice for your needs is ideally the one that offers the lowest total payment or monthly payment for your needs.

Comparing and contrasting all of these options will lead you to the house that you were meant to own. In most cases, individuals can find the best options for loans for a house purchased right on the web. With so many loans out there, it is necessary to take your time and compare. But, doing so can help you to save thousands of dollars on your home mortgage over the course of your loan.

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