VA Loan Updates

February 1, 2008 marks a historic day for San Diego native, Captain Larry W. Lasky, a Navy SEAL and thirty-two year military veteran. CAPT Lasky’s retirement ceremony is being held aboard the USS Midway museum and will be attended by a host of luminaries, including Congressman Bob Filner, Chairman of the House of Representatives Committee on Veterans’ Affairs.

February 1 marks another special event for Lasky; the launch of First American Military, a San Diego-based nonprofit organization he co-founded with fellow veteran David Simpson. First American Military (FAM) teaches sound financial principles to active and former military members, and provides charitable grants to assist them in becoming successful homeowners. FAM’s charitable grants fund up to five percent of the home’s purchase price, providing instant equity and lower monthly payments to the military or veteran buyer.

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1) Fixed-rate mortgage
Fixed-rate mortgage are those with interest rates that remain the same until the life of the loan ends. For consumers who are looking for a stable rate that will not experience interest rate fluctuations, this home mortgage financing is a great deal.A favorite among first time homebuyers and retirees, it can help in organizing and budgeting finances while protecting consumers from increase of interest rates. This kind of financing for home mortgage is best for consumers who plan to stay in their homes for more than 5 to 7 years.

2) Adjustable-rate mortgage (ARM)
Adjustable-rate mortgage, or simply ARM, is a kind of financing for home mortgage wherein the borrower and lender agrees on a certain interest rate that will periodically change. Interest rates will rise or fall, usually with regards to a specific index.

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Buying a home now may be an option for more Ohio veterans. A temporary exemption allows veterans who may have owned a home in the past three years to qualify under the Ohio Housing Finance Agency’s (OHFA) First-Time Homebuyer Program.

Traditionally, borrowers qualify for the program by: being a first-time homebuyer, not owning their principle residence for at least three years, or purchasing a home in a targeted area.

“We are proud to offer this extended flexibility and the opportunity for homeownership to veterans who have served our country,” said Doug Garver, Executive Director for the Agency. “This exception allows us to further our mission of opening the doors to an affordable place to call home for even more Ohioans.”

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Grand Rapids - With the problems in the housing market around the country, foreclosures are on the rise. That includes some homes financed with loans through the U.S. Department of Veterans Affairs. But, one activist organization doesn’t think the VA is properly managing those properties.

The Department of Veterans Affairs guarantees some home loans for veterans and members of the military. But if a veteran’s home is foreclosed, the VA is left with the house.

The VA contracts with a private company to manage and sell those houses. A report by the non-partisan Government Accountability Office, or GAO, is critical of how the company manages the properties.

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Temporary exception allows former homeowners to get assistance 

COLUMBUS - Buying a home now may be an option for more Ohio veterans thanks to a temporary exemption announced Tuesday that allows veterans who may have owned a home in the past three years to qualify for help under the Ohio Housing Finance Agency’s First-Time Homebuyer Program.

Traditionally, borrowers qualify for the program by being a first-time homebuyer, not owning their principle residence for at least three years or purchasing a home in a targeted area.

A change in the Internal Revenue Service tax code, however, created an exception to established First-Time Homebuyer Program guidelines. Any veteran who has received an honorable discharge from the military is now able to use the First-Time Homebuyer program even if they have owned a home previously.

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The national foreclosure crisis of the past year was more like a blip in Cumberland County.

While the number of U.S. foreclosures saw a huge spike in 2007, the number of Cumberland homeowners who lost their properties rose just 5 percent.

Still, it was the first time since 2003 that foreclosures have increased in Cumberland County.

According to the county Register of Deeds, lenders foreclosed on 787 homes in 2007, up from 751 in 2006. The numbers reflect cases in which homeowners defaulted on their mortgages and the lenders sold the properties at auction. Many more homeowners defaulted on payments but managed to catch up, file for bankruptcy protection or sell their homes.

National and local experts said Cumberland County may be insulated from the explosion of subprime mortgage troubles because of the area’s lower housing prices compared to other regions, and because of Fort Bragg.

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In addition to benefits offered by the The U.S. Department of Veterans Affairs, military veterans and their families may also qualify for a variety of other perks offered by every state and the District of Columbia.LIAISONS: Vets missing out on benefits

ALABAMA: Free tuition at state colleges and technical schools for disabled veterans and dependents.

ALASKA: One-time 25% discounts for some veterans on the purchase of residential or recreational land.

ARIZONA: Exemptions from vehicle license taxes and registration fees for fully disabled veterans and surviving spouses.

ARKANSAS: Income tax exemption of the first $6,000 of service or retirement pay.

CALIFORNIA: Home loans below market interest rates with low or no down payments.

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The glut of unsold houses pocking the nation’s newer neighborhoods may be just what the doctor ordered for thousands of wounded servicemembers facing homelessness and serious financial hardships since returning home from Iraq and Afghanistan, advocates say.

Operation Homefront, a nonprofit that aids the families of deployed and wounded servicemembers, has launched what it says is a first of its kind effort to match wounded soldiers with lenders and homebuilders to help them buy homes at prices they can afford in communities near Veterans Administration medical facilities.

“Especially with so much inventory, it seems like the perfect match,” said Meredith Leyva, co-founder of Operation Homefront.

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Missouri announced that available funding to assist first time homebuyers in Missouri has surpassed totals not seen in 15 years. The $145 million allocated in 2007 has helped provide $300 million in home loans to about 3,000 first time homebuyers.

Throughout 2007 the Missouri Department of Economic Development (DED) provided the Missouri Housing Development Commission (MHDC) with $145 million worth of tax exempt funding in 2007, the highest amount in the last fifteen years. MHDC used the $145 million with other funding sources to issue about $300 million in bonds. The funds helped provide $300 million in home loans during 2007. Most first time homebuyers also receive 3 percent down payment assistance.

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Congressman Bob Filner of California, Chairman of the House Veterans’ Affairs Committee, recently introduced a pair of bills to address the needs of veterans during the ongoing subprime mortgage market crisis.

“I am very pleased to offer these important pieces of legislation,” said Congressman Filner. “The current VA home loan program is irrelevant because fees for the loans are too high and equity requirements are overly restrictive. As a result, veterans are forced to turn to the commercial mortgage market, which is risky and volatile. Loan products in this market offer non-traditional features that have recently led to the rise in delinquency and foreclosures in the subprime market among the veteran population.”

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