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NEW HOME OWNERSHIP GETS EASIER (and more affordable) FOR VA BUYERS

Wednesday, October 5th, 2011

The VA has just announced that the VA loan funding fee for first time users will be decreased from 2.14% to 1.4% and reduced from 3.3% to 2.8% for second time and consecutive users. 

 The Department of Veterans Affairs has announced changes to VA loan funding fees effective October 1, 2011. For VA home loans closed on or after that date, the new rates apply.

The VA loan funding fee for first-time users, with a 5% or less down payment is 2.14% for active duty veterans and 2.40% for Guard and Reserve veterans who qualify. In October, the rates will be lowered to 1.40% and 1.65% respectively. Rates are also lowered for those making down payments of 5% or more, and 10% or more.

Subsequent users currently have a funding fee of 3.30% for both active duty and Guard/Reserve members. After October 1, 2011, those fees (for individuals making a down payment of 5% or less) will drop to 2.80% for one year, then drop again on October 1, 2012 to 2.15 for active duty, Guard and Reserve vets. Yet another drop is scheduled for October 1, 2013 when the VA loan funding fee for second-time use becomes 1.25%.

The VA loan funding fee for second-time use for borrowers putting down 5% or more changes in October but does not change again in subsequent years. The new VA loan funding fee for these borrowers will go down by .75% across the board for active duty, Guard and Reserve VA loan applicants.

For more lending information contact a lender or visit the official VA website.

According to People’s Mortgage of Colorado Springs, today’s (September 22, 2011) VA 30-year fixed home loans are at 3.75% and 3.635% for homebuyers with a FICO score of 730 and above.  With historically low interest rates and the new lower funding fee, it’s never been easier to own a new home in Colorado Springs!   Starting in the low $200s, Campbell Homes are available in Colorado Springs’ finest neighborhoods and can be conveniently financed with USAA.  Campbell Homes are close to work, school and play with easy commutes to Peterson Air Force Base, Schriever Air Force Base, and the United States Air Force Academy.  Our Colorado Springs homes are located in award winning Academy School District 20 or Falcon School District 49. Campbell Homes’ models are open daily from 10 a.m. to 6 p.m. or you can visit our online sales center 24/7 at www.CampbellHomes.com.

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The Most Common Types of Loans for New Homes in Colorado Springs (Part III)

Wednesday, February 23rd, 2011

When you are looking for the mortgage loan that is right for you, you will find many options. While they will most likely fit into one of three categories – Fixed Rate Loan, Hybrid Loan or Adjustable Rate Loan, it’s always a good idea to discuss your personal situation and financial planning strategies with a licensed and reputable mortgage professional

There are unique home buying and home mortgage loan programs in every state. Whether you are shopping a Colorado Springs new home or you are looking in the most rural location of Alaska, there are programs that can help you.

Federal Mortgage Lending Programs

The Department of Housing and Urban Development (http://www.hud.gov) is the country’s largest and most recognized mortgage provider. An FHA loan might be the best loan solution if you are a homebuyer with less than perfect credit or less than a 20% down payment.  Additionally, the FHA program replaces the need for private mortgage insurance.

Fixed Rate Loan

This type of mortgage loan will keep the same interest rate for the life of the loan whether it’s a 15 year, 30 year, or 40 year note. This loan is a very common option because of its regularity. The primary advantage of this type of loan is the peace of mind in knowing your monthly mortgage payment will remain constant from month to month and year to year. Another benefit of a fixed rate mortgage loan is that you are protected against inflation. Therefore if interest rates rise your rate will stay the same.

Adjustable Rate Loan

This type of mortgage loan comes with an interest rate that changes over time. It can go up or down at any given time depending on the index it is connected to. There is usually a limit to how much the interest rate can be increased and how often the rate can be changed. This loan also offers an option to change the loan to a Fixed Rate Loan but there is usually a fee associated with the change

VA Loan

The Veteran’s Administration (www.va.gov) offers mortgage programs to active duty and former members of the Army, Navy, Air Force, Marines, and Coast Guard. Established in 1944, VA loans were designed to provide housing and assistance for veterans and their families of any service personnel who served on active duty and have a discharge other than dishonorable after a minimum of 90 days of service during wartime or a minimum of 181 continuous days during peacetime. There is a two-year requirement if the veteran enlisted and began service after September 7, 1980 or was an officer and began service after October 16, 1981. There is a six-year requirement for National guards and reservists with certain criteria and there are specific rules concerning the eligibility of surviving spouses.

VA will guarantee a maximum loan amount to $417,000 plus the funding fee may be borrowed.

The main advantages of going with a VA loan include: no down payment and no monthly private mortgage insurance, which can run $100 – $200 per month for a non-VA loan.

Additional home mortgage loans (but less commonly known) include The Next Door Program which was developed for Firefighters, Paramedics, Police, and Teachers as a way to help these public servants as well as build stronger communities. The Next Door Program encourages home ownership in certain geographic areas with deep price discounts as well as special mortgage programs. There are also programs designed specifically for physicians and special programs to assist the victims of natural disasters, such as hurricane Katrina.

As we mentioned earlier, the best advise we can offer to anyone interested in obtaining additional information on home mortgage options, is to visit with a licensed and reputable mortgage professional. At Campbell Homes, our sales staff is well versed in the mortgage process and we use the services of People’s Mortgage, a local lender who we’ve had a nearly twenty-year relationship with to insure this process is as painless as possible!

To find out more information on financing your new Colorado Springs home with peace of mind, visit any of our Colorado Springs locations. You will find stylish and comfortable Campbell Homes located in the finest locations and master planned Colorado Springs Communities with excellent community amenities and the best schools in Colorado Springs.

Campbell Homes are open daily to 5 p.m.  For additional information visit our virtual sales office at www.CampbellHomes.com.

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