New Year, New Home

Time to ring in the New Year!

We are planning a lot of exciting things this year, which includes making many resolutions and goals as well. While everyone is making the usual resolutions to get in shape or stop drinking soda, we are thinking bigger. Why not set a goal to buy a home? Whether it be a townhome or a vacation home, make this coming year the year that you invest in yourself. Buying a home is something that will pay for itself in the long run, it is a lifetime investment. Buying a home has many aspects that you can benefit from.

 

A Lifetime Investment

Homes are a big purchase that in the end, could end up paying for itself. Even if you are not living in it, you can rent it out and use that rental income to pay for a new mortgage. Investing in property is a great move to make because it lasts forever, and it is something that people will always need. Also, as you get older, you can pass down your home and all of the memories created in it to generations of family members to come. Alternatively, you can sell your home and use the profits to buy a new one.

 

Better Than Renting

Renting is comparable to going to a store and getting a tv, paying weekly for it, and then having to eventually return it. At some point, the money you paid will be more than the tv is even worth. The same goes for renting versus buying. When you decide to buy a home, the money you pay monthly is going towards the ownership of your own home, not the ownership of someone else’s. Not to mention, you do not have to deal with a landlord, whether it be upping your rent or making crazy demands, you are the boss in your own home!

 

Tax Benefits

The interest on your mortgage is a tax deduction, as long as the loan amount does not exceed $500,000. This can come in handy within the first few years of your loan, as this is the time when interest will be the highest. If you decide to have an at home office, that can be a tax deduction as well. You can write off a portion of expenses that are used to run the office, such as electric or supplies. Another deduction is the property taxes that you pay on your home. This is usually around $2,000. Tax season is not exciting, but you can definitely reap the benefits of being a homeowner.

 

Security

It is very reassuring knowing that you always have something to fall back on. As you live in your home, you build equity. Eventually, you can get to the point where if you ever needed to, you can take out a home equity loan. This can help get you through a rough patch. It is very comforting knowing that you have a constant roof over your head.

 

Freedom

This is your house! Want to paint the entire inside purple? Do it. Want to hang up a hundred picture frames? Go ahead. You can do whatever you please when you own your own home. If you ever want more privacy, build a fence. Change the landscape. Add an underground pool. There are endless options to customize and personalize your house so it feels more like home. You wouldn’t be able to do this in a rental!

 

Buying a home is an exciting and intimidating journey, and we will be by your side the entire way. Let us help you make 2018 your year to reach your finance goals. Wishing everyone a Happy New Year from us here at VA Mortgage Corp.

Thinking of selling your home?

Free market valuation  |  Evaluate your net after closing  |  Prepare for your next move

 

  1. Eliminate the upfront pressure form a real estate agent when thinking of selling your home.
    We can assist you with a comparative market analysis through our preferred agents without the pressure of feeling like you must sell your home. Knowledge is the first step in deciding.
  2. Get top dollar for your home using our List Advantage seller program. 
    Sellers usually contribute closing costs assistance to help sell their homes. We are here to get you the highest net from your sale. Your buyer will receive up to 1% of a lender credit to go towards closing costs if the new mortgage closes with VA Mortgage Corp.
     
  3. Assist you with your next move, whether locally or relocating to another state.
    Once we have figured out your estimated net proceeds from your sale, we can move on to the next step. Getting evaluated for your next home. We will come up with a budget, a maximum payment and then your purchase price. Whether you are upgrading or downgrading, we are here to help. Not wanting to buy again? We have preferred rental management teams that can assist you through your next move.

 
We have the knowledge it takes to help you every step of the way. Start the process with no surprises along the way.

Call us at 833-START VA or email us at info@vamortgagecorp.com

 

*Lender credit provided by VA Mortgage Corp. Please contact one of our mortgage consultants to see if you qualify. 

Want to build the home of your dreams? Take advantage of our Zero Down VA or 3.5% Down FHA One-Time Close Construction Loans. Need a builder? We can help with our experienced preferred builders in your area.

Construction to permanent loans allow the buyer to build the home of their choice on land they are purchasing or on land they already own.

Here are the program highlights:

• VA with Zero Down (Not including the Funding Fee)
• FHA with 3.50% Down
• No payments are due during the construction phase
• No re-qualifying once construction is complete – you close one time saving money on additional costs
• 620 minimum qualifying credit scores
• 15 and 30 year fixed rates available
• Property eligibility is owner occupied

Inquire with us today by email: info@vamortgagecorp.com or call us at 833- START VA – that’s 833-782-7882 and work with our experienced NEW HOMES BUILDING DIVISION.

The Federal Housing Financial Agency announced on November 28th of 2017 that starting on January 1st, 2018 the maximum conforming limit will increase to $453,100. That is a $29,000 increase from the $424,100 current maximum. So what does that really mean?

What is a conforming limit?

Fannie Mae and Freddie Mac are government sponsored enterprises that purchase mortgages from banks or lenders and sells them, ensuring a well flowing mortgage market. The Housing and Economic Recovery Act of 2008 restricts them to a maximum amount of a loan that they can purchase. That is known as the conforming limit. Loan amounts above this limit are known as jumbo loans, and they are usually accompanied with higher rates and higher down payments.

Housing market on the rise

Ever since the economic recession in 2009, the loan limit has stayed at $417,000 up until 2016. That is 7 years without an increase. 2017 was the first year since the housing crisis that the limit has gone up, and now 2018 will be the second year in a row. reflecting that home prices are on the rise. The Federal Housing Financial Agency (FHFA) noticed that the prices of houses have gone up about 6.8% on average, which is why they decided to raise the conforming limit by that same percentage.

How does that affect me?

If you are thinking about buying a home, the general prices have gone up within the past couple years. Mortgage loans within the conforming limit have lower rates and lower down payments, as opposed to loan amounts above the limit (jumbo loans). With the new increase, you will be able to purchase a more expensive home and still stay within the limit. That could mean less cash out of pocket and a lower rate. Give us a call at 833 START VA and we can help you figure out the best mortgage options for you.