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Brandon Laughridge is a marketing specialist for Mortgage Loan Place. His focus is on creating tools and content that help real estate professionals better serve their customers over the internet.
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Justin McHood is part of the Arizona Mortgage Team at VanDyk Mortgage, based out of Phoenix. He has 6 years of experience and is a prolific mortgage blogger.
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Robert Griffin, a thirteen-year veteran of the mortgage industry, specializes in reverse mortgages and has earned the accolade of No. 1 reverse mortgage broker in the Southwest three times.
Useful VA Benefits Information
More than 29 million veterans and service personnel are eligible to receive benefits, including VA Loans, the most popular of all VA benefits.
The federal government recently improved the VA Loan program, making it even more attractive to the nation's Veterans. In addition to raising the VA loan limit to $729,000, the government has made improvements to its Adjustable Rate Mortgage (ARM) program.
You can get information on other benefits such as Health, GI Bill, and more.
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Improvements to the Veteran's Affair ARM Loan Program
- The VA has reinstated Adjustable Rate Mortgages (ARM), which allow interest rates to fluctuate with a specified index over the course of the mortgage.
- Adjustable Rate Mortgages feature annual interest rate adjustments.
- Interest rate adjustments will be limited to a maximum increase or decrease of 1 percentage point.
- Rate adjustments will be limited to a maximum increase or decrease of 5 percent during the life of the loan.
- Make sure you know how an ARM will affect your monthly loan payments. Some families budget for a certain loan payment each month. With an ARM, your payments may be adjusted higher.
Increase in Veteran's Affair Loan Limits
The new VA loan guaranty increase comes at a good time for the nation's veterans. While the average U.S. home value has appreciated almost 75 percent since 1995, the VA loan guaranty amount increased only 18 percent in the same span.
The new VA loan guaranty increase ensures that most lenders will have the ability to provide a maximum loan of $417,000. That, in turn, allows most veterans to buy a home that is well within the average price range.
The new VA loan guaranty increase ensures that most lenders will be able to provide a maximum loan of $417,000, which will allow veterans to purchase a home that is well within the national average home price.
Veteran's Affair Loan advice and other VA sites:
Veterans can receive more advice on VA loans and VA refinances from Bankrate. This site can help answer any questions you may have, including questions about interest rates and whether or not to refinance with a VA Home Loan Calculator. Another great resource for reading about VA Loans and other Mortgage News items sometimes related to the VA is US Mortgage News.
Information regarding benefits for veterans, including a helpful VA Benefit List, which provides additional information about VA loans. The VA web site also has information about the GI Bill and Canada's Veterans Programs.