Tag Archives: va

Special Financing Terms for Veterans

 

 
Land Home Financial Waives Our Upfront Origination
Fee to Help Support Our Military Veterans! **
You have served our country and made sacrifices to help protect our way of life. Land Home appreciates all you have done, and to thank you for your service we would like to take an opportunity to give back to you.

A veteran who obtains VA financing through Land Home Financial is not charged an origination fee, therefore can pay up to 1% of the sales price in non-allowable fees. This eliminates the need for a seller credit to cover these costs. This levels the playing field and our Veterans offer is as strong as other home financing programs.

VA Loan Benefits:
  • No Money Down Financing Option Available.
  • Mortgage insurance not required.
  • Flexible qualifying guidelines.
  • Conforming loan amounts: $424,100 in the Continental US, and $636,150 in
    Hawaii and Alaska.
  • Competitive interest rates.
  • Buyer is not responsible for certain closing costs, for example: escrow fees, notary fee, and processing fee.
Call Today and Let Me Help Turn Your
Dreams Into a Reality.
Kenton Becker Kenton Becker
Sr. Mortgage Consultant
NMLS #123961Office: 425.289.1102
Cell: 206.423.2552
Fax: 206.309.4736
Email: kenton.becker@lhfs.com22525 SE 64th Place, Suite 220
Issaquah, WA 98027
Land Home Financial
Land Home Financial Services, Inc. is an Equal Housing Opportunity Lender. Equal Opportunity Lender The rates, loan programs, fees, options and guidelines in any loan scenario shown: (i) are for illustrative purposes only; (ii) are subject to change without notice; (iii) are subject to restrictions; (iv) will not apply to all borrowers or situations; and (v) do not represent a commitment to lend. Contact a Mortgage Loan Originator for details. Land Home operates only in states where it is authorized to conduct business. Branch location: 22525 SE 64th Place, Suite 220, Issaquah, WA 98027. Licensed by the WA State Department of Financial Institutions (DFI) (Consumer Loan Branch Office License #CL-89331). Corp. NMLS #1796. To view state licenses go to www.nmlsconsumeraccess.org

*Must meet VA eligibility to qualify for a VA loan. Cannot be used in conjunction with a Community Lending Program. **No Origination, Processing or Land Home Admin Fees. Land Home Financial Services, Inc. is licensed nationally, but its Loan Originators can only assist consumers with property located in state(s) where the Loan Originator is licensed. Click on the NMLS link above to view a complete list of the Loan Originators licenses. 

unsubscribe from this list   update subscription preferences
You are receiving this communication because of an existing and/or past valued business relationship, or because you have consented to receive communications from Land Home Financial Services, Inc. If you no longer wish to receive these messages, click on the above link.

Rev – 5-2017

 

 

Easier Mortgage Down-Payment Rules Adopted

Source: ABC News

Buying a home may have gotten a little easier this week.

With the financial crisis and subprime mortgage bust receding further into history, the government is loosening some financial rules, hoping to inject more life into the country’s still-recovering housing market.

Both banks and borrowers stand to benefit from the new rules unveiled Tuesday by six federal agencies. While banks will see relaxed guidelines for packaging and selling mortgage securities, fewer borrowers likely will need to make hefty down payments. The board of the Federal Deposit Insurance Corp. voted 4-1 Tuesday to adopt the new rules, and two other agencies approved them as well. The Federal Reserve has scheduled a vote for Wednesday, and two other agencies are expected to adopt the rules soon.

The regulators have dropped a key requirement: a 20-percent down payment from the borrower if a bank didn’t hold at least 5 percent of the mortgage securities tied to those loans on its books. The long-delayed final rules include the less stringent condition that borrowers not carry excessive debt relative to their income.

The rules for the multitrillion-dollar market for mortgage securities will take effect in a year. For other kinds of securities such as those bundling together auto loans or commercial loans, which don’t allow banks an exemption from the 5-percent rule, the effective date is in two years.

The rules, first proposed in 2011, were mandated by the overhaul law enacted in the wake of the 2008 financial crisis. The idea was to limit the kind of risky lending that brought on the crisis. If banks have more of their own money invested in mortgage securities — so-called “skin in the game” — they won’t be as likely to take excessive risks, the thinking goes.

Some critics warned that abandoning the 20-percent down payment condition could bring a return to the dangerous days of borrowers taking on heavy mortgage loans that they aren’t in a position to repay.

After three years of interagency haggling, the regulators’ final, compromise approach was to adopt the Consumer Financial Protection Bureau’s definition of a “qualified” mortgage. It excludes the kind of risky practices that fueled the crisis, such as mortgages issued without any supporting documents from borrowers.

CFPB Director Richard Cordray, a member of the FDIC board, noted at Tuesday’s meeting that conditions in the mortgage market have changed since the financial crisis, when anxiety over reckless lending gripped lawmakers.

“Credit has dried up for a long period and (lending) standards have tightened dramatically,” he said.

Mortgage Applications for New Home Purchases Increase

Mortgage applications for new home purchases increased
5% in March from the previous month, according to the latest
data from the Mortgage Bankers Association.

The breakdown of mortgage types applied for in March is
as follows:

Conventional: 68.4%
FHA: 15.8%
VA: 14.2
USDA: 1.6%

The average size of a new mortgage application in March
also rose to $299,094 from $296,428

Sources of New Home Financing – 1st Quarter 2014

According to data from the Census Bureau’s “Quarterly Sales
and Financing”, a result of the housing and economic crisis that
began in 2007 was a decline in the percentage of new home sales
financed conventionally, and an increase in new loans backed by
the FHA and the VA.

The latest data for the 1st quarter of this year is now showing
that the percentage of new home sales backed by the FHA/VA is
trending lower.

FHA-backed loans fell to 13% of the market during the 1st quarter.
The highest percentage of FHA/VA loans for new home sales occurred
during the 1st quarter of 2010, at 27.6%. The average range during
the first part of the decade was around 10%.

Cash purchases in the 1st quarter of this year rose slightly to 7.5%.
The high point for cash purchases came in the 3rd quarter of 2011 at
7.9%. The norm for cash purchases in the first half of the decade was
around 4%.

Median sale prices for 4th quarter 2013:

Cash Financing: $320,100

FHA Financing: $222,600

VA Financing: $264,000

Conventional Financing: $276,900