Good new for all you veterans out there! We are looking at a significant increase in the loan amount for VA mortgages. As a veteran myself this is a huge plus due to the large increase of property values and sales prices. I've included the article below. Also, we'd like to thank all members for using our site. We have seen a lot of action here on the site and this has led to many buyers and sellers using our unique and innovative product.
Bill Would Boost Home-Loan Limits for Veterans
WASHINGTON — New legislation introduced in Congress Wednesday would expand opportunities for U.S. veterans to purchase, build, repair, or improve a home by increasing their access to low-interest loans through the VA Home Loan Guaranty program.
The NATIONAL ASSOCIATION OF REALTORS® is endorsing the legislation, named the 21st Century G.I. Bill of Rights Act, which was brought forth by Sen. Hillary Rodham Clinton (D-N.Y.) and Rep. Patrick Murphy (D-Pa.).
“As the leading advocates for homeownership and affordable housing, REALTORS® have long supported policies that make housing more accessible and affordable for America’s veterans,” said NAR President Pat V. Combs, who joined Clinton and others at Wednesday’s announcement. “We strongly support efforts to improve housing benefits for all veterans, no matter where they live.”
Under the 21st Century G.I. Bill of Rights Act, veterans will be exempt from paying loan fees and will be able to access to low-interest VA loans for homes valued up to $625,000. The current program caps loans at $417,000.
The bill will guarantee eligibility to all service members — Active Duty, National Guard and Reserves — who have served since September 11, 2001.
“The G.I. Bill has helped millions of soldiers transition successfully to civilian life,” Sen. Clinton said. “Now it is time to update and modernize the G.I. Bill for the 21st century to meet the needs of today’s soldiers, veterans, and their families — from education to housing and microloans to start small businesses.”
She said this legislation is the “right way to invest in the future of our service members and reward the service they have given to our country.”
No Fee Mortgage...
Monday, May 7th 2007
Well folks, just as we have started given back and save $$thousands$$ for the consumer, Bank of America roles out an agressive new mortgage product. check it out below...
Bank of America Rolls Out No-Fee Mortgage
Bank of America on Tuesday will begin offering nationally a no-fee mortgage, which will eliminate most of the charges that add a few thousand dollars to every closing.
Bank of America, which is the nation’s second largest lender by assets, has been offering this mortgage in Washington state since September. In February, it expanded the program to eight additional states. Tomorrow, it will begin advertising the “No Fee Mortgage Plus” nationally.
The loan also eliminates private mortgage insurance and the bank is guaranteeing its customers the best deal on interest rates and an on-time closing. Borrowers must put down at least 5 percent. The loans aren’t available to sub-prime customers.
Floyd Robinson, Bank of America's president of consumer real estate and insurance services, said the loan eliminates on average $3,350 in closing costs on a $200,000 loan.
No other major bank appears to be offering similar loans. Robinson says the bank is able to make money by cross-selling new products. "This is about a relationship more so than about a single product sell," he says.
