The HENN Blog: Higher Education Now for Mortgage & Real Estate News

Starting October 1st, unless otherwise changed by Congress, VA is set to lower the current VA Funding Fees for all qualified Military Home Buyers! This comes as good news in light of the fluid and often changing mortgage market where we typically hear of bad news more often than the good!

Please see the attached document for the new funding fees.  For example:  for a first time VA User, the VA funding fee goes from 2.15% to 1.40%.  On a $200,000 loan, that saves the borrower $400 alone. ALERT VA Funding Fees Changes 9.19.11.pdf

We are currently helping many VA Military families.  By the way, did you know that on a VA loan, the Seller can pay up to 4% in Seller concessions, inclusive of closing costs, prepaid items, and debt pay off?

Let me give you an example:  I am currently helping a family pay off over $8,000 in debt through the purchase of a home with their VA loan.  By doing so, they will be able to move into a nice home in a comfortable price range with enough room for their family.  At the same time, they will get ride of over $830 a month in other monthly bills, freeing them up to be able to afford their new mortgage payment to where they are actually coming out ahead!

If you're interested in knowing how this works, please let me know.  As always, I'm here to help!  mhenn@ccmclending.com or 719-499-8061.

                                                                  Simpler. Faster. Smarter.