Today’s housing market is red hot. Homes are hitting record prices, and a nationwide shortage of housing isn’t making it easier.
On top of that, most loan programs have specific standards for deciding the home buyers they accept. For most home buyers, this might mean they need a higher credit score or larger downpayment.
Fortunately for VA members, there are hardly problems in today’s market. The VA loan, the main mortgage product available only to eligible members, has plenty of benefits that help home buyer’s in today’s market.
Here are a few reasons why a VA loan can help you get into a new home:
Check today’s VA loan rates.
Lenders are willing to take on more risk
Risk is a big part of the job for lenders, and it’s part of the reason some mortgage applications are rejected.
Lenders often evaluate risk by looking at the:
FICO score, or credit score
LTV, or loan-to-value of the loan
DTI, or debt-to-income ratio
Credit scores
Your credit score is straightforward, but most loan programs require a minimum score. FHA loans, which are well-known for having relaxed standards, require a minimum score of 620. Conventional loans have even higher credit score standards.
VA loans technically have no minimum credit requirement – part of the benefit of it being guaranteed by the VA. Loans with credit scores as low as 580 can get accepted, depending on the lender.
LTV
LTV is the portion of the loan that you’re financing. For example, if you’re buying a home and make a 10 percent downpayment, your LTV would be 90.
Because LTV represents how large of a downpayment is made, it’s an important number to track. According to Ellie Mae, the LTV of all closed loans in March was 79, meaning an average downpayment of 21 percent.
However, VA loans had much different numbers. The average LTV for VA loans was 98, meaning 2 percent down.
This is only possible because the VA doesn’t require downpayments, unlike other mortgage products. In a housing market where home prices may seem out of reach, being able to finance the entire home can make purchasing a home much more affordable.
DTI
Deb-to-income is the ratio between how much debt you have and how much of your income it takes. When lenders evaluate potential home buyers, they tally all their debt (from car payments to credit cards) and put it against their income.
After, lenders take would-be monthly payments of a loan and add it to the DTI calculation. As a result, DTI comes with two numbers: the first which is without a mortgage, and the second which is with a mortgage.
For closed loans in March, the average DTI was 26/39, showing that after the mortgage was approved, the average homeowner’s debt was 39% of their income. For closed VA loans, the average DTI was 26/42, meaning lenders allowed VA borrowers to take on more debt than non-VA borrowers.
All three of these factors were more relaxed for VA loan applicants, showing that it’s easier to get approved for a mortgage with a VA loan than other products – an important edge in a competitive housing market.
Click to get connected with multiple VA lenders.
Lower mortgage rates
On top of the hot housing market, mortgage rates continue to increase. This forces monthly payments higher, and it pushes some homes out of affordability.
VA members get another benefit here because VA loans tend to have the lowest mortgage rates out there. In March, the average VA loan had a rate of 4.50%. The next lowest, conventional loans, had an average rate of 4.72%. That’s a huge difference, especially when spread over 30 years.
These low rates help keep homes affordable, and it gives VA home buyers more houses to choose from when they shop. With low housing inventory in most areas, this is a helpful advantage.
Buying fixer-uppers
Not all homes on the market are move-in ready. With a VA renovation loan, VA home buyers can purchase these homes and get a loan to fix the homes up.
The VA renovation loan allows home buyers to borrow up to $35,000 on top of the value of their VA loan. This money goes toward repairs and improvements, making sure that the home fits the VA’s standards.
Fixer-uppers take more time to move in to, but many home buyers in today’s market can’t afford to buy a home and fix it. They also struggle to find financing to pay for both.
There are plenty of benefits with a VA loan, and many of them help home buyers in today’s competitive market. With summer just around the corner, many people are going to be looking for a new home – and a VA loan might give them the best chance at finding the right place.
Reverse mortgages are once again under fire after the AARP filed a lawsuit against the Department of Housing and Urban Development (HUD) over the loans.
The group, along with the law office of Mehri & Skalet, PLLC, which is representing three elderly homeowners facing foreclosure, are seeking an injunction prohibiting HUD from reversing a long-standing rule and from illegally foreclosing on surviving spouses.
What’s the Issue Here?
AARP wants to ensure surviving spouses aren’t harmed by reverse mortgages
HUD quietly revised a rule pertaining to its HECM loan program in 2008
That made it easier to call the loan due when the main borrower passed away
Making life extremely difficult if the home happens to be underwater
Essentially, a HUD rule that goes back to 1989 clearly stated that a borrower or their heirs would never owe more than a property was worth at the time of repayment.
The HUD website still has the following text regarding Home Equity Conversion Mortgages (HECM): “The insurance also guarantees that, if you or your heirs sell your home to repay the loan, your total debt can never be greater than the value of your home.”
Repayment is due when the death of the mortgagor takes place, or if the home is sold.
But in 2008, they reversed the rule without notice, requiring heirs (including those not named on the mortgage) to repay the full mortgage balance if they wanted to keep the home, even it if exceeded the value of the property.
This has made it impossible for surviving spouses or heirs to stay in their homes, as underwater mortgage financing isn’t exactly easy to obtain.
At the same time, a non-relative would be able to purchase the property for its current appraised value.
Additionally, the HUD’s reverse mortgage program notes that “HECM homeowners cannot be displaced from their homes until the HECM terminates,” and includes the spouse of a homeowner under the term “homeowner.”
As a result, these surviving spouses, who are technically homeowners, cannot be foreclosed on just because their spouse passes, per the lawsuit.
However, foreclosure can be initiated for a number of other reasons, including failure to pay homeowner’s insurance and property taxes, moving to a new principal residence, or even letting the property deteriorate without making necessary repairs.
Last month, Bank of America halted reverse mortgage lending, and late last year Consumer Reports called the loans a “last resort.”
Nobody ever said finding “the one” was easy. It takes some time, a great deal of persistence, and definitely the commitment to make your way through a few bad eggs before finding one with potential.
The same is true for finding your ideal apartment– it really does take the same amount of dedication. However, in the same way that it’s hard to know if you’ve landed a guy or gal you could commit to, it’s also tough to know while apartment searching when you’ve found the place you want to snatch up.
Every place is going to have its advantages and disadvantages. So, to give you a little assistance on your apartment quest, here’s how to know you’ve found the one:
You Like Your Landlord (and Your Lease)
It’s important to enter into a lease confident in your landlord’s expectations and dependability. You don’t want to get stuck with no heat mid-December, only to find out you have a landlord who’s no help at all.
When talking (whether in person or over email or phone) to potential landlords or building managers, pay attention to how they answer your questions or concerns and how quickly they respond. Find someone who you like and feel you can trust.
Also, be sure the terms of your lease are OK. If no utilities are included and the rent is already on the high end of your budget or there are strict lease terms you can’t really agree to, the situation may not be the right fit for you.
It’s Well-Maintained
No renter should have to live in a place that’s constantly in need of repairs, small or large. During your apartment search, observe the overall condition of the building and the apartment, including its floors and walls.
Then, inspect appliances, heating and cooling systems (if applicable), and faucets and fixtures in the kitchen and bathroom to make sure everything is in good working order. Don’t feel bad about taking the time to do this– as they say, it’s better to be safe than sorry.
Your Location is Ideal
You should have done ample research on the best neighborhoods for you before beginning your apartment search. If not, consider whether the locations of the apartments you’re viewing are a good fit for you.
Is the neighborhood safe? Is the commute to school or work reasonable? Is the area easily accessible by public transportation or is there parking nearby? Are all of your everyday necessities in the vicinity (i.e., a grocery store, coffee shop, pet store, etc.)?
The Price is Right
It’s always best to go into apartment hunting with an ideal budget in mind, but you should nail down a maximum price you’re willing to stretch to in case you aren’t finding anything within your optimal price range.
Your apartment may be “the one” if it’s a little over what you’d like to spend but makes up for that with amenities and location. Perhaps, for example, an apartment with a nice workout facility is more expensive, but then you could also cancel your gym membership to offset that added cost.
However, that doesn’t mean you should go over what you can reasonably pay per month.
It Has Your Non-Negotiable Amenities
Personally, I can’t live in an apartment without a dishwasher. In my experience, that will result in a sink constantly full of dirty dishes and an overextended food budget. Why? Because I’d rather buy food than clean my dishes and make meals at home.
Decide what your non-negotiable amenities are before apartment searching. Your ideal apartment should have as many of these as possible.
It’s the Right Fit for Your Furry Friend
Do you have a pet? Or are you considering getting one in the near future? Then the apartment has to be the right fit for your furry friend too. You wouldn’t marry someone your kids (assuming you have them) didn’t like, would you?
In any case, look for a place that has the right setup, amenities and location for your pets, and make sure the added deposits, fees and monthly rent will still keep the place within your budget. If you’re wondering how to know if a place is good for animals, look for other signs of dogs or cats in the building, like an outdoor doggie play area or a jar of treats at the front desk.
Keep in mind that it’s rare to find a “perfect” apartment. Much like finding the man or woman who is “the one” for you (you know, if you believe in that sort of thing), finding the right apartment may mean having to make a few compromises. While you shouldn’t settle for something that truly isn’t a good fit, give yourself a little wiggle room in all of these categories and look for a place that meets your most important criteria.
Just like there are different types of homes, there are also different types of home insurance policies. The type that works best for you depends on the type of home you live in and the coverage you need. There are eight different kinds of homeowners insurance policies to choose from. Knowing more about each policy type and how they differ from one another might help you choose the policy that best fits your insurance coverage needs.
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Key takeaways
The most common type of homeowners insurance policy is the standard HO-3 Special Form policy.
HO-5 policies offer the broadest coverage of all policy types.
Open peril coverage means losses are covered unless specifically excluded, while named peril coverage means only named loss types are covered.
HO–1
An HO-1 policy is the most basic of all the types of homeowners insurance policies. It only provides coverage for the structure of your home, attached structures like garages, and appliances and home features like carpeting. It does not include coverage for personal property, liability or additional living expenses. Because of those limitations, it’s not as popular as more robust policy options.
HO-1 insurance is a named perils policy, meaning it only covers your home in specific situations, which typically include:
Damage from aircrafts or vehicles
Explosions
Fire and lightning
Hail and windstorms
Riots
Smoke
Theft
Vandalism
Volcanic eruption
Learn more: HO-1 insurance
HO–2
An HO-2 insurance policy is also known as a broad form and covers your home and your personal belongings. Most home insurance companies will cover your personal belongings up to a specified level no matter where they are at home, in your car or somewhere else. HO-2 policies may include liability coverage in some circumstances. To determine if your HO-2 policy includes liability coverage, contact your insurance carrier directly.
Like an HO-1 policy, HO-2 insurance is a named perils policy that covers your home and your personal items from the same circumstances covered by an HO-1 policy. This policy type typically covers the same perils that the HO-1 covers, but usually adds a few additional perils:
Accidental discharge or overflow of water or steam within the home
A falling object
Freezing of pipes and heating and air conditioning systems
Sudden and accidental damage from certain electrical currents
Tearing apart, burning, cracking from some household systems
Weight from ice, snow or sleet
Learn more: HO-2 insurance
HO-3
The most common type of homeowners insurance is the HO-3 Special Form policy, which covers your home, your personal property, liability, additional living expenses and medical payments.
Personal finance and insurance expert Laura Adams says, “An HO-3 is considered the standard coverage. It gives you ‘open perils’ coverage for your home structure, which protects you from all disasters unless the policy lists exceptions. However, you receive ‘named perils’ coverage for personal possessions, which applies to disasters named in the policy.”
Your home and other structures typically have the following perils excluded:
Any animals owned by the insured
Birds, rodents, varmint
Defective construction or maintenance
Earth movement
Flood
Foundation issues
Government actions
Intentional loss
Mechanical breakdown
Mold, fungus, wet rot
Neglect
Nuclear hazard
Ordinance or law
Pet or animal damage
Pollution and corrosion
Power failure
Smog, rust, or corrosion
Theft, vandalism and frozen pipes in vacant houses
Wear and tear
War
Although floods and earthquakes are not covered by a standard HO-3 policy, you may be able to get an endorsement or separate flood insurance or earthquake policy to meet these coverage needs.
Damage from aircrafts or vehicles
Damage from the weight of snow or ice
Damages caused by an electrical current
Explosions
Falling objects
Fire and lightning
Hail and windstorms
Pipes freezing
Riots
Smoke
Theft
Vandalism
Volcanic eruptions
Water damage from plumbing or HVAC overflow
Water heater damage
Learn more: HO-3 insurance
HO–4
An HO-4 policy, also known as renters insurance, is intended for renters who want to insure their personal belongings and get additional coverage, like liability and additional living expenses. An HO-4 is not technically a “homeowners” policy, as renters don’t own their homes, which is why this policy type excludes coverage for the building’s structure.
Renters insurance policies are usually named perils policies that cover the following events:
Damage from aircrafts or vehicles
Damage from the weight of snow or ice
Damages caused by an electrical current
Explosions
Falling objects
Fire and lightning
Hail and windstorms
Pipes freezing
Riots
Smoke
Theft
Vandalism
Volcanic eruptions
Water damage from plumbing or HVAC overflow
Water heater damage
Learn more: HO-4 insurance
HO–5
An HO-5 policy is the most robust option available, covering your home, your personal belongings, liability, additional living expenses and medical payments for others. These policies may also have higher available limits for things like jewelry compared to the more common HO-3 policy. However, not all home insurers offer HO-5 policies and not all homeowners will qualify for an HO-5 policy due to the more particular guidelines.
Adams discusses how an HO-5 policy could be beneficial for individuals with high-value items. She says, “It typically costs more and may not be offered by every insurer but could be worth it if you have many valuable possessions.”
With an HO-5 policy, your home and your personal items are both covered under an open perils policy, which means that it will protect you from anything not specifically excluded in your policy. Some common exclusions include:
Earth movement
Government actions or laws
Infestation of birds, rodents or insects
Intentional loss
Mechanical breakdown
Mold
Nuclear hazard
Pets
Vandalism if the property is vacant more than two months
War
Water damages from floods or sewer backup
Because an HO-5 policy is written on an open perils basis rather than on a named perils basis, it covers more circumstances and can make it easier to file a claim because you do not have to prove that a covered peril caused the damage.
Learn more: HO-5 insurance
HO–6
HO-6 insurance is specifically for condo owners. It covers everything inside your unit, as well as personal liability and additional living expenses. Condo policies also typically include some dwelling coverage, as condo owners may be responsible for the interior walls of their units. Because condo residents only own their unit, and not the whole building, the condo association typically has its own insurance policy that protects common areas, grounds and external parts of the building. Condo owners generally help pay for the association’s insurance in the form of condo or HOA fees.
HO-6 policies are named perils policies which generally protect coverage for:
Damage from aircrafts or vehicles
Damage from the weight of snow or ice
Damages caused by an electrical current
Explosions
Falling objects
Fire and lightning
Hail and windstorms
Pipes freezing
Riots
Smoke
Theft
Vandalism
Volcanic eruptions
Water damage from plumbing or HVAC overflow
Water heater damage
Learn more: HO-6 insurance
HO–7
An HO-7 insurance policy covers mobile or manufactured homes, including trailers, sectional homes, RVs and modular homes. This type of policy provides coverage for your home’s structure, your personal belongings, liability, additional living expenses and medical payments.
The exterior of your home is covered under an open perils policy, which covers any situation that is not explicitly stated in your insurance policy.
However, HO-7 policies cover your personal belongings under a named perils policy. That means your personal items are only covered under a specific list of circumstances, including:
Damage from aircrafts or vehicles
Explosions
Fire and lightning
Hail and windstorms
Riots
Smoke
Theft
Vandalism
HO–8
The last type of homeowners insurance is the HO-8 policy, which is likely ideal for homeowners who have older homes or homes that would be difficult to replace. This includes architecturally significant houses, historic landmark homes or homes built with materials and methods that are not common today. If it would cost more to repair your damaged home than its current value, an HO-8 policy may be a suitable option.
HO-8 policies include the standard coverage for dwelling, personal property, liability, additional living expenses and medical payments. Both your home’s structure and your personal property are covered under a named perils policy. This includes events such as:
Damage from aircraft or vehicles
Explosions
Fire and lightning
Hail and windstorms
Riots
Smoke
Theft
Vandalism
Volcanic eruption
Frequently asked questions
Bankrate’s insurance editorial team analyzed average rate data to identify some of the cheapest home insurance companies in the nation, but the best way to find the cheapest insurance carrier for you is likely to compare quotes from multiple carriers. Your home insurance premiums could vary depending on your coverage selections, risk factors in your area, deductible amount and more.
Homeowners insurance costs vary significantly based on your home’s characteristics, location, your coverage selections and more. However, the average cost of home insurance in the United States is $1,428 per year for $250,000 in dwelling coverage. You might get an idea of how much homeowners insurance costs in your area by researching rates, speaking with local homeowners and comparing quotes.
There are eight types of home insurance. They are classified as HO-1 through HO-8. Each category is designed for a different type of home with its own coverage types.
Whether your homeowners insurance is named peril or open peril depends on the policy you are purchasing and whether your insurance company offers that type of coverage. As a policyholder, you are generally not able to amend the policy terms, but you may be able to turn down specific coverage options in writing. As such, it may be beneficial to speak with a knowledgeable licensed agent in your area.
Home insurance is not legally required at the state or federal level, but it is likely a requirement from your financial institution if you have a mortgage loan or lien on your home. Even if you owe no money on your home, a homeowners insurance policy could still be useful in protecting your finances. In the event of a total or significant covered loss, you wouldn’t need to pay the full cost of repairs out-of-pocket.
Which type of home insurance you should buy depends on the type of home you have and the coverage you want. Many policy names are synonymous with the types of home they cover. For example, an HO-6 policy is also called condo insurance and an HO-4 policy is often called renters insurance. When it comes to single-family homes and townhouses, you may have a little more flexibility on your policy type. In these circumstances, considering your home’s age and features as well as what coverage types you want. Speaking with a licensed insurance agent may help you identify the best policy type for your home and insurance needs.
Funds intended to benefit rehabilitation, home ownership through down payment assistance and affordable housing development in Kentucky, Ohio and Tennessee
CINCINNATI , May 9, 2023 /PRNewswire/ — The Federal Home Loan Bank of Cincinnati’s Board of Directors has approved a $12.8 million contribution to support the Bank’s housing and community investment programs. These funds will increase amounts available in 2023 for the Carol M. Peterson Housing Fund (CMPHF), Welcome Home Program (WHP) and, if available, competitive Affordable Housing Program (AHP) offering.
The CMPHF will open June 1 with funding of at least $5.0 million, an increase of $3.5 million from previously announced levels. The CMPHF offers grants to fund accessibility rehabilitation and emergency repairs for low-income homeowners with special needs or persons over 60.
The WHP will open July 6 and will offer at least $7.0 million in grants, an increase of $4.0 million from previously announced levels. The WHP offers $10,000 in down payment and closing costs assistance to low- to moderate-income homebuyers and $15,000 to honorably discharged veterans, surviving spouses of military personnel, and active duty military.
Any remaining funds not used under the CMPHF and WHP will be allocated to the 2023 competitive AHP offering.
“The FHLB Board of Directors’ clear commitment to affordable housing is evident through this additional $12.8 million contribution. These funds will help supplement two of our most popular programs that address the specific housing needs of the areas we serve—access to home ownership and quality of housing stock. By getting more homebuyers into homes through our Welcome Home Program and keeping them there as they age through our Carol M. Peterson Housing Fund, these funds will make a difference in communities throughout Ohio, Kentucky and Tennessee,” said Andrew S. Howell, President and CEO, FHLB Cincinnati.
This allocation is in addition to the FHLB’s required 10 percent of net earnings set-aside to fund the organization’s AHP. Since the inception of the AHP in 1990, the FHLB has awarded over $849 million in subsidies towards the creation of more than 105,000 units of affordable housing. Details and program guides for all housing programs, including eligibility information, are available at www.fhlbcin.com.
About the FHLB
The FHLB is a AA+ rated wholesale cooperative bank owned by 614 member financial institutions, including commercial banks, thrifts, credit unions, insurance companies and community development financial institutions in Kentucky, Ohio and Tennessee. The FHLB provides members access to products and services (primarily Advances, which are a readily available, low-cost source of funds, purchases of certain mortgage loans from members, and issuance of Letters of Credit to members) and a competitive return through quarterly dividends on their capital investment in the FHLB. The FHLB funds these products and services by raising private-sector capital from member-stockholders and, with the other Federal Home Loan Banks (FHLBanks) in the FHLBank System, issuing high-quality debt in the global capital markets. The FHLB also funds community investment programs that help its members create affordable housing and promote community economic development.
Mortgage rates ticked down last week for the second week in a row, as progress on inflation is keeping rates calmer.
The 30-year fixed-rate mortgage averaged 6.35% in the week ending May 11, down from 6.39% the week before, according to data from Freddie Mac released Thursday. A year ago, the 30-year fixed-rate was 5.30%.
“This week’s decrease continues a recent sideways trend in mortgage rates, which is a welcome departure from the record increases of last year,” said Sam Khater, Freddie Mac’s chief economist.
Mortgage rates topped 5% for the first time since 2011 a little more than a year ago, and have remained over 5% for all but one week during the past year. Since then they have gone as high as 7.08%, last reached in November. But over the last month rates have averaged about 6.37% and have been going up and down, but staying under 6.5%.
“While inflation remains elevated, its rate of growth has moderated and is expected to decelerate over the remainder of 2023,” Khater added. “This should bode well for the trajectory of mortgage rates over the long term.”
The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. The survey includes only borrowers who put 20% down and have excellent credit.
Inflation is cooling
The rate for a fixed-rate 30-year loan held relatively steady at the lower end of the 6% range this week because the inflation picture is showing expected improvement.
“In light of a strong jobs report last week, April’s Consumer Price Index data reinforced that we are very likely at the end of the tightening cycle,” said Jiayi Xu, an economist at Realtor.com.
On Wednesday the Bureau of Labor Statistics said that headline CPI climbed by 4.9% in April year over year, slowing for the 10th consecutive month and hitting its lowest level in two years.
“While the US economy is moving in the right direction, the pace of improvement is likely slower than desired by the Federal Reserve, and inflation still remains significantly above the target of 2%,” said Xu. “As long as the economy continues to see progress on inflation, it is expected that mortgage rates will remain toward the lower end of the 6-7% range.”
Home sellers still “locked-in”
While mortgage rates have stayed under 6.5% for a month, they are about one percentage point above what some economists see as a tipping point of 5.5% rates that would motivate homeowners to sell.
Many homeowners bought or refinanced into ultra-low interest rates during the past few years. The idea of giving that up and buying another house at 5.5% sounds a lot better to them than buying something at 6.5%.
But buyers are responding positively when rates tick down, and both refinance and purchase applications saw strong gains last week, according to the Mortgage Bankers Association.
“The decline in mortgage rates is good news for prospective homebuyers, but housing supply is still too low in many parts of the country,” said Bob Broeksmit, MBA President and CEO. “Housing construction has slowed, and some would-be sellers are delaying decisions because of economic uncertainty and an unwillingness to give up their low-rate mortgage.”
In addition to the “locked-in effect” of mortgage rates, sellers are facing another issue caused by high inflation: the increasing costs of home improvements prior to selling.
A recent survey from Realtor.com shows that improving homes before selling is one of the top concerns among sellers.
“In April 2023, the household furnishing and supplies index increased 4.8% over the prior year, a welcomed improvement compared to the preceding two months, during which the growth in household furnishing exceeded the overall inflation rate,” said Xu.
However, certain items, such as floor covering, still experienced a faster price growth of 9.9% higher than a year ago.
“While this issue primarily affects sellers, buyers may also suffer the consequences, as the high cost of home repairs are likely to be passed on to them in the end.”
VA home loans remove many barriers to homeownership and allow eligible servicemembers and veterans to buy a home more easily. VA mortgage rates are lower than those of most other loan types. The VA loan is simply the best way to buy a home. Why? Because with a VA mortgage:
No down payment is required.
No mortgage insurance is required.
You get a great interest rate.
More lenient credit guidelines are available to you.
The VA home loan is an amazing benefit available only to current and former US armed forces service members who meet eligibility requirements. In 2023, the VA home loan will continue to be one of the most popular VA benefits.
Use your VA loan benefit and get a quote here.
Because VA home loans are backed by the federal government, VA-approved lenders can lend with greater flexibility. Your status as an eligible service member or Veteran lets you take advantage of this home buying benefit that is not available to just anyone
You’ve earned it, so complete this short one-minute form to use your VA home loan for your home purchase.
VA Home Loans Require No Down Payment, No Mortgage Insurance
VA home loans require zero down payment which significantly reduces out-of-pocket expenses. Qualified buyers can purchase a home costing up to $453,100 – or even higher with a VA jumbo loan – without a down payment.
Also, VA loans do not require mortgage insurance. Most other loan types require you to pay a significant amount each month to a private mortgage insurance company if you make a down payment of less than 20% of the purchase price. A VA loan eliminates that cost, freeing up that money for other expenses.
Use your VA loan and get a rate quote here.
Current VA Home Loan Rates
VA mortgage rates are some of the lowest we’ve seen in years. It’s a great time to buy a home and take advantage of these low VA rates.
A low rate on your mortgage means you qualify for more house. Today’s lower home prices combined with low rates means you might qualify for the home you’ve always dreamed of.
Use your VA Loan and start your home buying journey by completing this short online form.
VA Eligibility Service Requirements
There are several ways you may be eligible. General guidelines are that you have the following service history:
90 days in wartime while in active duty
181 days in peacetime while in active duty
2 years or the full time called if enlisted after 9/7/1980
You were separated from service due to a service-connected disability
You are an unmarried surviving spouse of a service member who was KIA/POW/MIA.
Check rates and get your Certificate of Eligibility here.
Additionally, eligibility may be established for those who have served in the Selected Reserves or National Guard, Public Health Service officers, cadets of the United States Military, Air Force, Coast Guard Academy, and others.
Apply for and use your VA home loan here.
How Do I Know if I am Eligible?
The only way to be 100% sure that you are eligible to purchase a home with a VA loan is to receive a Certificate of Eligibility (COE) from the VA. There are two ways to obtain your COE:
Have your lender obtain your COE through VA’s eligibility website. Typically a loan officer can obtain your COE in just minutes, often without a DD-214 (if separated from service) and your Request for COE Form 26-1880, although sometimes these forms are needed. Calling a VA-approved lender is the quickest and easiest way to obtain your COE. Complete a short contact request form.
You can order your COE by visiting VA’s eBenefits website. This process may take longer.
If you are an unmarried spouse of a veteran who was killed in action, you may be eligible for VA financing. You will need to complete Form 26-1817.
What Do I Need before I Contact a VA Lender?
For your initial call or contact request to a VA lender, you don’t need any documentation. Most of the initial information the lender will ask about, you already know.
The lender will request your COE, so they will need your service history information. To get pre-approved, the VA loan officer will need information on your monthly income, the approximate amount in your checking and savings accounts, and a few other personal details. This is all part of the VA home loan qualification process. Our lenders are pre-screened and reputable, so your information is safe and secure.
Check rates and get started on your pre-approval here.
What Types of Properties can I buy?
The VA home loan allows you to buy many types of properties:
Single-family homes (non-connected)
Two- to Four-unit homes
Attached townhouses (VA approved projects only)
Condominiums (VA approved projects only)
Mobile Homes/Manufactured Homes (provided the home comes with land, is permanently affixed, and the structure is at least 20 feet wide and 700 square feet if a double-wide.)
In some cases, you can buy land or a home in need of repairs, with the intent of constructing or repairing the home.
Get a personalized VA rate quote here.
VA loans are only valid on a home that you plan to keep as your primary residence. They cannot be used to obtain a rental home, investment property, or second home. They can, however, be used to purchase a 2- to 4-unit property even if you live in one unit but rent out the rest.
Homes must also meet Minimum Property Requirements (MPRs), which are standards for the condition of the home. For an in-depth look at MPRs, see our blog post or contact one of our VA loan professionals.
I’m Ready to Take Advantage of my VA Home Loan Benefit
As an eligible veteran, you’ve earned the privilege of using a VA home loan, one of the best mortgage products available today. As a VA buyer, you have an advantage over most home buyers: you don’t need a down payment.
If you’re ready to proceed with buying your home with a VA home loan, call (866) 240-3742 to speak with a licensed lender who can answer any questions that you might have and who can help you find the lowest rate on a loan. The home of your dreams is made better with a great loan.
The landlord-renter relationship can be tricky: you’re both taking a risk when a lease is signed. And that document makes each person dependent on the other.
Landlords are taking a financial risk. If a tenant causes damage, stops paying rent, or any apartment-related issues become litigious, they could be out thousands of dollars or more.
The renter depends greatly on the landlord as well. Uncomfortable, dangerous, dirty, or otherwise unlivable spaces can cause a lot of stress. Not to mention, landlord disputes and evictions can put renters out of a place to live altogether.
For these reasons, it’s very important – even crucial – to foster a good relationship with your landlord as soon as possible. While a bad situation can be traumatic for both parties involved, the opposite is also true. A positive relationship with your landlord will keep both of you sane, safe, and happy.
Check out these eight guidelines to help you get along with your landlord or manager. (And remember, your manager is just a regular person, just like you).
1. Be Honest
It’s almost impossible to get along with your landlord after starting off on the wrong foot, so start making an effort to build a good relationship on day one.
Little fibs, like hiding Fido or having an extra roommate, can create instant distrust and tension if (and when) your landlord finds out. From the day you sign the lease and step into the apartment, make sure you’re being completely honest.
2. Pay Your Rent
There is nothing worse for the landlord-renter relationship than a tenant who doesn’t pay rent on time or in full. Even if they give you a 2-5 day cushion before the rent is officially deemed late, it’s better to get it in early or on time.
Rent issues don’t just affect the landlord or your relationship, though. If you pay late often enough, your credit will take a hit, and your landlord will likely mention it if called for a reference in the future. If you don’t think you’ll be able to pay rent on time, get in touch with your landlord right away, and make sure not to let it happen again.
3. Say Hi
If your landlord is actually the guy who lives down the hall, make sure you say hello when passing in the lobby or laundry room.
Being friendly and likable will build trust, and it will also make your landlord more likely to give you some leeway or quick maintenance help if problems arise down the road.
4. Mind Your Lease
Respect the rules they’ve taken the time to lay out in the lease. Remember: The lease is there to protect both of you, and violating it will could create both a personal and legal issue.
If you signed on the dotted line and promised you wouldn’t paint the walls, bring home an adopted puppy, or sublet the place without permission, then don’t do so without asking first. Make sure you treat their property with care and respect.
5. Ask For Help
Make sure to notify your landlord as soon as possible with any maintenance requests or damage reports. The only way they’ll know about issues is if you tell them, and they’ll likely want to take care of anything as quickly as possible.
They want the apartment to be in good working order for you, but maintenance issues that go unfixed for a long time could actually become more expensive for them down the line.
6. Mind Your Attitude
After asking for help, remember to be patient if they don’t respond right away. Many landlords have other full-time jobs or properties that keep them busy, so as long as your landlord is normally dependable, it’s unlikely they’re ignoring or disregarding your needs.
Keep second and third notices polite, even if the tone becomes more adamant. If your landlord has shown a pattern of ignoring requests, it could legally be termed neglect, depending on the repairs needed.
7. Get Everything in Writing (or e-mail)
Since both of you are taking risks and depending on each other, try to put every apartment-related conversation and request into writing.
Correspond by email rather than on the phone or in person. This will protect both of you and hopefully make the relationship a little less stressful overall.
8. Know Your Rights
While there are many things you can do to promote a positive relationship with your landlord, you aren’t the only person responsible if something goes wrong. All 50 states and many cities have legislation in place to protect tenants from discrimination, negligence and other issues that could potentially come up when renting an apartment.
Know your rights when you enter into a contract with your landlord so that you’re fully prepared just in case.
Don’t you just love your home appliances when they’re brand new? When they still retain that spotless shine, with no dents, scratches or signs of use?
While new appliances can do wonders in updating your kitchen, that doesn’t necessarily mean you should be considering replacing your old ones quite yet.
Especially if all you’ve got are a few dents in your home appliances — that can easily be fixed, at home, with minimum costs. How’s that for a quick kitchen upgrade?
To remove dents from home appliances, there are quite a few DIY dent removal tools that are inexpensive and fairly easy to use.
To make your research easier, we’ve rounded up some of the best types to choose from. And the best part: they’ll come in handy the next time you get a dent in your car, saving you some serious $$$ along the way.
The best tools to removedents from your home appliances
Suction puller
This is considered one of the most effective tools to remove dents from home appliances (as well as car dents). This tool basically works just as well on plastic as on metal bodies.
The cups of this tool are basically constructed out of plastic or rubber. Total pressure created by a cup can go more than 120 pounds thus they can easily remove even greater dents from your car.
The suction puller has an ergonomically designed handle with which you can effectively pull out even a serious, deep dent. In most of the cases, the handle is made up of carbon fiber and can easily bear a lot of pressure. Moreover, the size of the cup usually ranges from 2 to 6 inches in diameter, considered ideal for every other type of dent.
Glue pull
This tool basically uses high-quality glue which is placed on one end of a sophisticated tool or a suction cup, with the cup then being placed over the dent and pulled with force to remove the dent.
Through the glue pull, you can effectively remove the dent from a car without even causing any harm to the outer body paint of your car.
When you use this tool, there is no need to spend money on repainting your car.
The gun basically produces melted glue which sticks to the surface easily, but doesn’t prompt any corrosive reaction.
Dent pushing tool
This is another tool which is very effective as you will get to push the dent from behind by using various types of rods.
One has to use different types of rods depending on the size of the dent and the place where it has occurred. This tool is considered most cost-effective in nature but requires greater manual work — especially compared to the suction pull.
Most of the rods are manufactured either from stainless steel or with aluminum, which makes them very durable and rust proof.
These rods have different types of lengths ranging from 15 to 35 inches and sizes, making it the perfect choice for dented parts that are a little harder to reach.
More tips to make your home more beautiful
10 Unique Picture Frames and Holders to Create the Perfect Photo Wall The 15 Best Luxury Candles on Amazon to Brighten your Home & Complement your Decor 10 of the Most Stylish Minimalist Wall Clocks You Can Buy on Amazon
With a recent home purchase under your belt, there’s no better time to assess how you can improve your finances and stay grounded. Here are seven tips that will make you wise to spending less—and tell you when spending more is actually wiser.
1. Emergency Preparedness
After all the expenses of buying a home clear, what used to be a routine cost like an unexpected car repair can become a financial emergency. Rebuilding your emergency reserve should be your number one priority. Sound fun? Maybe not, but tracking your progress toward a goal can be extremely rewarding. Just ask the makers of FitBit.
To get you excited about doing right by your finances, start by picking that magic number for your savings account, usually equal to three to six months of expenses. Then work toward it by making your own goals and rewards.
2. Freeze!
We’re not talking freeze tag. A spending freeze is when you commit to a specific amount of time—usually a few months—during which you and your partner won’t buy anything beyond necessities. The reason a spending freeze is important for the next few months is that you’ll likely find the money usually dedicated to extras will now be required for your new project—your house. For example, say you buy in December and realize in March that your outside spigots have no hoses attached or that the sprinklers you couldn’t test need lots of work. Instead of regretting your late-night Amazon binge purchase, take the cold, hard cash you chose not to spend and use it to rescue your lawn.
3. Shop With Your Wallet, Not Your Stomach
Food is a tasty, but enormous, part of your budget, taking 10-30% of your money. Shopping wisely for groceries and household consumables may be your single biggest money-saving strategy.
To stretch your grocery dollars, start by making a menu and an associated shopping list before you even hit the store. Buy only what is on the list. Don’t go into the store hungry.
For more savings, wait a full week before stepping into another store—even if you run out of essentials like milk and eggs. It may take some creativity and a few Pinterest searches, but it stretches the amount of time between shopping trips, and the fewer times you go to the store, the less money you’ll spend. As you prepare meals, track items you’re out of inside a note on your phone. Try recipes with economical items like beans, potatoes, and rice. When you need a break from the kitchen, make grilled cheese and serve it on the back patio rather than go out. Your bank account will thank you.
4. Simplicity is Key
Think you can’t enjoy yourself unless you pay $45 at a restaurant, plus $25 for a movie? Think again. Simple pleasures like having friends over for a game night and homemade pizza can be just as rewarding, especially when you do the math. Your dinner and movie night is a $70 expense. Cut that cost for two weeks every month and you’ll save $1680 annually—an added reward that makes your simple entertainment twice the fun!
5. Dump New Debt
Getting more debt right after purchasing a house is like eating a third helping on Thanksgiving, even though your belt and button are already undone. You’re going to get too full and potentially sick. Buying a home is a HUGE celebration. Don’t ruin it with the meat sweats. Be sure you can handle the thousands of dollars of debt you just signed up for before you add anything new.
6. New Home, Who Dis? Not New Furniture
You have years to live in your home. Enjoy it with your same old couch and a second-hand table, saving the next perk for next year. Why? The most typical way you’d get new furniture is by accruing new debt (bad) or raiding your already-depleted cash savings (worse). So go ahead and plan your décor, make Pinterest boards, and envision the joy of creating a space that is truly yours—just wait to make good on those plans until you are better prepared to afford them.
7. Definitely Fork Out Cash for House Repairs
With all the drive to not spend, you might be tempted to let necessary repairs pile up around your new house. Not good! Most of the financial decisions you’ve made recently revolve around your home purchase, like the cash you accrued for a down payment, the mortgage you pay, and the utilities and insurance you now handle. Don’t let all of these payments go to waste! Yes, the idea of spending thousands of dollars to replace old or unsafe systems and appliances is unsettling and can seem like an insurmountable obstacle, but this is the exact scenario you are saving your money for. We recommend saving at least 1% of your home’s value every year to save for repairs. Some things just come up!
Skipped a Step?
If you haven’t purchased your dream home yet but are seeking financial advice to help you prepare for your big investment, we applaud you. We want to help you find a home you love AND save you money. Say what? Oh yeah. When you buy with Homie, you can keep up to 50% of our buyer’s agent commission*. Click here to get browsing homes for sale and start thinking about what you’ll do with all those savings.
*Subject to terms and conditions outlined in the Buyer Broker Agreement.