VA Loans Stats and Report – 2009
In early 2008, VA Mortgage Center.com released our first Stats and Reports section on VA Loans. We recently updated the report with new figures for 2009. While most of the general statistics related to Veterans remained the same, changes in the housing market, lending, and the general downturn of the economy have us all sitting in a very different position than the one we were in a year ago today.
Is it a good time to buy a home? Refinance? The short answer is – generally, yes. The Veterans Benefits Improvement Act which became law in October 2008 helped create a flood of new VA refinances. The 100% cash out option has made it very attractive for military homeowners to refinance and lower their monthly mortgage payment.
Coupled with the fall of interest rates, now is the time to at least explore your options when it comes to refinancing.
Falling home prices have created an outlook for 2009 that is attractive to buyers. Those who can qualify for a VA Loan – that is, YOU – are perhaps the most powerful home buyers in the market today. No downpayment, great rates, government-backed financing. You probably wouldn’t be surprised to hear that the housing markets in heavy military areas are doing extremely well also right?
As always, thanks for reading and listening here at YouServed.com.
Alan
January 29th, 2009 at 1:51 pmGreat to hear, however, my son who has been trying to refi with the VA has hit a brick wall. Since returning from Iraq, a combat wounded vet his wife divorced him requiring him to replace existing financing with another mortgage. Not so easy…He is about to have his family house sold from under him. Where is all the help for vets, sounds nice from politicians in sound bites but in reality, he has hit stone walls.
Get a grip
March 2nd, 2009 at 10:22 amI appluad your sons service and his committment to his country. Too bad his wife didn’t share the same committment to their marriage. It’s a shame that he is going through this situation, but don’t blame the government for your sons poor choice of partners. Her leaving is causing the mess, and the reason for the new financing. If they are both on the motgage, then they are both responsible for paying it. Not the VA. I hope he finds the solution he is looking for.