VA IS LOWERING THEIR FUNDING FEE OCTOBER 1st.
In the midst of Fannie and Freddie tightening their guidelines VA is lowering their funding fee by 0.50% across the board. This is great news for thousands of veterans returning from our wars and thousands more from previous wars who are eligible for 100% financing at historically low mortgage rates.
I am sick of hearing the constant doom and gloom from mainstream media. Thursday night, Scott Pelly on the CBS Evening News moaned about how the shortage of money is hurting the real estate market. He was, once again, misinformed.
Folks, it is not a shortgage of mortgage money that is hurting our economy it is the constant negative bleats from the media. Lenders have plenty of FHA and VA money available with basically the same underwriting guidelines we have enjoyed for many years at the lowest rates in over 100 years. Mr. Pelly thought they are the lowest in 60 years. Wrong again.
Remember we are talking about 96.5% and 100% financing and while defaults are up in all lending sectors, not so much with FHA and VA because they did not relax their guidelines their default rate is not nearly as high as the conventional sector.
There is no denying that our country is facing many problems but… over 90% of Americans are employed, Rates are at a 100 year low and nationally housing prices in some areas are at their 2004 lows. What are you waiting for?
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