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Year: 2019

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New VA Loan Changes start on January 1st, 2020

by I Am Benchmark

Two hands in a handshake, symbolizing agreement, congratulations, or relational warmth.

Effective on January 1st 2020, there will be several changes to the VA loan program.

The VA loan is a mortgage loan program that provides many great benefits for veterans and their families. With the passing of the Blue Water Navy Vietnam Veterans Act of 2019, several changes are coming that every veteran considering applying for a VA loan needs to be aware of.

Removal of the Loan Limit

As of January 1st 2020, the VA will no longer cap the price of a home with no money down when purchasing a home with a VA loan, if the buyer has full entitlement . Previously, buyers in higher cost markets were sometimes unable to get VA loans that matched the price of their desired home. With this change, veterans looking to buy with a VA loan will be able to compete with conventional buyers. VA applicants will still have to qualify for the loan and meet the income and down-payment requirements.

Purple Heart Funding Fee Exemption

Another big announcement regarding the VA Loan is the elimination of the funding fee for any active duty Purple Heart recipients.

VA Funding Fee Increase

The VA funding fee will see a slight increase in January 1st 2020. Under the new provisions, the fee will be bumped from 2.15% up to 2.30%. Some will be exempt from this increase, such as those with service related disabilities.

 To learn more about the changes to the VA loan, and to better understand your options and benefits, it is crucial to consult with a Benchmark VA Home Loan Specialist. They have studied the VA loan inside and out, and understand how to get veterans the most from their hard- earned benefits. Schedule a consultation today, and start learning from the experts about the VA Loan program.

Benchmark never quits.

Benchmark Never Quits: Our Veteran Promise

by I Am Benchmark

NO MORE will the veteran be taken advantage of. We have changed the way VA lending is done. We will always do right by the veteran and provide first-class service that ensures our veterans receive the American Dream of homeownership they deserve.

Benchmark will never quit on our nation’s veterans.

Benchmark Never Quits Story: Dustin McVey

by I Am Benchmark

His family lost their home in a hurricane when the base his family lived on was devastated. Benchmark stepped in to help.

“Benchmark really changed my point of view for lenders. They got to know me personally, and really helped us out. …We have a home now. Benchmark never quit on me.”

Meet Dustin McVey, Benchmark Client.

Benchmark Never Quits Story: A.D. Carter

by I Am Benchmark

“After all these years, we finally pulled it off. I personally would go to hell and back for Benchmark without question. Because they pulled me out when I needed to be pulled out, and I am loving it. I am smiling today because of Benchmark.”

Meet A.D. Carter, Benchmark Client.

 

Benchmark Never Quits Story: Art LaFlam

by I Am Benchmark

When he heard John F Kennedy say, “Ask not what your country can do for you, but what you can do for your country,” he knew he would join the military. His drive to serve took him through three tours in Vietnam.

 Meet Art LaFlam, Benchmark Client.

 

Savings could add up with an interest rate reduction refinance loan.

What is an IRRRL VA refinance loan?

by Austin Cox

An IRRRL, or Interest Rate Reduction Refinancing Loan, is a quick VA refinance option with fewer qualifications and less paperwork than other refinance loan options. It’s meant to be a quick and non-complicated refinance option for qualified VA homeowners, and there is no appraisal requirement. Read more

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Realtor-shows-home-to-prospective-buyers

What to look for when touring the home you want to buy.

by I Am Benchmark

If you are looking for your first, or next, home, you will likely tour several before finding "the one." Before you let yourself be swept off your feet, stay grounded and take a closer look. While you will want to get a professional inspection, it's a good idea to get a good idea on your own. Doing so may save the cost of a professional, if significant issues are discovered, or if the home needs more work than you are willing to take on.

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2019 Summer Market Update With Jim McMahan: Is it a good time to refinance?

by I Am Benchmark

In this video, Jim McMahan, President of Benchmark Mortgage, talks about the market, interest rates, and debt strategy to help you decide whether refinancing might be a good option for your financial goals.

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