Author: Austin Cox

Austin Cox is Benchmark's Sr. Social Media Specialist, and has oversight over our VA message. He has a collection of vintage metal (music) attire, posters, etc.. He enjoys collecting records, posters, movie memorabilia and watching bad horror movies with his girlfriend.

VA Loan: National Guard VA Loan qualifications 2022 update

by Austin Cox

Featured photo credit: https://www.nationalguard.com/careers/ground-forces

The VA loan is one of the most powerful home buying tools available to those who qualify. A few benefits of the VA home loan are an option for ZERO down payment, no Private Mortgage Insurance, and lenient credit qualifications.

There are specific criteria to qualify for the VA home loan, one of which is the Minimum Service Requirement. This is essentially a baseline for service qualifications.

The Minimum Service Requirements for The Army, Navy, Air Force, & The Marine Corps:

Served 90 consecutive days of active service during wartime.
Served 181 days of active service during peacetime.

Recently, the VA has revised their qualifications for those who serve and have served in the National Guard, which has opened the VA loan to thousands of National Guard members.

National Guard updated VA Loan qualifications are as follows:

If you’ve served for at least 90 days (minimum 30 consecutive days) of active duty under Title 32 orders, you meet the minimum service requirement.

Over recent years, thousands of National Guard members were activated under Title 32 Orders, meaning many of them are eligible for a VA Home Loan.

Have you served or are currently serving in the National Guard? Reach out to one of our branches today to learn about the VA home loan and find out if you are eligible today!

Get Your COE!

At Benchmark, we are dedicated to serving veteran clients and providing them with a world class home buying experience. We have changed the way VA lending is done. That is why Benchmark never quits.

Contact your local Benchmark branch. Contact us today for personalized information. Call me yourself or request a call from me. WeI would be honored to provide you with our famous excellent service for your new loan.

Benchmark brings you home.

How To Get or Stay In Shape While Staying Home

by Austin Cox

Exercise can be a great release. Not only does it provide a healthy and positive way to relieve stress, but it also improves physical and mental health. But like many other aspects of our daily lives, the COVID-19 pandemic has reduced our physical activity. There have been shutdowns, re-openings under strict guidelines, and shutting down again after having reopened.

Getting or staying fit can be challenging, especially with many fitness centers finding themselves forced into temporary or permanent closure. Thankfully, you don’t need a gym or fancy equipment in order to exercise or get in shape. Here are a few convenient at-home workouts that require little to no equipment.

Workout 1

Push-ups

Push-ups use your own body weight as resistance, and are a great way to build arm and chest strength.

When performing a push-up, make sure to keep your hands wider than your shoulders, and keep your elbows at a 90 degree angle at the bottom of the movement.

To start, you can perform 1 warm up set of 5 pushups.

After your warm up set, you should increase the number of repetitions per set. (Below is a recommendation.) Be careful to keep the same movement and form as the warm up set.

Reps: 15-20
Sets: 3

Bonus: For added resistance, fill a backpack up with canned food or books to add some extra weight.

Workout 2

Dips

Dips are a great way to build your triceps, chest, and shoulders. Find an object in your house that is about knee high and can support your weight: a couch or a loveseat usually will be good! If it is not heavy enough to not move during movement, you can place it against a wall.

Start by facing away from the furniture you are using, extend your legs so they are straight in front of you, positioning your hands wider than your shoulders on the surface of the object, supporting your weight with your hands.

Beginning with your arms fully extended, lower yourself to about one inch above the floor, and push yourself back up with your hands.

Reps: 15-20
Sets: 3

Bonus: To add some extra resistance, balance a heavy textbook or a heavy object you can lay in your lap while doing the movement.

Workout 3

Body weight squats

Put your hands on your hips or extend them out in front of you, depending on which helps you balance. Bend your knees until your thighs are angled to just below parallel, then stand back up.

Reps: 20-30*
Sets: 3-4*
*Depending on strength

Bonus: For extra resistance, wear a backpack filled with books, canned food, or similar heavy objects.

Cardio

Cardio is considered an important component to maintaining cardiovascular health, and is an important component to a balanced workout plan. Just doing 20-30 minutes of cardio activity a day could drastically improve your general health. Here are a few different cardio routines you can easily do around the house.

Running/Jogging in place

If you don’t have a treadmill, jog or run in place at a steady pace for 20–30 minutes. Increase or decrease your intensity depending on your experience level.

Running Stairs

If you live in a home with a flight of stairs, this is a great steady-state form of cardio that is sure to get your heart beating!

Walk, jog, or run up and down the stairs at a steady pace for 20–30 minutes. If jogging or running, be careful. That’s it!

Burpees

This is both a cardio and a resistance activity that can count as an entire workout! For those unfamiliar with burpees, they are a combination of a pushup, a squat, and a jumping jack.

Start in a squat stance, and drop down to a push up position. Then spring up from that position, and jump up in one fluid motion. If you need a bit of guidance, the video above shows the proper form for this exercise. Perform burpees at the fastest pace you are able to.

Reps: 15-20
Sets: 3-4

Now get moving and conquer your at home workout!

If the quarantine has you looking into buying a home and escaping the confines of an apartment, we can help.

Benchmark brings you home.

Top 5 Myths About Home Buying in 2020

by Austin Cox

Buying a home is one of the biggest financial decisions and commitments many will make. Unfortunately, there are several outdated and false ideas surrounding the home buying process and what exactly is needed to qualify for, and purchase a home in 2020. In this list, we are breaking down five of the most common home buying myths.

1) 20% Down

If you have ever considered buying a home in the past, one of the first things you may have heard is the need for a 20% down payment. Times have changed! Some loans, such as an FHA loan, now require as little as 3.5% down. Customers applying for through the VA loan may require little to no down payment at all. There are even conventional loans that require only 3% down! There are disadvantages of putting a smaller down-payment on your home, such as potentially higher monthly mortgage payments and more interest paid on the loan over the term of the loan. On the other hand, this means that the savings period before buying a home may be shorter than many people think. Talk with your Benchmark Mortgage loan officer to see what your down payment options are, and see what works best for your situation.

2) Excellent Credit

Many people just assume that you need a stellar credit score to qualify for a home loan, but this is also false. If you have a low credit score, some lenders will look at bill payment and rent history. While a higher credit score could mean a lower interest rate, a less stellar score does not necessarily exclude you from getting a mortgage. This will vary from lender to lender, but going to a lender like Benchmark who will consider your unique situation and work with you on credit repair or seek alternative payment history sources is always a good idea.

3) Lowest Interest Rate

When starting the search for a home, the first thing most potential homebuyers look at first is the interest rate a lender can provide them. While the interest rate is an important factor when choosing a lender, it shouldn’t be the only thing that goes into choosing who you get your mortgage from. At Benchmark, we take “total payment” and your long-term financial outlook to heart, far beyond the scope of the interest rate alone. If a lender is offering an Adjustable Rate Mortgage(A.R.M.) at a very low initial interest rate, be warned that interest rate could potentially rise as the market fluctuates throughout the term of the loan. Be aware also, that if a lender is giving you an extremely low rate, it could mean higher up-front fees, or fees that will be factored into your closing costs. This brings us to our next home buying myth.

4) Closing Costs

Most people buying a home for the first time forget to factor in the closing costs of your home. This is an additional cost on top of your down-payment. These costs usually cover your home inspection, appraisal, application and origination fees. There are some exceptions to when you’ll have to pay the closing costs such as the seller agrees to pay, this is rare but can be negotiated depending on the situation. Talk to your loan officer during your loan process and assess the how much will be due at closing to avoid any surprises!

5) Student Loan Debt

This is another big-time home buying myth. Simply having student loan debt will not prevent you from qualifying. Most often, lenders want to see a consistent payment history on the loans in question. If you have been consistent, and/or are on a payment plan, that could increase your chances of qualifying for a loan. Understanding your debt-to-income standing is also key to knowing if you’re ready for home ownership or not. So before completely writing off the possibility of homeownership because you have student loans, consult a Benchmark mortgage specialist, and assess your eligibility. If you’ve been consistent on payments and have a decent debt-to-income ratio, you may be surprised at what you could qualify for.

Ready to get started?

If you want to explore whether you’re ready to buy a home, get in touch with a Benchmark Loan Officer to learn more about your financing options.we would be happy to answer any questions. If you are ready to get started, you can start your application now, or contact us today!you can call me, contact me, or if you are ready, you can apply now! It would be my honor to help you plan your financial goals.

Benchmark brings you home.

Cashout Refi

by Austin Cox

Use the equity in your home to consolidate debt or pay for a repair or renovation with a Cash Out 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