You can find stability with a VA loan through NHL lending in Miami!
Home buying can be a scary experience when you have limited means to buy a home or even when you are using a VA home loan in the Miami area. However, times are changing, and investors are no longer as interested in buying homes to rent out as a profit. As a result of investors disappearing from the real estate world, families are less likely to be outbid by an all-cash buyer. It may be safe to say or think that our housing market is headed toward renewal because less than 13 percent of loans modified last year were in default six months later. These two positive outcomes help both prospective homeowners as well as lenders. Loan modifications can be made to make it easier for owners who are under financial stress to handle their monthly mortgage payments.
In addition to this, recent findings have also shown that foreclosures also are down by about half over the last year. This is because current homeowners are eager to find creative ways to stay in their homes and there are loan servicers that have been developed to create solutions to help these creative borrowers.
At NHL lending, the lenders want to help you purchase the house you've been dreaming about. By contacting us before you start looking at homes, we can help you find out the following:
• How much you can afford
• What your monthly payments would be
• The type of home loan that would be best for you
If you are ready to buy your own home and gain stability in your life, contact NHL lending in Miami.
You can own your home with low VA home loan rates through NHL Lending!
You may already know that house prices have gone up across the United States since 2012. But even so, with the home prices increasing, they still represent bargains. This is because renting and the costs associated with renting are less attractive. According to news sources, the value of most homes remain 13 percent below their 2007 levels but to go along with that idea; the average rental rates have also risen 16 percent since that time. As the years pass by, the long-term value of owning real estate becomes more apparent. More importantly, the opportunities to build wealth and create a stable household for daily living are practical reasons for deciding to buy your residence, in particular with the low VA loan rates.
Prospective borrowers typically find they're not just purchasing a home with a VA home loan in Miami. Instead, they are becoming part of a neighborhood. To someone that has never owned a home before, homeownership becomes part of their identity. This is because most people appreciate being in charge of their living space and they strive to produce a better future for everyone in their family; this is particularly the case for current and past members of our service. The sad fact remains that some people remain lifelong renters due to the following reasons:
• Thinking that they don't want the responsibility of maintaining a house
• Enjoying their freedom of being able to move when they want
• Aren’t sure if they can obtain home financing
• Thinking that they cannot afford monthly payments
However, with the current rent prices increasing, many of these people are now encouraged to look into buying. If you've had any of the thoughts or feelings mentioned above, contact NHL lending today.
Are there limits on VA home loans?
When it comes to VA home loans in Miami, it is important that you know that with a VA loan, you will not have a limit on the amount of money that you can borrow through the VA. With that said, there are limits on the amount of liability that the VA can assume, which will usually affect the amount of money an institution will lend you.
The loan limits are the amount that a qualified Veteran with full entitlement may be able to borrow without having to make a down payment. These loan limits will vary by county. This is because the value of a house will depend in part on its location. The basic entitlement that is available to each eligible Veteran is $36,000. Lenders may loan up to four times the amount of a Veteran's available entitlement without needing a down payment. But you will want to keep in mind that this will depend on the Veteran’s income, if their credit is qualified, and the property appraises for the total asking price. Another thing to keep in mind is that Veterans who have had a VA loan before can still have "remaining entitlement" that can be used for another VA loan. If this is the case, you will most likely need both the entitlement and cash down payment that is equal to 25 percent of the value or price of the home. Also, a Veteran could also combine a down payment with the remaining entitlement for a larger loan amount if they wanted.
Contact a lender at NHL lending to find out if you qualify for a VA home loan today.