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is 2021 a bad time to buy a home

Is 2021 A Bad Time to Buy A Home?

We’re coming out of a difficult year. As we look forward to 2021, an important question to ask is whether 2021 is a good year for you to buy a home. You may have heard that many people are worried about buying and selling homes. Maybe you’ve been planning to buy a home for a long time, or maybe you’re just beginning to consider it. Either way, we want to help you think through your options! You can contact us to ask specific questions, but we also have more general information below.

Before you think about your situation, it’s important to understand what’s happening in the market right now. 2021 is a year with a low housing inventory. That means that that houses are in high demand right now, which naturally drives up the price of homes. That’s not ideal for the buyer. In fact, the housing market right now is what’s called a “seller’s market.” In a seller’s market, the seller has the advantage, because demand is so high that they can sell for more.

This doesn’t necessarily mean that you can’t buy a home in 2021. Rates for mortgages are very low*, and they look like they will stay that way for a while. For home loans, low rates* can save you a lot of money. If you think it’s best not to buy a home in 2021, it may still be a great time to refinance. As you consider your options, you should ask yourself the following questions:

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TOP 5 TIPS FOR BUYING A HOME IN 2021

Top 5 Tips for Buying A Home in 2021

If you’re looking to buy a home soon, you’re probably wondering whether 2021 will be different from past years. After all, we’re coming out of 2020, a year that was challenging for all of us in one way or another. It’s hard to imagine that the mortgage industry stayed the same during such a crazy year. If you’re thinking 2021 will be different, you’re right! We’re here to tell you what will be different and what will stay the same. Read on to learn our top 5 tips for buying a home in 2021, as well as what to look out for in the new year!

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va minimum property requirements in 2021

What are the VA Minimum Property Requirements?

A VA loan is guaranteed by the government , which makes it easier to get a VA home loan! That’s because that government guarantee allows VA approved lenders like HomePromise to lend money to borrowers who have lower credit scores and higher debt-to-income ratios. But for that government guarantee to happen, the property in question needs to meet certain requirements. According to the VA Lender’s Handbook , Minimum Property Requirements (MPRs) help ensure that the property is safe, structurally sound, and sanitary.

So, why does this matter? Because if you’re looking for a home or applying for a VA loan, the property you’re buying or the property you own needs to meet the MPRs. Below, we explain the VA’s main requirements and tell you what to do if your property isn’t a traditional home. Click more to read more about each of the VA property requirements.

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va farm loans in virginia,

Get A VA Farm Loan In Virginia

Located in the Mid-Atlantic region of the United States, Skyline drive rises just over 4000 feet in elevation. Rural America has never been so stunning when overlooking the farmers and ranchers living in the commonwealth of Virginia. For more than fifty miles, farm businesses can be seen outlined in the vast westernly view of Virginia state. With approximately 700,000 military Veterans living in Virginia as of 2020 there is probably no better time than now to get a VA farm Loan In Virginia.

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The Department of Veterans Affairs (or VA) Home Loan benefit may be used to purchase different types of farms in the state of Virginia. Like USDA loans, active military members and Veterans have earned 100% financing with no down payment needed for a home purchase. When looking to purchase a VA farm loan in Virginia it is important to understand the  requirements. First, there must be a home located on the property to live in as your primary residence. In other words, VA home loans can only be used for residential purposes, and not the purchase of a business. But, if you are a fruit or vegetable or hobby farmer, do not allow farming income to become a barrier. It is important to understand that many VA farm loans may not be eligible with most. It is important to understand that many VA farm loans may not be eligible with most lenders.  HomePromise may be able to help when other lenders cannot!

Click more for 3 Easy Step Getting A VA Farm Loan In Virginia

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Starting on January 1, 2020, Veterans and active military members will have more borrowing power thanks to the Blue Water Navy Vietnam Veterans Act of 2019. The new law eliminates VA loan limits in 2020.

Signed in June of this year, the new law eliminates VA loan limits in 2020. This change means more veterans can buy a home with no down payment, including homes that are for sale above $1,000,000. But, some VA lenders may still block veterans from a no down payment loan for a home above $1,000,000.  Veterans need to find a lender that will allow veterans to use the full benefit of the Blue Water Navy Vietnam Veterans Act of 2019.

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types of loans

 

Types of Loans We Can Close

Home ownership is an enormous commitment, meaning that it needs an enormous investment of resources. Understanding the types of loans we close is important.

Since most people cannot afford the costs of home ownership, this creates the need for lenders to provide them with the borrowed funds needed to cover the shortfall.

VA loans exist to ensure that eligible veterans can secure such funding. Sometimes VA loans can be made even when a loan cannot be found using the normal channels.

It is important to remember that would-be borrowers of VA loans are still scrutinized using much the same criteria as other would-be homeowners, meaning that there are circumstances under which their loan applications will be met with nothing but rejection.

However, not all VA lenders have the same guidelines. HomePromise Helps When Others Cannot.

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tips for veterans, homepromise

Tips For Veterans To Enjoy Low Interest Rates

Tips for Veterans – The HomePromise VA loan refinance program offers eligible veteran and active duty military homeowners a unique way to access lower interest rates and reduce their regular mortgage payments*. Apart from that, military homeowners can receive cash back via a VA refinance and make use of the cash for various needs. As a veteran, you should carefully consider the benefits of this refinancing opportunity because it may save you a significant amount of money monthly, and reduce your total monthly payments significantly. Here is a brief description of the two VA loan refinance options and the requirements to process your application.

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