New Law Improves VA Loan Benefits; St. Louis Mortgage Interest Rate Update

The new legislation is titled: Honoring America’s Veterans and Caring for Camp Lejeune Families Act (H.R. 1627) and has been signed into law on August 6, 2012.

Congress expanded the scope of the legislation and specifically mandated improvements in VA home loan benefits through the VA Home Loan Guaranty Program.  Realtors and lenders will now be able to help more veterans and their families become homeowners. A portion of the new law makes VA loans available to more surviving spouses, provides easier funding fee waivers for disabled vets and helps single and dual-duty parents with occupancy hurdles.More “Doable” Occupancy for Single Parents & Couples Serving Overseas 

All VA borrowers must meet owner-occupancy requirements to qualify for the government-backed mortgage program. The new law makes it possible for single parents or married couples serving active duty away from home to satisfy the occupancy rule by having a dependent child with legal guardian or attorney-in-fact live in a house financed with a VA loan until the veteran is able to occupy the property.

Increased Eligibility for Surviving Spouses

Previously, surviving spouses became eligible for VA loans only if widowed by veterans who died on duty or from a service-connected disability. Now, a spouse who survives a veteran who dies of any cause may be eligible for VA home loan benefits as long as the veteran was a) continuously rated totally disabled for a period of time specified by the new law, and b) was eligible for VA disability compensation at the time of death.

The benefit of using a VA loan include:

  • No Down Payment
  • 100% Loan Financing
  • No Mortgage Insurance Required
  • 30-Year Fixed Rate or Arms
  • No Pre-Payment Penalty

St. Louis MORTGAGE INTEREST RATES for October 4, 2012:

  • Conventional 30-Year Fixed 3.250%/ 3.302% APR
  • Conventional 15-Year Fixed 2.75%/ 2.845% APR
  • Conventional 5/1 ARM 2.500%/ 3.243% APR
  • FHA/VA 30 Year Fixed 3.25%/ 3.302% APR
  • Jumbo 5/1 ARM 2.750%/ 2.427% APR
  • Jumbo 15 yr Fixed 3.375%/ 3.630% APR
  • Jumbo 30 yr Fixed 4.875%/ 5.125% APR

*The above mortgage rates are based upon an 80% LTV, o/o single family with FICO scores of 720.

Paramount Mortgage is a locally owned Mortgage Banker celebrating our 41st year. Great rates and programs are secondary to what is most desired in a lender relationship: Integrity, Communication and Customer Satisfaction. Be to check out our website: www.paramountmortgage.com

For more information or if you have questions on mortgage rates you may contact me by phone at my direct line, (314) 372-4319, email at rfishel@paramountmortgage.com or you can visit our company website at http://www.paramountmortgage.com.

 

Print Friendly, PDF & Email

15 comments to New Law Improves VA Loan Benefits; St. Louis Mortgage Interest Rate Update

  • … [Trackback]

    […] Read More Information here to that Topic: stlouisrealestatenews.com/st-louis-interest-rates/new-law-improves-va-loan-benefits-st-louis-mortgage-interest-rate-update/ […]

  • … [Trackback]

    […] Read More on that Topic: stlouisrealestatenews.com/st-louis-interest-rates/new-law-improves-va-loan-benefits-st-louis-mortgage-interest-rate-update/ […]

  • … [Trackback]

    […] Find More on on that Topic: stlouisrealestatenews.com/st-louis-interest-rates/new-law-improves-va-loan-benefits-st-louis-mortgage-interest-rate-update/ […]

  • … [Trackback]

    […] There you will find 60218 additional Information to that Topic: stlouisrealestatenews.com/st-louis-interest-rates/new-law-improves-va-loan-benefits-st-louis-mortgage-interest-rate-update/ […]

  • WOW just what I was searching for. Came here by searching for m88 dimensions

  • … [Trackback]

    […] Read More on on that Topic: stlouisrealestatenews.com/st-louis-interest-rates/new-law-improves-va-loan-benefits-st-louis-mortgage-interest-rate-update/ […]

  • … [Trackback]

    […] Find More to that Topic: stlouisrealestatenews.com/st-louis-interest-rates/new-law-improves-va-loan-benefits-st-louis-mortgage-interest-rate-update/ […]

  • I am not really wonderful with English but I find this real easy to understand.

  • Cherish everything you have, but don’t give up to pursue what you want.

  • My friend is a raincoat, even if I ca n’t think of it on a sunny day, the rainy season will accompany you; my lover is a thick cloth, even if it is not beautiful, it can cover the wind and cold; my parents are old jackets, although they are not fashionable, even stupid, but they are the warmest and warmest .

  • The road is long and steep. Maybe you are tired. You want to give up. you can only hold back the tired feet, relax the complex thoughts in your heart, and keep going forward step by step. Believe a word: do not give up, only succeed.

  • Since we are on the thief ship of life, we are to be a happy pirate. I don’t need the moon to come to me, I can hug my own sea of ??stars.

  • Really great visual appeal on this internet site, I’d value it 10 10.

  • There is a kind of love that is deeply in love, but can’t say it; there is a kind of love that obviously wants to give up, but can’t give up; there is a kind of love, knowing that it is suffering, but can’t hold back; Can’t take it back already.

  • There is a kind of love that obviously wants to give up, but can’t give up; there is a kind of love, knowing that it is suffering, but can’t hold back; Can’t take it back already.

Leave a Reply

You can use these HTML tags

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>