VA Loans: Making A Home For The Brave Possible

By Micah Stovall | Published: July 15, 2018

Since the creation of the Veterans Affairs (VA) Home Loans Program, over 22 million veterans have achieved the American Dream of homeownership. Many veterans do not know the details of the program and therefore do not take advantage of the benefits available to them.

If you are a veteran or you know someone who is, here is a breakdown of the VA Home Loan benefits that can be used to achieve the American Dream!

Top 5 Benefits of a VA Home Loan

  1. The greatest benefit of a VA Loan is that borrowers can buy a home with a 0% down payment. In 2016, 82% of all VA Loans put down 0%!
  2. Private Mortgage Insurance (PMI) is not required! (Most other loans with down payments under 20% require PMI, which adds additional costs to your monthly housing expense!)
  3. Credit Score requirements are also lower for VA Home Loans. The average FICO® score of a borrower for an approved VA Loan is 620, compared to 676 (FHA) or 753 (Conventional).
  4. There is also a limitation on a veteran buyer’s closing costs. Sellers can pay all of a buyer’s loan-related closing costs and up to 4% in concessions in some cases.
  5. Even with interest rates rising, VA Loans continue to have the lowest average interest rates of all loan types.

Who Qualifies for a VA Home Loan?

One of the most important first steps when applying for a VA Home Loan is obtaining your Certificate of Eligibility (COE). “The COE verifies to the lender that you are eligible for a VA-backed loan.”

You Can Apply for a VA Loan if You:

  • Serve 90 consecutive days during wartime
  • Serve 181 consecutive days during peacetime
  • Have more than 6 years in the National Guard or Reserves
  • Are the spouse of a service member who has died in the line of duty or as the result of a service-related disability

You Can Use a VA Loan To:

  • Purchase a Home
  • Purchase a Condo
  • Build a Home
  • Refinance an existing home loan
  • Make improvements to a home by installing energy-related features or making energy-efficient improvements

Bottom Line

For more information or to find out if you or a loved one would qualify to use the VA Home Loan Benefit, contact Stovall Team today at 714.343.9294. We can help! Thank you for your service!

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Do You Love Where You Live? We Sure Do! OC FAIR July 13- August 12, 2018 Information & Discounts

By Micah Stovall | Published: July 10, 2018

http://ocfair.com/wp-content/uploads/2018/01/GX6792_ReadRide2018_web.pdf

Discounts

Save money at the OC Fair! Discounts are honored during the specified timeframe. Please arrive early to enjoy all promotions.

Freebie alert! All reserved seats in the Pacific Amphitheatre, The Hangar and Action Sports Arena include FREE Fair admission.

OPENING DAY

Free ‘Til Three on Friday, July 13 (12-3 p.m.)

Enjoy free admission and parking on Opening Day of the 2018 OC Fair – Friday, July 13, only. Valid noon-3 p.m. 

DAILY

San Diego / Ventura & OC Fair Bounceback

Save your San Diego County Fair or Ventura County Fair ticket stub for one free admission at the OC Fair, July 13-Aug. 12.  Ticket must be surrendered at the gate to redeem offer.

Active Military & Veterans

Active-duty military and veterans receive free OC Fair admission and are eligible to purchase half-price general admission tickets. Promotion is valid all 23 days of the OC Fair. Military ID is required. Free admission is not applicable for spouses or dependents. A maximum of six half-price general admission tickets may be purchased.  This offer may not be combined with any other offers.

Read & Ride

Bookworms ages 5-11 can read two books to earn three free carnival rides!
Download the book report form. Completed book report forms can be redeemed for ride tickets at the Centennial Farm Information Booth during Fair hours. Tickets are valid July 13-Aug. 12, 2018, only. Official OC Fair Read & Ride Form must be used in order to participate in program.

Super Pass

The 2018 OC Fair Super Pass can be purchased at the OC Fair & Event Center Box Office, The Hangar Box Office during the Fair or any OC Fair admission gate through Friday, August 10, 2018. Super Pass available online through July 6 only.

March 1 – May 31 June 1 – Aug. 9
General (13-59) $35 $40
Senior (60+) $28 $33
Youth (6-12) $28 $33

Purchase Now

LIMITED TIME

First Responders and Law Enforcement Week is Aug. 8-12

Free admission to active-duty and professional staff of the police, sheriff, fire and emergency services departments Aug. 8-12. Issuing agency ID is required.

WEDNESDAYS

We Care Wednesday (12-3 p.m.)

Donate for FREE admission to the OC Fair and one carnival ride per person. Valid noon to 3 p.m.

When Drive What to bring Nonprofit partner
July 18 School Supply Drive New school supplies valued at $5 or more, such as pens, pencils, crayons, notebooks (items must be sealed; no coloring books or workbooks) Share Our Selves
July 25 Canned Food Drive 5 canned food items Second Harvest and
OC Food Bank
Aug. 1 Children’s Book Drive 3 new or gently used children’s books THINK Together
Aug. 8 Clothing Drive 5 gently used clothing items Goodwill OC

Donations are accepted at public entrances (Blue Gate, Yellow Gate or Green Gate). Donations are not accepted at Gate 5 off Arlington Drive, and free admission will not be honored after 3 p.m.

$35 Unlimited Carnival Ride Wristband

Enjoy all the rides you can handle for one price. (Sold until 5 p.m. Valid until 8 p.m. Wristbands must be purchased onsite.  Required Fair admission sold separately.)

THURSDAYS

Wear Overalls Day (12-3 p.m.)

Guests in overalls will receive FREE admission. Valid noon to 3 p.m. 

$3 Taste of Fair Food (12-4 p.m.)

Enjoy $3 samples of select Fair treats. Valid noon – 4 p.m.

Kids Day

Children 12 & under receive FREE Fair admission all day.

$35 Unlimited Carnival Ride Wristband

Enjoy all the rides you like for one price. (Sold until 5 p.m. Valid until 8 p.m. Wristbands must be activated onsite by 5 p.m.  Required Fair admission sold separately.)

FRIDAYS

Seniors Day (60+)

$5 Senior admission plus FREE Ferris wheel and merry-go-round rides all day.

$2 Rides and $2 Games (12-4 p.m.)

Rides and games are only $2 each in the Main Carnival and Kiddie Carnival. Valid noon – 4 p.m. 

SATURDAYS

Best Deal Ever (11 a.m.-1 p.m.)

Half-price general admission. Plus: Carnival Special is half off ticket redemption – that’s half the number of tickets, same amount of fun!  Valid 11 a.m.-1 p.m.
This offer may not be combined with any other offers.

SUNDAYS

Sunday Fun Day (11 a.m.-1 p.m.)

Half-price general admission. Plus: Carnival Special is half off ticket redemption – that’s half the number of tickets, same amount of fun! Or, get a $35 unlimited ride wristband. Valid 11 a.m.-1 p.m.
Wristband is sold until 1 p.m., valid until 4 p.m..
This offer may not be combined with any other offers.

WEEKENDS

FREE Off-Site Parking (Saturday & Sunday)

Free parking and shuttle service is available on Saturdays and Sundays from the Experian parking structure located off the Bristol Street exit of the 405 Freeway. Follow the signs to “Experian.” The shuttle operates from 10 a.m. to 1 a.m. Saturday & Sunday only.

OC Fair Express bus service

Buses depart from nine locations on Saturdays and Sundays from July 14 to Aug. 12 and run from approximately 10 a.m. to midnight.

If riding Metrolink, you can connect to the OC Fair Express at the Anaheim Canyon, Santa Ana, Irvine or Anaheim-ARTIC Metrolink stations. Simply show your valid Metrolink ticket and ride the bus for free.

OC Fair Express costs $2 each way, or 75¢ for seniors 60+ and persons with disabilities. When you ride the OC Fair Express, you will receive a coupon for $4 OC Fair admission, that’s a $10 savings!

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How A Lack Of Inventory Impacts The Housing Market

By Micah Stovall | Published: June 18, 2018

Home values are up, home sales are up, and distressed sales (foreclosures and short sales) have fallen to their lowest points in years. The market will continue to strengthen in 2018.

However, there is one thing that may cause the industry to tap the brakes: a lack of housing inventory. Buyer demand naturally increases during the summer months, but supply is not keeping up.

Here are the thoughts of a few industry experts on the subject:

Lawrence Yun, Chief Economist at National Association of Realtors

“The worsening inventory crunch through the first three months of the year inflicted even more upward pressure on home prices in a majority of markets. Following the same trend over the last couple of years, a strengthening job market and income gains are not being met by meaningful sales gains because of unrelenting supply and affordability headwinds.”

Sam Khater, Chief Economist for Freddie Mac

“As we head into late spring, the demand for purchase credit remains rock solid, which should set us up for another robust summer home sales season. While this year’s high rates – up 50 basic points from a year ago – have put pressure on the budgets of some home shoppers, weak inventory levels are what’s keeping the housing market from a stronger sales pace.”

Javier Vivas, Director of Economic Research for Realtor.com

“The dynamics of increased competition and buyer frustration are unlikely to change…In fact, the direction of the trend is pointing to a growing mismatch between the pool of prospective buyers and existing inventory.”

If you are thinking of selling, now may be the time. Demand for your house will be strong at a time when there is very little competition. That could lead to a quick sale for a really good price.  The best time to sell  anything is when  demand is high, and supply is low. If you are currently in a starter or trade-up house that no longer fits your needs and you are looking to step into a  luxury home or downsize, now’s the time to list your house for sale and make your dreams come true. Call me today  714.343.9294 and  visit stovallteam.com

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Tax Reform

By Micah Stovall | Published: June 11, 2018

Starting late last year, some predicted that the 2018 tax changes would cripple the housing market. Headlines warned of depreciation and suggested that buyer demand could drop like a rock. Now that the first quarter numbers are in, we can begin to decipher the actual that  impact tax reform has had on the real estate market.

Has tax reform killed off home buyer demand? The answer is “NO.”

According to the Showing Time Index which “tracks the average number of buyer showings on active residential properties on a monthly basis” and is a “highly  reliable leading indicator of current and future demand trends,” buyer demand has increased each month over the last three months and is HIGHER than it was for the same months last year. Buyer demand is not down. It is up.

Have the tax changes affected America’s belief in real estate as a long-term investment? Has the homeownership rate been negatively impacted by the tax changes? The answer is “NO.” Not only did the homeownership rate not crash, it increased when compared to the first quarter of last year according to data releasedby the Census Bureau.

Has the upper-end market been crushed by newState and Local Taxes(SALT) limitations? The answer is “NO.”  In the National Association of  Realtors latest Existing Home Sales Report it was revealed that:

Sales between $500,000 and $750,000 were up 4.5% year-over-year

Sales between $750,000 and $1M were up 15.1% year-over-year

Sales over $1M were up 17.3% year-over-year

Will the reforms in the tax code cause home prices to tumble over the next twelve months? The answer is “NO.”

According to CoreLogic’s latest Home Price Insights Report, home prices will appreciate in each of the 50 states over the next twelve months. Appreciation is projected to be anywhere from 1.9% to 10.3% with the national average being 4.7%.  The doomsday scenarios that some predicted based on tax reform fears seem to have already blown over based on the early housing industry numbers being reported.

Sources: National Association of Realtors, CoreLogic, US Census Bureau

 

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Ask the Experts: Will Home Prices Fall as Mortgage Rates Rise?

By Micah Stovall | Published: June 8, 2018

Q.  Will home prices fall as mortgage rates rise?

A.    All indicators suggest that home prices will not fall as mortgage rates climb through the end of this year, it’s the law of supply and demand that is driving increasing home prices. The best time to sell  anything is when demand is high, and supply is low. As the number of homes for sale increases and home value appreciation slows, we expect the market to meaningfully swing in favor of    buyers within the next two to three years Real Estate is a cyclical market– it’s  interesting to watch the dynamics of the market. What we see is prices rise, home sales slow down, prices weaken and home sales pick back up. It’s the way a housing market is supposed to behave in a normal  environment. But it’s been so long since we’ve seen a normal environment that we forget how it’s  supposed to work.  Mortgage  interest rates have increased by more than half of a point since the beginning of the year. They are projected to increase by an  additional half of a point by year’s end. Because of this increase in rates, you are guessing that home prices will  depreciate. Let’s take a look at the data.  

Mark Fleming, First American’s Chief Economist: “Understanding the resiliency of the housing market in a rising  mortgage rate  environment puts the likely rise in mortgage rates into perspective – they are unlikely to materially impact the  housing market… The driving force behind the increase are healthy economic conditions…The healthy economy encourages more homeownership demand and spurs household income growth, which increases consumer house-buying power. Mortgage rates are on the rise because of a stronger economy and our housing market is well positioned to adapt.” Terry Loebs, Founder of Pulsenomics: “Constrained home supply, persistent demand, very low unemployment, and steady economic growth have given a jolt to the  near-term outlook for U.S. home prices. These conditions are overshadowing concerns that mortgage rate increases  expected this year might quash the  appetite of prospective home buyers.” Laurie Goodman, Codirector of the Housing Finance Policy Center at the Urban Institute: “Higher interest rates are generally positive for home prices, despite decreasing affordability…There were only three periods of        prolonged higher rates in 1994, 2000, and the ‘taper tantrum’ in 2013. In each period, home price appreciation was robust.”

Industry reports are also calling for substantial home price appreciation this year. Here are three examples:   The Home Price Expectation Survey says that prices will appreciate by 5.8% this year.  The Freddie Mac Outlook Report is looking for home prices to appreciate by around 7% in 2018. The CoreLogic HPI Forecast indicates that home prices will increase by 5.2% on a year-over-year basis.  As Freddie Mac reported earlier this year in their Insights Report, “Nowhere to go but up? How increasing mortgage rates could affect housing,” “As mortgage rates increase, the demand for home purchases will likely remain strong relative to the  constrained supply and continue to put upward pressure on home prices.”

If you are currently in a house that no longer fits your needs and you are looking to step into a different home, now’s the time to list your house for sale and make your dreams come true. Call us today  714.343.9294 and  visit stovallteam.                                                                               

Sources:  National Association of Realtors, First American, Housing Finance Development Policy Center at Urban Institute, Pulsenomics, CoreLogic, Freddie Mac, Micah Stovall

 

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CONSIDERING SELLING YOUR HOME? THIS SUMMER REAL ESTATE MARKET IS HOT!

By Micah Stovall | Published: June 7, 2018

We understand that everyone one of us has a unique situation as we tread forward on our own race in life.    Understanding others needs and requirements are paramount to our success as your trusted realtor at Stovall Team. Together we promise that our vision, core  values, and mission statement will align with your own future real estate goals. Regardless of your  situation or future plans, let us  provide the experienced  guidance and expertise in making your real estate plans.  Let’s look at the reason you are  considering selling in the first place and determine whether it is worth waiting. You have the power to take control of the  situation by putting your home on the  market. Perhaps the time has come for you and your family to move on and start living the life you desire.  That is what is truly important. If buying a home is in your plan for this year, doing it sooner rather than later could save you thousands of dollars over the terms of your loan. 

Here are four reasons listing your home for sale this summer makes sense.      

  1. Demand Is Strong The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains very strong throughout the vast majority of the country. These buyers are ready, willing and able to purchase…and are in the market right now! More often than not, multiple buyers are competing with each other to buy the same home.  Take advantage of the buyer activity currently in the market.
  2. There Is Less Competition Now Housing inventory has declined year-over-year for the last 35 months and is still under the 6-month supply needed for a normal housing market. This means that, in the majority of the country, there are not enough homes for sale to satisfy the number of buyers in the market. This is good news for homeowners who have gained equity as their home values have increased. However,  additional inventory could be coming to the market soon.  Historically, the average number of years a homeowner stayed in his or her home was six, but that number has hovered between nine and ten years since 2011. There is a pent-up desire for many   homeowners to move as they were unable to sell over the last few years because of a  negative equity situation. As home values  continue to appreciate, more and more homeowners will be given the freedom to move.  The choices buyers have will continue to  increase. Don’t wait until this other inventory comes to market before you decide to sell.
  3. The Process Will Be Quicker Today’s competitive environment has forced buyers to do all they can to stand out from the crowd, including getting pre-approved for their mortgage financing. Working with a well-qualified and experienced lender is paramount.
  4. There Will Never Be a Better Time to Move Up If your next move will be into a larger or premium home, now is the time to move up! The inventory of homes for sale at these higher price ranges has forced these markets into a buyer’s market. This means that if you are planning on selling a starter or trade-up home, your home will sell quickly, AND you’ll be able to find a premium home to call your own! Prices are projected to appreciate by 5.2% over the next year, according to CoreLogic. If you are moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and mortgage payment) if you wait.

The best time to sell  anything is when  demand is high, and supply is low. If you are currently in a starter or trade-up house that no longer fits your needs and you are looking to step into a  luxury home or downsize, now’s the time to list your house for sale and make your dreams come true. Call me today  714.343.9294 and  visit stovallteam.com        

Sources:  Micah Stovall, National Association of Realtors,  CoreLogic

 

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