Home Mortgages: Rates Up, Requirements Easing | Keeping Current Matters

he media has extensively covered the rise in mortgage interest rates since last fall (from 3.42% last September to the current 4.1% according to Freddie Mac). However, a less covered aspect of the mortgage market is that requirements to get a mortgage have eased while rates have risen.

The Mortgage Bankers Association (MBA) quantifies the availability of mortgage credit each month with their Mortgage Credit Availability Index (MCAI). According to the MBA, the MCAI is:

“A summary measure which indicates the availability of mortgage credit at a point in time.”

The higher the index, the easier it is to get a mortgage. Here is a chart showing th

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Neal Paskvan is a full time Realtor specializing in Downers grove, Darien,Woodridge, Westmont and Du page county Real Estate

Understanding the VA’s Minimum Property Requirements

When it comes to buying a home, you have your list of requirements: number of bedrooms, full basement, stainless steel appliances and probably scores of others.

The VA also has a list of requirements for a home. But its list is centered on protecting the buyer against unexpected, and usually expensive, surprises.

The agency utilizes a series of Minimum Property Requirements, or MPRs, that a home must meet in order to qualify for a VA loan. These requirements help ensure that veterans and military families have a safe place to call home.

If you’re on the fence about starting your VA home loan application, now’s a great time to get in touch with Veterans United and apply for a VA home loan.

Property Requirements

The MPRs are assessed during the VA appraisal process.

MPRs cover basic issues that can affect the value of the property or its safety. These are mostly big-ticket items that present immediate or near-immediate problems for veterans and their families.

When it comes to a VA loan, appraisers are looking for potentially major issues that revolve around the three S’s: safety, sanitation and structural integrity. There’s a host of Minimum Property Requirements that VA appraisers consider, including things like mechanical systems (heating & cooling), a reliable potable water supply, domestic hot water and a safe method of sewage disposal.

A SPECIALIZED LENDER FOR VETERANS

Know-how for your homebuying journey

Our home loan specialists understand the requirements of VA Home Loans and can help in your unique situation.

Some heating systems, like solar or wood, are required to meet certain standards and have more traditional backup systems as well. These are items that not only protect the marketability of the property, but also the safety and comfort of the buyer.

In some climates, a heating system may not be needed, but that determination is left completely in the hands of the VA. Neither the seller nor the lender can make that call.

Other items such as roofs, termites and ventilation fall under the MPRs. Specific requirements can vary based on the lender, local housing codes, VA guidelines and more.

Get a Home Inspection

The VA wants homes that are move-in ready. Problems with the property generally have to be corrected before a loan closes, although veterans can secure exemptions for some MPRs. In truth, these exemptions are more like extensions, as the problems will ultimately have to be corrected.

Borrowers whose prospective property fails to meet the Minimum Property Requirements will be hard-pressed to secure VA financing.

It’s also important to remember that the MPRs do not replace the need for an independent home inspection. The home inspection is a much more in-depth and thorough look at the property. Home inspections aren’t required for VA loans, but they’re of significant value for homebuyers.

This is also where a VA-savvy real estate agent can make a big difference. Realtors who know the requirements can help veterans avoid wasting time and money.

If you have any questions, feel free to reach out to me at chris@vu.com.

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Neal Paskvan is a full time Realtor specializing in Downers grove, Darien,Woodridge, Westmont and Du page county Real Estate

Why So Many Renters Aren’t Buying Homes Yet

The survey found that Americans with higher education and those earning more than $50,000 a year were the most likely to delay buying a home, along with Millennials. Even so, only 4 percent of those surveyed said they never planned on owning a home. Other recent studies that have similarly found that Millennials haven’t sworn off buyin



















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Neal Paskvan is a full time Realtor specializing in Downers grove, Darien,Woodridge, Westmont and Du page county Real Estate

7 Curb Appeal Mistakes to Avoid

Most homes have seen a bit of wear and tear, so it’s important to consider a fresh coat of paint — at least for certain details like the front door and shutters. Opt for neutral colors — gray, black, white and beige — rather than colors that are too personal or extreme — like pink, purple or bright yellow, saysNeal Paskvan of Baird and Warner, . “But add touches of color to avoid appearing too sterile,” she advises. That means a pop of red on the front door, or dark blue shutters on a white house. Photo 



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First-time buyers are skipping the starter home and saving for the big house in the suburbs - MarketWatch

forget the starter home. Today’s first-time buyers in DOWNERS GROVE  want a place they’ll live in for a long time — possibly even into retirement. And this ideal home is most likely in the suburbs.

That’s according to a new Bank of America poll of more than 1,000 adults 18 and older who would like to buy a home in the future.

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Neal Paskvan is a full time Realtor specializing in Downers grove, Darien,Woodridge, Westmont and Du page county Real Estate

show your A/C SOME love this week

Due to the wet weather this spring in Chicagoland  the littlecottonwood “Snowflakes” fell early!

 

Cottonwood   Clogs A/C  COILS

Think about it for a moment… During the peak of cottonwood season, fuzzies are flying around your neighbor hood. This is when they attack your air conditioner. No they don’t use magic, or contain some sort of chemical agent. Instead, they are sucked into your condenser coil, and the result is reduced air flow across the coil. This will first cause your air conditioner to loose some of its energy efficiency. Although this is a problem, losing a little efficiency will only cost you pennies, but the bigger problem of an over heated compressor can cost hundreds.
Picture this, its 100 degrees outside and your cottonwood seed packed coil can’t cool itself off. Do you see the problem here? Those cute little fuzzies we chase around as kids just burnt out your compressor! Now you have to call up for an emergency service call in the high heat of summer.

From what the experts' tell me, the simple solution is to just fully hose down the grill work around your A/C unit so it can do it’s job!

Click here to see a Video on how it's done

“Neal Paskvan is a Real Estate Agent in Downers Grove with Baird and Warner” Neal Paskvan is a full time Realtor specializing in Downers grove, Darien,Woodridge, Westmont and Du page county Real Estate

3 reasons 20-somethings should invest in real estate - Business Insider

Investing in real estate can be a good way to diversify your portfolio. And it can be particularly appealing to 20-somethings who are comfortable taking risks and who want to earn bigger returns.

If you’re in your 20s and you’ve toyed with the idea of becoming a landlord or putting money into a real estate investment trust, here are three key reasons to jump on the property bandwagon.