As national mortgage applications soar VA Home Loan Centers record highest level of VA loan applications since 2009.
The Mortgage Bankers Association has announced an increase of mortgage applications in the month of June.
The Association also announced that the refinance index increased in the first week of June to more than 19 percent from the previous week, reaching its highest level since April of 2009.
The seasonally adjusted purchase index rose about 13 percent from a week earlier – reaching its highest level in more than six months. The refinance share of mortgage activity grew to 79 percent of total applications from 78 percent the previous week.
“This is very encouraging news,” said Phil Georgiades, chief loan steward at VA Home Loan Centers (VA-HLC), a San Diego-based group that specializes in arranging VA loans and advising veterans, active-duty military and their families about homeownership. “It shows that confidence is coming back to the housing market with lenders offering all-time low rates and the government’s Home Affordable Refinance Program (HARP) kicking in,” continued Georgiades.
Georgiades went on to confirm that VA loan applications at VA-HLC had continued to rise with second quarter applications hitting highs not seen since 2009.
The average loan size of a home purchased in the U.S. hit $243,733 in May, up from $238,135 in April. The average loan size on a refinancing grew from $219,664 in April to $226,576 in May.
“As confidence in the market grows veterans and active-duty personnel and their families are taking advantage of all the benefits of a VA-backed loan,” said Georgiades. “With house prices stable, low interest rates and no money down, the VA home loan is very attractive, “continued Georgiades. “I urge all eligible personnel to contact VA-HLC today, to find how they can benefit from these VA programs and become homeowners.”
VA-HLC specializes in all aspects of VA loans including first-time buyers and those seeking refinancing. VA-HLC also offers a service to assist eligible homeowners with VA home loans who are facing financial loss when selling their primary-residence homes, as well as those facing foreclosure as a result of the drop in home values. Called Homeowners Action Services (HAS) it helps veterans, active duty military and their families stay in their homes by offering several mortgage payment-reduction plans, or helps them sell their property – even if they do not have equity in their homes.
For more information about VA home loans; or eligibility requirements and loan limits, as well as how VA-HLC helps veterans with VA loans, refinancing and foreclosure avoidance, call 888-573-4496 or visit https://www.vahomeloancenters.org.
About VA-HLC / VA Home Loan Centers
VA Home Loan Centers is a qualified lender of mortgage loans to United States Veterans. The VA loan program helps veterans, active and former duty military, and certain spouses of wounded, MIA or KIA United States service personnel achieve the American dream homeownership. Services provided by VA Home Loan Centers include real estate representation such as VA loan short sale processing, purchase assistance and VA loan application processing.