The Department of Defense has recently made life easier for veterans as it has increased the basic allowance for housing by 3.8% this year.
Chicago, IL (PRWEB) April 16, 2013
The Federal Savings Bank, which specializes in VA home loans, encourages veterans who are looking to purchase a home to get pre-approved for a mortgage. Now is the time to get approved for multiple reasons: interest rates, down payment requirement, housing allowance, and housing prices.
Interest rates are low now, yet this status will not remain forever as the Federal Reserve has already announced a threshold for when rate hikes will take place. Rate hikes will take place once unemployment reach 6.5%. With unemployment on the decline the chances of interest rates rising soon is plausible.
Probably the largest benefit of a VA home loan is the zero down payment characteristic. The zero money down veterans can focus on using their current savings on other expenses or as a buffer for future mortgage payments.
The Department Of Defense has recognized that housing prices and expenses have risen. For this reason the Department of Defense has recently made life easier for veterans as it has increased the basic allowance for housing by 3.8% this year.
Housing prices are another factor that veterans should consider because due to a combination of lack of inventory and low interest rates home values have been rising. The longer individuals wait to get pre-approved for a mortgage the more money they may have to bid on a listing at a later time. For more information on getting pre-approved for a mortgage now please visit: TheFederalSavingsBank.com