The Labor Department reported this morning that employers added just 113,000 jobs in January, which was below the 175,000 expected, but up from the paltry 75,000 created in December. A freeze in hiring in the health care sector is one of the factors to the lower numbers. The Unemployment Rate fell to 6.6%, the lowest level since October 2008, but that can be due in part to people falling out of the work force than finding jobs.
Filling up at the pumps will begin to be more expensive as spring nears due to more drivers being on the road along with refineries shutting down for winter maintenance, which reduces supplies. The national average price for a regular gallon of gasoline is at $3.26. For 2014, AAA predicts that the nationwide average price will peak between $3.55 and $3.75 per gallon with the average price around $3.49.
The Census Bureau reports that the share of Americans who own their own homes was 65.2% in the fourth quarter of 2013, down from 65.4% in the previous quarter. Higher borrowing costs coupled with tight credit were the two factors behind the decline. The rate peaked at 69.2% in June of 2004.
In 1944, near the end of the second World War, President Franklin D. Roosevelt enacted the Servicemen’s Readjustment Act. This is what we know today as the GI Bill of Rights. This act provided veterans with a federally guaranteed home with no down payment. For millions of veterans, this gave them and their families an opportunity to realize the family dream of home ownership.
The loans are guaranteed by private lenders which include banks and mortgage companies. As long as the veteran is eligible to purchase the home, which is required to be for their own personal occupancy, the lender is protected against a loss if the loan is not repaid. This is why no down payment is required and the veteran and his or her family can obtain very favorable financing terms.
If you are a veteran and you want to apply for a VA Loan, what is your next step? The answer is to follow the normal steps of home buying and that is to get preapproved from a mortgage lender such as Alpha Mortgage. We will help determine your credit rating, your income to debt ratio and go through the process of helping you understand what your monthly costs might be. This will give you a solid understanding of what you can afford. Once we have determined what you are preapproved for, we will have a clearer understanding of how much you will need from your VA Loan. The maximum guarantee authorized by the VA is 25 percent of the loan amount up to $104,250 and the maximum VA home loan is $417,000. If you are looking to refinance, a VA Loan can help with that as well. Be sure to ask your Alpha Mortgage broker about the Streamline Refinancing Program. If you qualify you may be able to refinance at little or no expense.
Here in eastern North Carolina we are extremely lucky to be surrounded by so many of our nations finest soldiers who never hesitate to put their life on the line to protect ours. Our appreciation for the men and women of this country runs deep and at Alpha Mortgage we will work as hard as we can to make sure any military family can realize their dream of home ownership. Whether you are a member of Pope A.F.B., Seymour Johnson A.F.B., Fort Bragg, Air Station Elizabeth City, National Strike Force, Camp Lejeune, MCAS Cherry Point, or MCAS New River you may qualify for a VA Loan and we will help make the process as simple and easy as possible.
We have offices in your area that can help you when you are ready. Our Wilmington office is 910-256-8999, our Fayetteville office is 910-484-7272, our Jacksonville office is 910-347-7283, and our New Bern office is 252-634-3000. We look forward to hearing from you and while words cannot truly express our gratitude, thank you so much for your service and dedication to our country.