The Palm Beach Post from West Palm Beach, Florida on March 29, 1998 · Page 344
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The Palm Beach Post from West Palm Beach, Florida · Page 344

West Palm Beach, Florida
Issue Date:
Sunday, March 29, 1998
Page 344
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1 v : i; : a r ' h r: 1 i ! ? i ' ; : ) ! ; ; ; i ? i . :. ,i : :- -' ;N. the palm beach post residences advertising section Sunday, march 29, 1 998 15 mortgage program could affect vets 'Our veterans do not deserve to have their benefits compromised.' Curry Jameson, a Realtor from Reno, Nev., and chair of the NAR's Federal Housing Policy Committee Merging VA Merging the Veterans Administration home loan guaranty program with other federal housing programs could severely curtail its benefits, shortchanging veterans of the ability to use an important home financing tool and a key entitlement, according to a representative of the National Association of Realtors. Curry Jameson, a Realtor from Reno, Nev., and chair of the association's Federal Housing Policy Committee, discussed the need to leave the VA mortgage program intact during testimony recently before the congressionally chartered Commission on Service Members and Veterans Transition Assistance. The hearing was part of a periodic evaluation by Congress of various federal programs including veterans' entitlements to determine the existence of any excessive costs, duplication and overlap. "The VA home loan guaranty program is offering veterans a centralized, affordable, accessible method of purchasing homes in return for their service to our nation. The home financing component is one of several entitlement benefits, along with education, medical and unemployment assistance, that must come from a single source to minimize inconvenience for the people who need the services," Jameson said. "The administration of VA home loans should remain under the auspices of the Department of Veterans ness and efficiency. They include: Keeping the program open to reservists. In years past, VA loans were limited to active-duty military personnel and veterans who met the requirements for program eligibility. Now, the home loan program is open to people who have served in the nation's reserve forces or the National Guard, and who have been honorably discharged. However, the program is only open to reservists through October 1999. Reinstating the VA adjustable-rate mortgage program. After a three-year demonstration period, the ARM program ended at the end of September 1995. NAR supports reviving the ARM option to meet the borrowing needs of veterans. Modifying VA's fee panel appraisal system to improve the delivery of home ownership to the veteran home buyer. Current law requires that appraisers be assigned from DVA's list of appraisers on a rotating basis. But, imbalances in the number of appraisers in differing regions of the country have contributed to delays in completing VA-approved appraisals. NAR believes an appropriate remedy would involve expanding the VA fee panel to include more appraisers, or implementing an appraiser roster and permitting lenders to select appraisers from the roster list. Making the existing fee structure permanent to protect the veteran home buyer from increases as a response to fiscal and budgetary objectives. which is the inability to save for a down payment, Jameson explained. "The VA program offers the only nationally available no-money-down plan. There is a clear need to keep this special home buying advantage intact," he said. Over the years, significant progress has been made by the VA program to reflect changes in the marketplace and meet the needs of its users, he noted. One example is the deregulation of the interest rate charges for mortgages guaranteed by the VA. Prior to deregulation, the rate was controlled by the VA. When it lapsed below the market rate charged for other types of mortgages, lenders often would charge a high number of loan discount points to make the VA loans attractive to investors. Because veterans were prohibited from paying points, sellers were either forced to pay the extra costs or disregard offers involving VA financing. "Clearly, the change to a negotiated rate has made the program more attractive," Jameson said. lie offered other recommendations to further improve the program's effective NAR is concerned that consolidating administration of the VA loan guaranty program with other federal programs such as those administered by the Department of Housing and Urban Development would diminish its unique benefits and subject the program to competition for federal assistance. "Our veterans do not deserve to have their benefits compromised," he said. Since its establishment as a veteran's entitlement in 1944, the VA home guaranty program has enabled more than 15 million veterans to purchase and maintain homes. One of the main factors behind the success of the VA program is its no-down payment feature, which allows users to obtain mortgages up to $203,000 without making a down payment. DVA research shows that in fiscal year 1996, 90 percent of all homes financed through the loan guaranty program were purchased with no down payment. This benefit not offered through other types of home financing permits prospective users to overcome the single greatest obstacle to home ownership, WATERFRONT SEMINOLE WATERFRONT JUPITER ISLAND WATERFRONT ADMIRAL'S WATERFRONT SEMINOLE WATERFRONT JUPITER ISLAND WATERFRONT ADMIRAL'S 1 ri TL- li " Zl Zl Zl 5 o cc u. r UJ t An Affiliate Of to JOHN O'MAHONY Waterfront Specialist Specializing in Unique Properties Office: 744-9444X32 .J. - ,- .-a cc s o Home: 575-9542 Toll Free: 800-735-8186 m CHRISTIE'S GREAT ESTATES Virtual Reality Tours. Call for a 3D trip through your homa or the property you are interested in. 12 '4 -it r I LOXAHATCHEE RIVER - 2 acres, gracious 55 I n !w2?tSfTI II ft wtons oi cnaraaer Awesome ictpoierraai rd sudo- c wJe into 2-125 x250 lots east south east, seller 2 JUPITER ISLAND OCEANFR0NT - Jupiter Island. 55'i, 4300 sq. ft., UA, main house, cabana, 33 guest house tit loft, separate 2 car garage. 100' ocean frontage, awesome! Call John 0. Asking $1 ,850.000.00. Q Z -I financing available. Asking $1,150,000. Can John O. 1 r NEW JUNO OCEANFRONT RESIDENCE - 4,4 5 ml 4.000 sq ft. LA. AB amenities, pool, private drive crossover, ete- w. ,.ia tM. ttocnnnn n. MGWRCEUT OCEMFRONT - 5BR5 5BA, 3 car ga-age lX x ft Lwng Area. But on Wings MatfcConan Elevator? Freotices Usr csmisioorwws Wlttttltouse'condoBtrKte Gone WwGas. 15ft. at)we sea level tennc $" rS.HO Cat jot 0. DOUBLE MASTERS -1 up 1 down, 2 lots from the ocean, 335 w' gourmet kitchervmapie w hand-pamted file tops, humcane shirners. heated courtyard pool. Reduced to $549 ,000. Motivated" Call John 0. Xpnce thru May of 98. $1 .500.000 Call John 0. OCEANFRONT TOWNHOMES 2 779,000, 3100 sq. fl.- 3 779,000, 3100 sq. fl.-ua 770 rrn oinr. en ft . T 5 I 5 879.000, 4300 sq. ft.- tT S z o oc - DEVELOPMENT SITE APPROVED FOR 9 UNITS, READY TO BUILD, ASKING $2,250,000. NEW LISTING - 2 lots from ocean. 3 000 J? sq fl. living area. 3 or 4 bedrooms, heated x pool. 2 masters, conan, glazed tile AsKing x $579,000 (ocean view) Call John O O WATERFRONT . srVINOLE WATERFRONT JUPrTER INLAND WATERFRONT ADMIRAL'S WATERFRONT SEMINOl E WATERFRONT JUPITER ISLAND WATERFRONT ADMIRAL'S

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