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  We hope for the sake of Minnesota veterans seeking to refinance or purchase a home with a VA Loan, that the headline  in  the Wall Street Journal is inaccurate. Our goal at VALoansMN is to be a reliable resource for Minnesota Veterans and vets nationwide. We’ve been writing here, and discussing with our clients, the current mortgage market conditions for months now. Let’s say it again; mortgage rates are at historic lows and housing prices are discounted. The Oracle of Omaha, Warren Buffet, once said “you buy when there’s blood in the streets”. Ladies and Gentlemen, there’s blood in the streets. VA loans are, we believe, the best mortgage program available. Those eligible to buy or refinance a home using a VA loan in Minnesota and nationwide have earned the priviledge to use this program. We owe it to them to make it available. But alas, we may not be doing a sufficient job of convincing our veterans that now be a waning time to buy or refinance using your  VA loan at these historic rates.

The Journal story is headlined Borrowers Pass Up Mortgage Windfall. The ‘windfall’ is obviously today’s rates.  This (closing) window  of  opportunity that’s been with us for a few months now came about because of the Federal Reserve tweaking the  monetary policy pushing rates to lows not seen in decades.  Yet millions of Americans, and tens of thousands of  Minnesota Veterans, can’t-or won’t-refinance. We at VALoansMN understand that fully one-quarter  of homeowners are underwater on their mortgages. They owe more than their homes  are worth making it impossible, in most cases, to refinance. We’re concerned about the other 75% who may have equity sufficient to qualify for an assumable, low rate VA loan which could save a veteran tens, if not hundreds, of thousands of dollars.  We’ve written earlier on these pages that even refinancing your current conventional loan into a same rate VA loan carries benefits worth considering.

We urge our colleagues in the industry and others to reach out to our Veterans and have a sit-down to discuss this opportune time. These people have served us, now let us make an uber-effort to serve them.