The surviving spouses of the deceased service members have to apply for COE through mail. They have to download and complete the VA Form 26-1817, and send the completed application form through mail for determination of loan guaranty eligibility of unmarried surviving spouses. However, the spouse must allow adequate time to the VA for establishing that the death was due to a service-connected disability.
In comparison to conventional mortgage loans, a VA mortgage loan offers several advantages to a borrower. Along with availing reduced interest rate and zero down payments, a borrower is also not required to pay any private mortgage insurance premium and penalty fee for loan foreclosure. Also, you can refinance a conventional home loan into a VA loan through the Cash-Out Refinance Loan program. However, the VA loans are designed only for veterans and service members. So the borrower has to meet certain eligibility criterions to possess a residential property by paying special VA mortgage rates. Along with having adequate income and suitable credit, the borrower also have to obtain the Certificate of Eligibility (COE) to become eligible for the loan. However, it is also important that the borrower has to use the property for his personal occupancy. You can always visit the official VA website to understand the requirements to obtain a COE. If you meet the requirements specified by VA to get a VA-guaranteed home loan, you have to apply for the COE by following specific procedures According to VA website, the veterans, service members, and National Guard and Reserve members can apply for COE online, through the lender, or by applying online. But the surviving spouses have to follow a different procedure to obtain the COE. If you decide to apply online, you have to use the eBenefits portal. The portal will require you to access the account using your login credentials. If you do not have login credentials, you have to complete the registration process by clicking on the Register box, and following the instructions displayed on the pages. You also have options to apply for the COE through the lender. Most lenders have access to an Internet-based application or the Web LGY system. The application can establish eligibility of a borrower for VA mortgage loan, and get an online COE issued within a few moments. However, there must be sufficient data in VA records to process your application through the Web LGY. You can always check with your lender about the most convenient way to obtain a COE If you want to apply for a COE through mail, it becomes essential to download the VA Form 26-1880 from the official website. The application form is available in PDF form. After downloading the form, you have to take a print out, and complete it by submitting the required information. After completing the form, you have to mail it along with the relevant documentation to the address: “Atlanta Regional Loan Center, Attn: COE (262), P. O. Box 100034, Decatur, GA 30031”. The surviving spouses of the deceased service members have to apply for COE through mail. They have to download and complete the VA Form 26-1817, and send the completed application form through mail for determination of loan guaranty eligibility of unmarried surviving spouses. However, the spouse must allow adequate time to the VA for establishing that the death was due to a service-connected disability. Based on your convenience, you have several options to obtain the COE. But you must decide the options that help you in getting the COE as soon as possible so that your VA mortgage refinance can be done immediately.
0 Comments
Treasuries headed for the biggest advance in 11 weeks after President Barack Obama won re- election. U.S. equity-index futures declined, erasing earlier gains and gold climbed for a third day. At 8:30 the DJIA futures traded at -123, yesterday the DJIA closed +133.
Treasuries and MBSs are rallying strongly this morning on the results of the election based on the view that the Fed will continue easing whereas if Romney had won he was thought to be ready to end the monetary stimulus, at least at the magnitude is now. He said he would not re-appoint Ben Bernanke when his term ends early 2014. In that regard Bernanke will not likely seek another term even with President Obama winning the election. Nevertheless this morning traders and investors are betting on weaker growth and more Fed stimulus. So far the Fed has helped keep the U.S. economy growing by purchasing $2.3 trillion of Treasuries and mortgage-related bonds and instituting a plan to buy $40 billion of home-loan securities a month. Romney talked about increasing taxes, that didn’t go down well, while Obama must deal with the “cliff” coming he is seen as less cuts and less tax increases than Romney. President Obama got 303 electoral votes compared to 206 for Romney (Florida still hasn’t yet been decided), but Republicans held the House while Democrats remained in control of the Senate. In that respect nothing is different now than prior to the election. According to Bloomberg data, since Lyndon Johnson defeated Barry Goldwater back in 1964, when a Democrat has won the White House the 10 yr note yield has fallen 40 basis points in the following month, while when a Republican wins the note yield increased by 19 basis points. If that holds this time the 10 yr note would test the low yield set back in July at 1.40%. Whether or not that will occur again is questionable but the decline in the 10 yr note rate this morning is adding additional bullish technical bias. The impact on markets from the election results are not likely to be well defined for a few days or more. Nothing has changed in terms of the make-up of the White House, the House or the Senate. Looking beyond the election Europe is climbing back into focus. The European Commission today cut its growth forecast for the euro zone. The 17-nation euro economy will expand 0.1% in 2013, down from a May forecast of 1.0%. It cut the forecast for Germany, Europe’s largest economy, to 0.8% from 1.7%. Europe’s economies are declining leading to slower growth in the US. Retail sales decreased more than economists estimated, a report showed today. Sales fell 0.2% from August, when they rose 0.2%, the European Union’s statistics office in Luxembourg said. Economists had forecast a decline of 0.1%. German stocks fell, erasing yesterday’s gains, as the European Commission cut its growth forecast. Greek lawmakers vote today on an austerity bill that contains austerity measures demanded by the so-called troika that oversees euro-area bailouts insists. A 31.5 billion-euro ($40B) aid payment has been frozen since June. At 9:30 the DJIA opened -143, NASDAQ-39, S&P -15. The 10 yr note yield 1.64% -11 bp; 30 yr MBS price +79 bp frm yesterday’s close. This afternoon at 1:00 Treasury will auction $24B of 10 yr notes; yesterday’s 3 yr auction was on the weak side in terms of demand. At 3:00 Sept consumer credit is expected +$10.0B. Let’s give this a few days for markets to settle down. Today and yesterday have been quite volatile, the implications of volatility is uncertainty; look for more of it today and over the next week or so. That said, the election and the renewed interest in the EU debt mess are combining to drive interest rates down. Some are now outwardly calling for the 10 yr note to fall to 1.40%, the low last July, and possibly below it. We still don’t agree with that, but we have to respect the action and this morning it looks quite bullish at the moment. The 10 yr this morning is 25 bp frm the July low, not an insurmountable task but to get there the economic outlook has to weaken for the US and Europe, and the Fed has to add more stimulus---both possible but at this point we don’t agree. Treasuries and mortgages opened firm this morning ahead of the Sept existing home sales at 10:00. The dollar is being hit again this morning, adding support to the stock indexes and the bond market; the finance ministers finished their meeting in South Korea with a statement that MAYBE the G-20 will think about adopting a plan to make currencies more attuned to markets and the economy rather than moving closer to a currency war that has been brewing for months; the dollar this morning is pushing into lows against the yen not seen in years. European stocks climbed after Group of 20 finance chiefs heightened speculation the Federal Reserve will announce further stimulus measures next week.
Ben Bernanke spoke early this morning (8:30) saying the central bank and other regulators are “intensively” examining financial firms’ home-foreclosure practices and expect preliminary findings next month. “We have been concerned about reported irregularities in foreclosure practices at a number of large financial institutions,” ...... “We are looking intensively at the firms’ policies, procedures, and internal controls related to foreclosures and seeking to determine whether systematic weaknesses are leading to improper foreclosures.” He didn’t comment on the outlook for the economy or monetary policy, eight days before the Fed meets to decide on what economists and investors expect will be a plan to boost growth by restarting large-scale securities purchases. After discussing foreclosures, he devoted much of his remarks to the Fed’s housing-market efforts, such as studies, conferences and events serving troubled borrowers. The DJIA opened +50; 10 yr at 9:30 +14/32 2.51% -6 bp and mortgage prices +7/32 (.22 bp) on 30s and +5/32 (.15 bp) on 15s. At 10:00, the only data today, Sept existing home sales, expected up 2.9%, increased 10.0% to 4.53 mil annualized. A big jump but not what the headlines would suggest; most closings were part of the tax credit, 35% of the sales were distressed sales and now with the foreclosure issues sales in Oct won't do so well. The median home price $171,700.00 with a 10.7 month supply on the markets, inventory levels did decline 1.9% but still leaves a huge overhang, especially when the foreclosure moratorium ends. There was no reaction to the better report in the bond or mortgage markets on the report. This Week's Economic calendar: Tuesday; 9:00 am Case/Shiller 20 city home price index (+2.0%, August +3.18%) 10:00 Oct consumer confidence index (49.0 frm 48.5) 1:00 pm $35B 2 yr note auction Wednesday; 7:00 am Weekly MBA mortgage applications 8:30 am Sept durable goods orders (+1.7%; ex transportation orders +0.1%) 10:00 am Sept new home sales (+2.4% to 295K units annualized) 1:00 pm $35B 5 yr note auction Thursday; 8:30 weekly jobless claims (+3K to 455K) 1:00 pm $29B 7 yr note auction Friday; 8:30 am Q3 advance GDP (+2.0% frm +1.7% in Q2) Q3 employment cost index (+0.5%) 9:45 am Oct Chicago purchasing mgrs index (57.5 frm 60.4) 9:55 am U. of Michigan consumer sentiment index (68.0 frm 67.9) Interest rate markets are likely to continue their narrow trendless range through the week ahead of the QE and elections next week. Over the past two weeks mortgage prices and mortgage rates have been generally flat with prices moving in a very narrow range. The Fed will step up and announce large scale buying of treasuries when the FOMC meeting concludes on Nov 3rd, in the meantime the Nov 2nd elections, while generally conceded to Republicans, is still a soft point for markets; the margins of victories and the number of them will be closely monitored as a measure of consumer discontent that has increased dramatically over the past 9 months. The health care bill a true mess, and government spending have consumers increasingly nervous over the economic outlook. Can the new make up of the House and Senate change the underlying fears of consumers? Will Pres Obama stand strong and use his veto powers to hold health care as it is currently written or will he concede the bill is flawed and work to fix it? These and other key questions will dominate through the remainder of the year. - www.tbwsratealert.com Home buyers and refinancers waiting and hoping for a return of record low rates suffered a setback last week as fixed rates reversed a three-week downward trend. Data releases this week are light but on Tuesday markets will hear biannual testimony on monetary policy from Ben Bernanke, chairman of the Federal Reserve. Bernanke will speak before the House on Tuesday and repeats his testimony to the Senate on Wednesday, but each day offers a new Q&A. Mortgage rates drifted down for the third consecutive week although they remain well above the record lows established this spring. Markets look poised to build on three days of rapid gains which have pulled markets up 6.1% since Monday. Futures are looking up this morning after JP Morgan posted Q2 earnings of 28 cents per share, well above expectations of just 4 cents. A better than expected GDP report from China (+7.9%) doesn’t hurt sentiment either. Since June 10 the S&P 500 has dropped more than 7%, including a 1.9% fall on Friday, which pushed the index below its 200-day average. This week a surge of positive data could cause markets to switch direction, but if news disappoints markets could extend their recent declines. After 22 weeks, initial claims for unemployment benefits have finally fallen below 600,000. There were 565,000 new filings in the week ending July 4, the lowest weekly number since January and a much softer figure than expectations for 610k claims. After making little to no ground during the holiday shortened work week, mortgage backed securities are still in search of clear direction. Last week MBS closed at the same level at which they opened on Monday, even a very poor Employment Situation report was unable to increase demand for "rate sheet influential" MBS coupons. To remind readers, as MBS move higher in price, mortgage rates move lower. Following the release of the employment situation report on Thursday, MBS did manage to gain some ground but eventually gave back early morning gains as market participants made for an early exit ahead of the three day weekend. Matt and AQ inform me that MBS are battling a very unclear economic picture which is prohibiting prices from moving higher. The week ahead is very light on economic reports with the highest impacting events to come from Treasury auctions throughout the week. |
Archives
December 2013
Categories
All
|