The Destin Real Estate market has to be one of the most exciting areas in the country. Sure it has seen it's ups and downs but compared to other areas prices are still very reasonable for what you are able to acquire. That being said rates have begun to creep once again and many have been weary of what to do. Destin Real Estate buyers are a good mix of people from different backgrounds. One of the interesting demographics that most people don't realize is the retired military or previous service members. With bases like Eglin Air Force Base, Hurlburt Field, Panama City Naval, Pensacola Naval and Tyndall Air Force Base, and don't forget Fort Rucker all within a 15 minute-2 hour drive there is a surplus number of service members here. The VA loan limits have been a little low for what was needed in our area, but it looks like there is some thought to increasing those limits as in the article below...let's cross our fingers!
Daily Real Estate News June 6, 2008
Making VA Loans Relevant Again
U.S. Rep. Bob Filner (D-Calif.), chairman of the House Veterans Affairs Committee, is pushing a proposal to raise the ceiling on loan amounts to $730,000. Meanwhile, Sen. Daniel Akaka (D-Hawaii), chairman of the Senate veterans' affairs committee, has proposed a bill that would lower the equity requirement for a veteran to refinance a mortgage with a VA loan from 10 percent down to 5 percent; and Rep. Steve Buyer (R-Ind.) wants the maximum for VA-backed loans for refinancing to be at least $417,000. The lack of competitiveness of VA-guaranteed loans has resulted in their nationwide decline from a recent peak of nearly 500,000 in 2003 to just 133,000 last year, Filner says. Meanwhile, the Department of Veterans Affairs says its loan counselors have assisted 74,000 home owners since 2000, including half of all VA loans in serious default last year, and have helped save the government nearly $1.5 billion.
Source: Stars and Stripes, Tom Philpott (06/06/08)
This would be a wonderful asset for our friends in the service so they could at least afford to purchase in this market if they had the capital to invest. Obviously many of our veterans are severely under paid but we should always bend over backwards whether in the Destin Real Estate market or anywhere in the country!
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