Auto Insurance Archives - Hanover Mortgages

February 5, 2021

What To Do If You Can’t Get Car Insurance

Finding reliable car insurance can be frustrating for anyone. After the carrier who offered your best option for auto insurance denied your application, it can be hard to decide what to do next — but there’s still hope.

Car insurance companies want to insure people whom they think are low-risk. The factors that determine your risk can be improved over time. And some companies are more willing to insure riskier policyholders. If the first or second provider doesn’t work out, you still have plenty of options. Here’s what you can do to find coverage now.

Why some insurance companies deny applications

Car insurance providers favor people who the provider thinks are less likely to file a claim. To decide who these drivers are, car insurers factor in information like driving record, credit history, age, location and more.

You can affect some factors, but others are beyond your control. If your application was denied, the insurer might not tell you why. But you can always call and ask. Here are a few of the reasons why some car insurance companies commonly deny applicants:

Driving record: If you have moving violations or at-fault accidents on your record, it will affect your car insurance cost. If you’ve experienced many violations or accidents, then some car insurers may deny your application.
Location: Car insurers commonly draw on location-based crime statistics to determine risk in a policy. If you live in an area that experiences high levels of property crime, such as theft or vandalism, then the insurer may be less willing to insure your vehicle.
Previous lapse in coverage: A red flag car insurers commonly look for is a lapse in coverage. If you’ve allowed your car insurance to expire in the past without getting a new policy, it could make it more difficult to find insurance.
Credit history: Some car insurers may deny applicants who have a spotty credit history. The insurer could use this as an indication that you have trouble keeping up with monthly payments.
Type of car: If you have a car model that’s known to be dangerous on the road, it could make car insurers wary. Some car insurers might stay away from insuring certain types of cars.
Outside coverage area: Many car insurers only offer coverage in certain states or areas. If you live outside the insurer’s area of coverage, they won’t be able to provide you with insurance.

[ Read: Non-Owner Car Insurance: What Is It and Who Needs It? ]

What to do if your car insurance application was denied

Having a car insurance application denied is never fun. But it’s not the end of the road. It’s always a good idea to ask why you were denied so you can get an idea of how to improve your profile for future applications. If you’re having trouble finding traditional auto insurance, here’s what to try next.

Short-term options:

High-risk car insurance: Some insurance providers offer policies specifically catered to high-risk drivers. If your preferred carrier won’t cover you, a high-risk provider might be able to help. Keep in mind these policies can be more expensive than standard policies.
State-run high-risk insurance: Some states have insurance pools for drivers who can’t find insurance with a regular provider. For example, Maryland Auto Insurance is state-run insurance for Maryland drivers who can’t find coverage elsewhere.
Family member’s insurance policy: If you can’t find insurance, a family member might be able to add you on to their existing insurance policy. Many providers only allow this if both people live at the same address. But some make exceptions for college students.

[ Read: The Simple Guide to Car Insurance ]

Long-term options:

Improve driving record: If you can stay accident- and moving-violation free for a year or more, it could improve your chances of qualifying for standard auto insurance.
Improve credit score: If you can boost your personal credit by paying off debt and staying on top of your monthly payments, then it could also help you find auto insurance from a standard provider.
Check again in six to 12 months: Companies often shift their guidelines, and your chances of getting approved could change in the future. After six months or a year apply again.

Where to get car insurance when standard companies won’t insure you

People often ask, “can car insurance companies deny coverage?” And unfortunately, they can. If the standard car insurance carriers are not doing the trick, there are high-risk insurers who can help. If you get approved for high-risk insurance, it will probably be more expensive than a standard policy. Here are a few places to try:

[ Read: What’s the Average Cost of Car Insurance In the U.S.? ]

State Farm: This well-known provider offers car insurance policies of all kinds, including policies for high-risk drivers. They also have many discounts available, which could offset the generally higher cost of coverage.
The General: This provider has specialized policies just for high-risk drivers. If other companies deny you coverage, this company should be able to help. You can even get a quote through their website.
Bristol West: This provider is run by Farmers Insurance, and Bristol West had dedicated policies just for drivers who’ve been denied by standard providers due to a driver’s higher risk.
State-run insurance pool: If no private insurers will agree to give you coverage, check to see if your state offers an insurance pool for high-risk drivers. This is generally the last option to try.

How to get better deals on auto insurance

If your monthly insurance premium is high, there are many ways to offset the cost. Most car insurance providers offer discounts for a variety of things, and it’s always worth a phone call to see what you might qualify for.

[ Read: How to Switch Car Insurance Companies ]

A few of the most common discounts include a bundling discount for multiple policies such as combining car and home/renters insurance, a discount for setting up auto-pay, a loyalty discount for using the provider for a certain amount of time, and a paperless discount for having your policy and payment details emailed to you.

Another option is shopping around for a new car insurance provider. Getting quotes is now fast and easy using provider websites or a mobile app. Many of the larger car insurers have online quoting tools that you can use to get a quick estimate of how much your monthly premium will cost.

Too long, didn’t read?

If your insurance application was denied, call the company and ask an agent what you can do. You may be able to better your chances by driving safely and improving your credit score. But if you can’t find a standard car insurance policy, some car insurers offer high-risk policies, and some states have their own insurance pools for high-risk drivers.

We welcome your feedback on this article. Contact us at inquiries@thesimpledollar.com with comments or questions.

Source: thesimpledollar.com

February 4, 2021

These States Do Not Require Car Insurance

Is it illegal to drive without insurance? Answer: it depends.

Car insurance is legally required in most states. It is an expected, predictable monthly expense for most drivers that helps prevent financial ruin in an accident. Luckily, depending on what type of policy you have, you’ll be covered whether you are found to be at fault or are the victim of a careless driver.

However, despite all of the benefits of car insurance, it is legal in some states not to have it.

Is this safe? Are drivers using alternatives? Let’s talk about it.

What states don’t require car insurance and why?

Out of all the 50 states, two states do not require auto insurance. The states that don’t require car insurance are New Hampshire and Virginia.

In Virginia, if you choose to not have car insurance, there is a fee of $500. Ironically, the fee is actually more than the average cost of liability most drivers pay in this state (currently, Virginia drivers pay an average of $469 for minimum coverage). It should be noted, however, that the $500 doesn’t get the driver anything in return and must be paid yearly for each vehicle the driver owns. The $500 is a fine, straight and simple. Should a driver choose to pay the $500 fine instead of purchasing car insurance and be found at fault in an accident, he or she will still be expected to pay for any damages inflicted. Even though it has a car insurance ‘loophole,’ Virginia is a tort state. Drivers responsible for auto accidents must give the affected party compensation for any medical injuries and property damage inflicted.

In New Hampshire, there isn’t a fee for not having car insurance, but if you get into an accident, you’re still required to pay for any damages you cause because it, too, is a tort state. The state average in New Hampshire is currently only $425.84 for minimum coverage.

If you do decide to purchase insurance in either state, New Hampshire requires you to have a 25/50/25 policy, whereas Virginia requires a 25/50/20 policy. This means that should you be found at fault in an accident, your insurance provider must cover up to:

$25,000 per person for bodily injury or death
$50,000 per accident for bodily injury or death
$25,000/ $20,000 for property damage

You must pay any damages that exceed your policy limits out of pocket. If you cannot pay, both your license and car registration will be suspended in both states.

What options do I have in these states?

In Virginia, you also have the option to purchase a bond or deposit cash with the state instead of purchasing car insurance. If you do this, you are essentially proving financial stability to your state. In fact, you can do this with a number of other states as well. All of the following states that allow bonds or cash deposits in lieu of car insurance include:

Alabama
Arizona
California
Colorado
Delaware
Idaho
Indiana
Iowa
Louisiana
Maine
Maryland
Massachusetts
Mississippi
Missouri
Montana
Nebraska
New Mexico
New York
North Carolina
Ohio
Oklahoma
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington

Each state has its own bond or cash deposit requirement, but all are quite significant. In Virginia it’s $50,000, and in many states it’s considerably more (Utah, for example, requires a bond or cash deposit of $160,000).

The bond or cash deposit is used in the event that you cause an accident. Any amount paid to an injured party must be immediately repaid with interest back to the state.

There are obviously many differences between bonds and car insurance. One of the more interesting ones, however, is that the bond applies to you and not your car. This means you can drive any car you want with a bond and not worry about whether or not you are covered.

If you live in one of these states, what’s your best option?

Choosing to not have insurance in Virginia and New Hampshire (or any of the above bond states) is an unnecessary risk. The prices for medical treatment, court fees, and new cars are only going to continue to rise year after year. Though you may have a sizable bank account, you could very easily lose everything after a single accident.

If we don’t even consider the costs for medical treatment, consider a new car’s cost. These days, many new cars cost between $30-$50k, which is likely more than enough to wipe out any bond or cash deposit with your state (if not your entire savings account).

Next, consider the cost of car insurance compared to how much $50,000 could grow when properly invested. $50,000 invested for ten years with a 6% return rate would grow to $89,542.38. The U.S. average for minimum liability is only $611.12 a year. Assuming it stays at about the same amount, ten years’ worth of payments would equal $6,111.20 — far less than the $39,542.38 profit you would make if you invested your money instead of purchasing a bond
[ Read: How Much Car Insurance Do I Need? ]

Too long, didn’t read?

Is it illegal to not have car insurance? It’s not in two states, but it’s always a bad idea. Alternative options often require tens of thousands of dollars that could be better invested elsewhere that would more than pay for each state’s minimum coverage. For this reason, we highly recommend that each driver insure his or her car (here’s a list of our favorite companies to work with).

When shopping, don’t just consider the cost of minimum liability. It’s often far wiser to purchase comprehensive and collision, too.

We welcome your feedback on this article. Contact us at inquiries@thesimpledollar.com with comments or questions.

Source: thesimpledollar.com

February 3, 2021

Does Car insurance Cover Flood Damage?

Flood damage is no fun at all, especially when it comes to your car. But you have car insurance, so the damage should be covered, right? Well, it’s not quite that simple. Flooding isn’t one of the most common issues that car owners face, so it’s not necessarily included in every car insurance policy. Don’t worry; you have options, and we’re here to help. Ahead, we’ll discuss what kind of car insurance you’ll need to cover floods and how to file a claim for a flooded car.

Does car insurance cover floods?

In short: possibly. If you have comprehensive insurance, your car should be covered for flood damage. If your car is leased or financed, you should have comprehensive insurance already, as it’s required on a car that’s still being paid for. If you aren’t making payments on your car, you might still consider comprehensive car insurance, especially if you live in a state prone to flooding, like those on the coasts, in the flat Midwest, or anywhere near water.

Flooding can cause serious damage to your car. Some of the most common problems with flooded cars are down to the electrical system inside the car, but it will damage just about everything, both under the hood and inside your car. Flood water will even wreck your interior, so if you’re worried about flooding, get that comprehensive insurance so you’re covered.

[ Read: The Best Cheap Car Insurance for College Students ]

Tips for filing your flood damage auto insurance claim

Take plenty of pictures

The most important thing you can do if you have flood damage is to document it. Take pictures of every single angle of your car and every place that’s damaged. Take close-ups, wide shots, interior pictures, under-the-hood pictures and everything else you can think of. These should be pretty easy to take on your phone, just make sure you don’t lose track of them. Back the photos up on the cloud or your computer, just in case.

File early

File a claim on your damaged car immediately. You’ll want to contact your insurance company as soon as is safely possible, depending on what you’re dealing with flood-wise. Get in touch and let them know the situation with the flood and how much damage you’re dealing with with your car. You already have your pictures handy, which will help back up your story. But the sooner you file your claim, the sooner the insurance company can start processing it and help you.

Check for hidden damage

You may not be able to see all the damage under the hood right away. If your car is driveable, you might take it to the local body shop to have a professional look for further damage. If it’s not driveable, see if you can have a mechanic come to your house and look for further damage. Do this early so you can include it in your claim.

[ Read: The Coolest Car Insurance Mobile Apps ]

What to do if a flood totals your car

If the insurance company determines that the cost to fix your car is more than the car is worth, they might consider it totaled. The damage doesn’t even have to be considered 100 percent totaled, depending on what state you live in. In some states, 75% of the value is enough to be considered totaled. An insurance company may also total your car if it’s determined that it’s simply not safe to fix it and drive again. If this is the case, the insurance company will pay out what you’re owed, depending on the car’s value and your insurance policy. Be prepared here, though, to have your own information backing up the value of the car, as your insurance company might rely on you to have this information or might not come back with a value that you agree with.

If your car is not totaled in a flood

If your car is damaged in a flood and the insurance agency determines that it can be fixed, you’ll first have to cover the deductible, whatever it is on your policy. The insurance company will cover the cost of the damage after that, but be prepared for this process to not be quick. There is a lot of paperwork and planning in this process to ensure the repairs are made in a way that the insurance company allows. Also, most likely if your car was damaged in a flood, others in your area were as well, which means the insurance companies are busy with claims, and the mechanics and autobody shops in your area are busy with repairs.

[ Read: When Should You Downgrade Your Car Insurance? ]

How to prevent and prepare for auto damages in a flood

Get comprehensive car insurance: The first and most important thing to do is make sure you have comprehensive car insurance. This car flood insurance is the key to your protection.
Park your car on higher ground: If you know a storm is coming, move your car to higher ground if possible. This way it’s less likely to get caught in a flood.
Seal the doors and windows: Not that this will save you in a total flood, but make sure the doors and windows are properly sealed, as it can help keep some of the water out.
Avoid puddles: If you’re driving while it’s raining and starting to flood, avoid driving through puddles or standing water. For one, these are obvious pools of water, which can breach your car. For two, you don’t actually know how much water might be in that puddle, and it could flood your car.

Too long, didn’t read?

A flood-damaged car can be a nightmare, but your insurance can help you if you’ve got the right coverage. If your car is caught in a flood, contact your insurance agency right away and document all your damage. Hopefully, they’ll be able to help you out and get you back on the road in no time.

We welcome your feedback on this article. Contact us at inquiries@thesimpledollar.com with comments or questions.

Source: thesimpledollar.com

January 25, 2021

Should I Bundle My Car and Home Insurance?

The older you get, the more you have to insure. First, it’s your car, then your home, then your life and the list goes on.

These are all valuable things worth protecting, but the costs can add up. Americans saw their rates for homeowners insurance rise by more than 45% from 2008 to 2017, according to the Insurance Information Institute.

Home and auto insurance policies are two of the most common types of coverage, and it can be an expensive headache to find the right policies. But there is a way to simplify and save — bundling insurance.

When you bundle home and auto insurance policies together with the same carrier, you can lower your premium significantly.

What is bundling?

Any time you group together more than one type of insurance policy from the same insurer, you are bundling insurance policies. When you do this, most insurance companies offer bundling discounts, also known as a multiline or multipolicy discount.

The reason for bundling discounts is simple — insurers want more of your business! If insurance companies can persuade you to bundle home and auto insurance policies that you currently have with other providers, they’re getting a larger monthly premium from you than they would for just one policy, even if it’s discounted.

Providers will usually allow you to bundle any policies they offer. Car and home insurance bundles are the most common, but many insurers offer discounts for bundling renters and car insurance policies, as well as combinations of life, boat, RV and other specialty insurance offerings.

Savings for bundling insurance can vary — and will usually increase as you bundle more policies — but typically range between 10% and 25%. Most companies advertise savings of up to a certain percentage, but the best way to find out what you can save is to get a few quotes and compare your bundling discount options.

[ Read: The Simple Guide to Car Insurance ]

Pros and cons of bundling home and auto

Pros

Discounts: More often than not, your insurance provider will offer you a discount of 10% to 25% for bundling home and auto insurance. Some insurers even advertise up to 29% savings on some policies when you bundle.
Convenience: When you bundle car and home insurance — and any other policies — with the same company, it’s one less bill to manage. You don’t have to call different agents for insurance claims since the entire process is simplified and streamlined under one provider.
Security: If you frequently make claims on any policy, you are in danger of having your insurance company drop you. The more policies you have with one provider, the less likely this is to happen. If you tend to get into a lot of car accidents, it may be smart to bundle your car policy with home and life insurance to reduce your risk of losing coverage.
Combined deductibles: Some insurers will even combine your deductibles when you bundle. That means a claim involving more than one policy wouldn’t be subject to multiple different deductibles. A storm, for instance, could easily damage both your home and your car. In that case, a combined deductible could significantly lower your out-of-pocket costs.

Cons

You could miss out on savings: Because it’s simpler to combine policies with one insurer, you may be less likely to shop around for the best rates. In some cases, you may find lower rates by getting a variety of home and auto insurance quotes and picking the ones that offer you the lowest rate outright.
It may be less convenient than you expect: Some insurers bundle policies through affiliate providers, which still gets you a discount but removes some of the convenience of dealing with one agent. When you’re making home and auto insurance bundle comparisons, be sure to ask about how you’ll make claims for each of your policies.
Your discounts may erode over time: Discounts for bundling insurance are designed to build loyalty, so it’s easier to set it and forget it. This may be convenient, but if you don’t pay attention, your insurance provider can gradually raise your rates with each renewal and chip away at your savings.

[ More: The Average Cost of Home Insurance ]

Compare home and auto bundles, by insurance company

Insurance Company	Advertised Bundling Discount	Other Available Bundles
Progressive	12% on average	Any combination of two or more policies
Allstate	Up to 10% on auto and 25% on home	Life and renters
Esurance	Up to 10%	None advertised
Farmers	20% on average	Life, umbrella, small business and specialty
Nationwide	Up to 20%	Auto, boat, renters and life
Travelers	Up to 10%	Renters
Amica	Up to 25%	Life
State Farm	Up to 17%	Renters, condo and life
USAA	Up to 10%	Renters
American Family Insurance	Up to 29% on auto and 20% on home	Life, auto, RV, condo, boat, umbrella

Tips for bundling home and auto insurance

All bundling is not created equal, and sometimes you may not get a great deal. However, there are a few things you can do to make sure you get the most out of bundling car and home insurance. Here are a few tips:

Shop around

Whether you’re bundling or not, you’ll never know if you’re getting the best rates unless you shop around. Compare auto and home insurance quotes — both as individual policies and bundled — and be sure you are getting a deal you’re happy with.

Ask about affiliates

If convenience is a priority for you, then don’t forget to ask your agent about any affiliates or third parties that would be involved in your policy. It might not make sense to go through all the effort of combining policies for a small discount if you won’t also save yourself time and headaches when you make claims.

Don’t bundle more than you need

Insurance companies always want you to buy more, and bundling discounts are a big incentive they use to encourage that. But that life insurance policy might not make sense if you’re just out of college with no dependents and a starting salary. Only pay for what you need — and reevaluate those needs regularly.

Check in regularly

Your insurance needs, along with your rates and potential discounts, change over time. You should check in with your agent frequently — and compare prices with other insurers — to make sure you’re getting the best available premiums. Renewal time is usually a good reminder to check in and make changes.

[ See: Best Cheap Insurances ]

Too long, didn’t read?

Bundling home and auto insurance policies can be a great way to save money and simplify how you manage your policies. But it does still take some work to ensure you’re getting the best deal and maximizing convenience. If you take the time to compare your options and discuss the details with your agent, you may find that bundling is a great option for you.

We welcome your feedback on this article. Contact us at inquiries@thesimpledollar.com with comments or questions.

Source: thesimpledollar.com

January 24, 2021

How to Get Cheap Car Insurance

How to Get Cheap Car Insurance – SmartAsset

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For many people, car insurance is a major expense category in the household budget. And because it’s against the law to drive without car insurance, it’s not a budget item that can be eliminated unless you’re willing to go car-free. That doesn’t mean, though, that you’re stuck paying sky-high rates. Here’s how to get cheap car insurance.

Learn about personal loan rates.

How Insurance Companies Set Car Insurance Rates

Like health insurance, car insurance comes with both premiums and deductibles. The premiums are what you pay the insurance company every month to maintain your coverage. The deductible is what you’ll pay when you start making claims, up to a certain annual cap of, say, $1,000.

It’s worth noting that most people who say they want cheap car insurance mean that they want car insurance with low monthly premiums. But, as with health insurance, there’s a risk to having a policy with low premiums and a high deductible. In the event of a serious accident, you’ll have to meet that deductible. So, one way to get lower premiums is to opt for a higher deductible, but this is only a safe strategy if you have enough liquidity to cover your deductible in the event of an accident.

When car insurance companies set insurance premium rates they take several factors into account. These include applicants’ age, gender and driving history, as well as the type of car the applicant drives and the driver’s state of residence. While you can’t change your age, there are other steps you can take to get favorable rates from car insurance companies.

Types of Coverage

Insurance companies charge more for comprehensive car insurance than they do for basic coverage. In most states you’re required to have liability insurance to cover any damage you do to another car or driver. The extent of that coverage requirement varies by state. In most states, you’re not required to have insurance to cover damage to your own car, or injuries you might suffer in an accident.

If you choose to add insurance coverage for yourself, you can opt for comprehensive coverage or collision coverage. Collision coverage, as the name indicates, covers damage from an accident with another car or an object, and in the event that your car flips. Comprehensive coverage covers things like theft, vandalism and natural disasters, too.

So, while you’ll almost definitely need to buy liability coverage to cover other drivers’ damages, you might not need to buy physical damage coverage for your own vehicle. It will depend on the terms of your lease if you’re leasing a car, and on your own assessment of the risks you face.

If you’re buying a valuable new car, you’ll probably want comprehensive coverage. If you’re paying cash for an older, used vehicle, you can probably get away with a more basic level of coverage. Whatever insurance option you choose for yourself, be sure to comply with state laws relating to liability insurance for any damage you might do to another driver. Once you have a car insurance policy, carry proof of insurance with you in your vehicle at all times.

How to Get Cheap Car Insurance Rates

In the long term, one of the best ways to get cheap car insurance is to be a safe, responsible driver. The worst drivers have high rates because the insurance company needs financial compensation for the high likelihood that it will have to pay out in the event these drivers get in an accident. If you have a spotless driving record, keep it up. If you have some accidents or tickets in your past, they shouldn’t drive your rates up forever. If it’s been a few years since your last incident, you can try calling your insurance company and asking for a lower rate, using your recent, safe driving record as a bargaining chip.

Another way to get cheap car insurance is to use the same insurance company for more than one type of insurance and get a discount for your loyalty. For example, you can contact the insurance company that provides your homeowners insurance, life insurance or motorcycle insurance and ask if the company can give you a good deal on car insurance. If you have more than one car, you can bundle the insurance coverage on both vehicles.

Your credit score will also affect your car insurance rates, just like it affects the rates you’re offered when shopping for a mortgage. If your credit has improved since you last bought car insurance, you may be able to negotiate your way to cheaper car insurance. And if you pay your car insurance premiums and bills on time and in full, you’ll build up goodwill with your insurer and might qualify for promotional rates.

If you don’t drive very much during the year, you might get cheaper car insurance from a usage-based plan than you would from regular car insurance. Track your mileage before you start shopping for car insurance and see if your low mileage makes you eligible for a better deal.

If you’re under 25, you’ll pay higher premiums, all things being equal. That’s because insurance companies judge young drivers to be riskier drivers. You can get lower rates by joining your parents’ plan, or by using your good grades to get a discount on rates, if your insurance company offers that option. Once you reach your mid-20s there’s no reason to keep paying the high rates that insurance companies levy on young drivers. You can ask your insurance company to lower your rate, or shop around for insurance from another provider.

Finally, the type of car you drive can affect your car insurance rates. Big, powerful and flashy cars are more likely to trigger high car insurance rates because the insurance company assumes you’ll be more likely to speed in that kind of vehicle, and that the vehicle will be a target for theft. Vehicles with high repair costs (such as foreign-made cars) may be more expensive to cover, too. In some states, having a used car will mean lower rates because rates are affected by your car’s replacement value. But in other states, rates are based on vehicles’ safety features, so having an older car won’t necessarily help you get cheap car insurance. If your car has special safety and/or anti-theft features, you may qualify for cheaper car insurance on that basis.

Bottom Line

If you don’t have a vehicle or you’re thinking about getting a new (or used) car, it may be worth doing some research to find out which kinds of cars will get you the lowest car insurance rates. And if you’re paying a lot for car insurance now, you may be able to get cheaper coverage by negotiating your premiums or switching providers.

Photo credit: ©iStock.com/andresr, ©iStock.com/ipopba, ©iStock.com/kate_sept2004

Amelia Josephson Amelia Josephson is a writer passionate about covering financial literacy topics. Her areas of expertise include retirement and home buying. Amelia’s work has appeared across the web, including on AOL, CBS News and The Simple Dollar. She holds degrees from Columbia and Oxford. Originally from Alaska, Amelia now calls Brooklyn home.

How Long Does A VA Loan Take To Close?

Posted on: December 12, 2020

There are plenty of myths associated with VA loans, many of which are completely untrue and unfounded. One of these myths is that VA loans can take forever to close.

While the average VA loan takes longer than other loan programs to close, they don’t take forever to close – in reality, according to Ellie Mae’s October 2020 Origination Report it took an average of 54 days for a VA loan to close. This includes everything, from applying for a mortgage to getting the keys to the home.

In terms of home buying, 52 days is hardly forever. Overall, all purchase loans took an average of 51 days to close in the same 90-day period. When you’re getting some of the best rates available while avoiding a downpayment, one extra day is hardly a concern.

But why does a VA loan take longer, and is there a way to speed up the process? Here are some of the factors that could speed up — or slow down — your VA home buying experience.

Check today’s VA rates.

Getting preapproved

The first thing any home buyer should do is get prequalified and preapproved. These two are similar, but they play different roles. Prequalification is the first step in the process, and it gives you an estimate on how much home you can afford.

Preapproval is more in-depth than prequalification. After finding the right lender, you’ll provide them with some more information and they’ll give you an accurate estimate of how much home you’ll be able to afford.

One thing to keep in mind is that you should try to shop below what your preapproval is. This will keep your finances from straying into a dangerous territory, and it can save you stress and time down the road.

Finding a home

The unfortunate reality of today’s housing market is that there just aren’t enough homes to keep up with demand. This can stretch your home buying process on for a long time, and it can be discouraging.

You should have a good idea of what your price range is after you get prequalified, and, if you shop well, you can have a decent list of possible homes ready by the time you get preapproved. You may even have a home in mind before you begin the entire home buying process, which can also save you some time.

But there’s guarantee that any home will work out. Bidding wars are too common, and every bidding war has a loser. If you miss out on a home, this is going to set your timeline back.

Agreeing on a timeline with the seller

After you agree to buy a home from a seller, you will agree on a purchase date and a move-in date (which could be the same).

One misconception with home buying is that people selling their homes are ready to move out now. While some are, plenty are not. You might agree on a price with the current homeowner, but you could end up having to wait an additional week or two – and possibly longer – until you actually get the house. If you’re set on a specific property, understand that this might happen.

Click to begin the home buying process.

The VA appraisal

There are plenty of horror stories surrounding VA appraisals. It’s true that your appraisal can be slow and horrible, but that isn’t always the case.

To be safe, expect the VA appraisal to take around 10 days to complete. Your lender is going to hire a VA appraiser, and not all appraisers are approved for VA homes. Also, the VA has tighter standards for what’s acceptable in an approved home. A seemingly perfect home can get slowed down by the VA appraisal. Because this is all out of your control, the best thing to do is plan for the worst.

Required fixes

The worst case scenario with a VA appraisal is that the home requires fixes. Fixes take extra time and money, two things you’re trying to avoid.

Financially, you can always as the seller to reduce the cost of the home to cover the required repairs and fixes. You can also pay for these yourself – likely the quickest way to get through the process. If the repairs are extensive, this could mean a lot of money and plenty of time. You can always walk away from the home if it isn’t right.

The length of your VA loan could take longer than most

While Ellie Mae’s average time to close is 54 days, that means plenty of homes take longer to close. With some factors completely out of your control, you should prepare for the possibility of a longer loan.

On the flip side, your loan could close much quicker than the 52 days. To increase your chances of this, be sure to have everything ready. Prequalification and preapproval are important steps, and the sooner you begin those, the sooner you can begin your journey toward a new home.

Click to begin the preapproval process.

Source: militaryvaloan.com

January 23, 2021

What Is Gap Insurance, and What Does It Cover?

What Is Gap Insurance, and What Does It Cover? – SmartAsset

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When purchasing or leasing a new car, you have several insurance coverage options. When selecting coverage, you will likely know if you want to have collision coverage or not, but will you know what gap insurance and whether to select that option? If you are driving your owned vehicle or a leased one, and it is totaled, your collision coverage insurance will cover your vehicle’s cash value. The coverage will help you to purchase a another car. However, what if you owe more on your car than it’s worth? That is where gap insurance comes in. Here’s what you need to know about this type of coverage.

What is Gap Insurance?

Gap insurance protects you from not having enough money to pay off your car loan or lease if its value has depreciated, and you owe more on your car than it is worth. It is optional insurance coverage and is used in addition to collision or comprehensive coverage. It helps you pay off an auto loan if a car has been totaled or stolen, and you owe more than its worth. Gap insurance might also be known as loan or lease gap coverage, and it is only available if you are the first owner or leaseholder on a new vehicle.

Some lenders require individuals to have gap insurance. In addition to collision and comprehensive coverage, gap insurance helps prevent owners and leasers from owing money on a car that no longer exists and protects lenders from not getting paid by a person in financial distress.

How Gap Insurance Works

If you buy or lease a new car, you may owe more on the vehicle than it is worth because of depreciation. For example, let’s say you purchase a new car for $35,000. However, a year later, the car has depreciated and is only worth $25,000, and you owe $30,000 on it. Then, you total the car. Comprehensive insurance coverage would give you $25,000, but you would still owe $5,000 on the vehicle. Gap insurance would cover the $5,000 still owed.

Without gap insurance, you would have had to pay $5,000 out-of-pocket to settle the auto loan. With gap insurance, you did not have to pay anything out of pocket and were likely to purchase a new car with financing.

What Gap Insurance Covers

Gap insurance covers several things and is meant to complement collision or comprehensive insurance. Gap insurance covers:

Theft. If a car is stolen and unrecovered, gap insurance may cover theft.
Negative equity. If there is a gap between a car’s value and the amount a person owes, gap insurance will cover the difference if a car is totaled.

Gap insurance also covers leased cars. When you drive a new, leased car off the lot, it depreciates. Therefore, the amount you owe on the lease is always more than the car is worth. If you total a leased car, you’re responsible for the fair market value of the vehicle. If you lease, you can purchase gap coverage part way through your lease term, although many dealerships require both comprehensive and collision coverage and strongly recommend gap coverage.

What Gap Insurance Doesn’t Cover

Gap insurance is designed to be complementary, which means that it does not cover everything. Gap insurance does not cover:

Repairs. If a car needs repairs, gap insurance will not cover them.
Carry-over balance. If a person had a balance on a previous car loan rolled into a new car loan, gap insurance would not cover the rolled-over portion.
Rental cars. If a totaled car is in the shop, gap insurance will not cover a rental car’s cost.
Extended warranties. If a person chose to add an extended warranty to an auto loan, gap insurance would not cover any extended warranty payments.
Deductibles. If someone leases a car, their insurance deductibles are not usually covered by gap insurance. Some policies have a deductible option, so it is wise to check with a provider before signing a gap insurance policy.

Reasons to Consider Gap Insurance

There are several situations you should consider gap insurance. The first is if you made less than a 20% down payment on a vehicle. If you make less than a 20% down payment, it is likely that you do not have cash reserves to cover them in case of an emergency and that they will be “upside down” on the car payments.

Additionally, if an auto loan term is 60 months or longer, a person should consider gap insurance to ensure that he or she is not stuck with car payments if the vehicle is totaled.

Finally, if you’re leasing a car, you should consider gap insurance. Although many contracts require it, the vehicle costs more than it’s worth in almost every situation when you lease.

Is a Gap Insurance Worth It?

Gap insurance keeps the amount that a person owes after buying a car from increasing in case of an emergency. Therefore, if someone does not have debt on his car, there’s no need for gap insurance. Additionally, if a person owes less on his car than it is worth, there’s also no need for gap insurance. Finally, if a person does owe more on a vehicle than it is worth, he may still choose to put the money that would be spent on gap insurance every month toward the principal of his auto loan.

If a person owes more on his car than it is worth and would be financially debilitated by having to pay the remainder of his car payments if his vehicle was totaled or stolen, then gap insurance might be a saving grace.

If the extra cost of gap insurance strains your budget then consider ways to keep your vehicle insurance costs down without skipping gap insurance.

The Takeaway

Gap insurance covers the amount that a person would still owe on a vehicle after it is stolen or totaled, and after comprehensive insurance pays out. It prevents people from continuing to owe on a car that no longer exists. While it doesn’t make sense for everyone to purchase gap insurance, it is often smart for people who have expensive vehicles that are worth far more than a person owes. It is also something to consider when you are leasing a vehicle.

Tips for Reducing Insurance Costs

If you need a little additional help weighing your insurance options, you might want to consider working with an expert. Finding the right financial advisor that fits your needs can be simple. SmartAsset’s free tool will match you with financial advisors in your area in five minutes. If you’re ready to learn about local advisors to help you achieve your financial goals, get started now.
You may want to consider all the insurance options available that are suitable for your unique situation. By doing so, you save money. A free comprehensive budget calculator can help you understand which option is best.

Ashley Chorpenning Ashley Chorpenning is an experienced financial writer currently serving as an investment and insurance expert at SmartAsset. In addition to being a contributing writer at SmartAsset, she writes for solo entrepreneurs as well as for Fortune 500 companies. Ashley is a finance graduate of the University of Cincinnati. When she isn’t helping people understand their finances, you may find Ashley cage diving with great whites or on safari in South Africa.

Washington County, Oregon VA Loan Information

Name (ID): AMBERGLEN COURTYARDS (000537)
Address:
2088 NW CADBURY AVE
BEAVERTON OR 97006
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 01/09/2018
Review Completion Date: 01/23/2018 Name (ID): ARBOR CROSSING (000421)
Address:
@ QUATAMA
BEAVERTON OR 97006
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 07/26/2010
Review Completion Date: 05/06/2018 Name (ID): ARBOR CROSSING @ QUATAMA (002263)
Address:
PHASE 1-11
BEAVERTON OR 97006
WASHINGTON
Status: HUD Accepted
Request Received Date: 02/25/2009
Review Completion Date: Unavailable Name (ID): ARBOR CROSSING @ QUATAMA (02263A)
Address:
PH 12 BLDS 33,52
BEAVERTON OR 97006
WASHINGTON
Status: HUD Accepted
Request Received Date: 04/22/2009
Review Completion Date: Unavailable Name (ID): ARBOR PASS CONDOS (002218)
Address:
PH 1-4 BL 9-19,29-31
BEAVERTON OR 97006
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 12/09/2008
Review Completion Date: 12/09/2008 Name (ID): ARBOR PASS CONDOS (02218A)
Address:
ALL PHASES
BEAVERTON OR 97006
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 06/21/2010
Review Completion Date: 06/21/2010 Name (ID): ARBOR PASS CONDOS (02218A)
Address:
BEAVERTON OR 97006
WASHINGTON
Status: HUD Accepted
Request Received Date: 06/21/2010
Review Completion Date: Unavailable Name (ID): AUTUMN RESERVE (000450)
Address:
CONDOMINIUMS PHASE 5
HILLSBORO OR 97006
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 06/03/2013
Review Completion Date: 07/16/2013 Name (ID): AUTUMN RESERVE (000455)
Address:
CONDOMINIUM, PHASE 6
HILLSBORO OR 97006
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 09/15/2013
Review Completion Date: 10/14/2013 Name (ID): AUTUMN RESERVE CONDOMINIUM (000439)
Address:
PHASE 2
HILLSBORO OR 97006
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 11/26/2012
Review Completion Date: 12/16/2012 Name (ID): AUTUMN RESERVE CONDOMINIUM (000445)
Address:
PHASE 4, BLDGS 2, 8 & 11
HILLSBORO OR 97006
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 04/09/2013
Review Completion Date: 05/01/2013 Name (ID): AUTUMN RESERVE CONDOMINIUM (000442)
Address:
PHASE 3
HILLSBORO OR 97006
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 01/16/2013
Review Completion Date: 03/10/2013 Name (ID): AUTUMN RESERVE CONDOMINIUMS (000438)
Address:
PHASE 1
HILLSBORO OR 97006
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 11/13/2012
Review Completion Date: 12/09/2012 Name (ID): BOONES FERRY (000002)
Address:
COMMONSCONDOMINIUMS
TUALATIN OR 97062
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 09/24/2010
Review Completion Date: 11/22/2010 Name (ID): BOONES FERRY (000003)
Address:
COMMONSCONDOMINIUMS
TUALATIN OR 97062
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 09/24/2010
Review Completion Date: 11/22/2010 Name (ID): BOONES FERRY COMMONS (61191A)
Address:
CONDOMINIUMS
TUALATIN OR 97062
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 09/24/2010
Review Completion Date: 11/22/2010 Name (ID): BOONES FERRY COMMONS (000075)
Address:
CONDOMINIUMS
TUALATIN OR 97062
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 09/24/2010
Review Completion Date: 11/22/2010 Name (ID): BRIGHTFIELD VILLAGE CONDO (000600)
Address:
8817 SW BRIGHTFIELD CIRCLE
BEAVERTON OR 97223
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 06/28/2020
Review Completion Date: 08/12/2020 Name (ID): BRITETREE CONDOMINIUMS (001248)
Address:
ALOHA OR 97007-0000
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 04/04/2005
Review Completion Date: Unavailable Name (ID): CANTERBURY HEIGHTS (01899E)
Address:
PH 8 BLDS 3,4 30
PORTLAND OR 97224
WASHINGTON
Status: HUD Accepted
Request Received Date: 06/17/2008
Review Completion Date: Unavailable Name (ID): CANTERBURY HEIGHTS (01899G)
Address:
PH 9 BLDS 1,2,31,32
TIEGARD OR 97224
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 09/02/2008
Review Completion Date: 10/05/2014 Name (ID): CANTERBURY HEIGHTS CONDOS (01899A)
Address:
PH 2 BLDS 7,8,10,14
TIGARD OR 97224
WASHINGTON
Status: HUD Accepted
Request Received Date: 11/20/2006
Review Completion Date: Unavailable Name (ID): CANTERBURY HEIGHTS CONDOS (01899D)
Address:
PH 6 BLDG 15, 16, 24,& 25
PORTLAND OR 97224
WASHINGTON
Status: HUD Accepted
Request Received Date: 12/13/2007
Review Completion Date: Unavailable Name (ID): CANTERBURY HEIGHTS CONDOS (001899)
Address:
PH 1, PH 5
PORTLAND OR 97224
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 10/02/2014
Review Completion Date: 10/02/2014 Name (ID): CANTERBURY HEIGHTS CONDOS (01899C)
Address:
PH 4 BLDS 17-19
PORTLAND OR 97224
WASHINGTON
Status: HUD Accepted
Request Received Date: 06/19/2007
Review Completion Date: Unavailable Name (ID): CANTERBURY HEIGHTS CONDOS (01899F)
Address:
PH 7 BLDS 26-28
PORTLAND OR 97224
WASHINGTON
Status: HUD Accepted
Request Received Date: 07/21/2008
Review Completion Date: Unavailable Name (ID): CANTERBUY HEIGHTS (01899B)
Address:
PH 3, BLDGS 11-13 & 20
TIGARD OR 97224
WASHINGTON
Status: HUD Accepted
Request Received Date: 01/30/2007
Review Completion Date: Unavailable Name (ID): CANYON COURT (000493)
Address:
CONDOMINIUM
BEAVERTON OR 97005
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 10/06/2016
Review Completion Date: 12/20/2016 Name (ID): CENTRAL PARC @ BETHANY VILLAGE (000553)
Address:
15050 NW CENTRAL DR.
PORTLAND OR 97229
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 09/11/2018
Review Completion Date: 08/06/2019 Name (ID): CHERRY WOODS CONDOMINIUMS (000583)
Address:
17700 SW BOONES FERRY RD
TUALATIN OR 97062
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 09/10/2019
Review Completion Date: 09/22/2019 Name (ID): COURTYARD @PROGRESS (01731E)
Address:
PH 6 BLDS 21-23
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 11/22/2005
Review Completion Date: Unavailable Name (ID): COURTYARD @PROGRESS RIDGE (01731B)
Address:
PH 3 BLD 9-12
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 02/09/2005
Review Completion Date: Unavailable Name (ID): COURTYARD @PROGRESS RIDGE (01731D)
Address:
BLD 1-20
BEAVERTON OR 97007
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 09/18/2005
Review Completion Date: 03/07/2016 Name (ID): [email protected] RIDGE (01731C)
Address:
PH 4 BLDG 13-16
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 04/14/2005
Review Completion Date: Unavailable Name (ID): [email protected] RIDGE (01731A)
Address:
PH 2 BLDS5-8
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 11/22/2004
Review Completion Date: Unavailable Name (ID): [email protected] RIDGE (001731)
Address:
PH 1 BLG 1-4
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 10/18/2004
Review Completion Date: Unavailable Name (ID): COURTYARDS AT SPRINGVILLE (002055)
Address:
128 UNITS BLDGS A-H
PORTLAND OR 97229
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 02/19/2008
Review Completion Date: 03/31/2018 Name (ID): CREEKSIDE (002002)
Address:
CONDOMINIUMS
BEAVERTON OR 97003
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 09/25/2007
Review Completion Date: 08/31/2015 Name (ID): CREEKSIDE @PROGRESS RIDGE (02002C)
Address:
PH 5 BLDS 19-21
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 10/27/2008
Review Completion Date: Unavailable Name (ID): CREEKSIDE AT PROGRESS RIDGE (000414)
Address:
PHASE 6 & PHASE 7
BEAVERTON OR 97007
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 03/21/2011
Review Completion Date: 04/04/2011 Name (ID): [email protected] RIDGE (02002B)
Address:
PH 4 BLDS 17,18,22
BEAVERTON OR 97006
WASHINGTON
Status: HUD Accepted
Request Received Date: 08/04/2008
Review Completion Date: Unavailable Name (ID): [email protected] RIDGE (02002A)
Address:
PH 3 BLDS 23-25
BEAVERTON OR 97006
WASHINGTON
Status: HUD Accepted
Request Received Date: 07/21/2008
Review Completion Date: Unavailable Name (ID): DEODAR (001055)
Address:
87TH AVENUE
TIGARD OR 97223-0000
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 08/10/2016
Review Completion Date: 08/14/2016 Name (ID): ELMONICA CONDOMINIUMS (60702A)
Address:
2460 SW 187TH AVENUE
BEAVERTON OR 97005
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 05/30/2007
Review Completion Date: Unavailable Name (ID): ENCLAVE CONDOS (002353)
Address:
PH 1
BEAVERTON OR 97006
WASHINGTON
Status: HUD Accepted
Request Received Date: 06/17/2009
Review Completion Date: Unavailable Name (ID): FANNO POINTE CONDO (001658)
Address:
PH 001
TIGARD OR 97233
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 01/15/2004
Review Completion Date: Unavailable Name (ID): FANNO POINTE CONDOS (01658A)
Address:
PH 002
TIGARD OR 97233
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 01/15/2004
Review Completion Date: Unavailable Name (ID): GRANT PARK (002522)
Address:
CONDOMINIUM
HILLSBORO OR 97124
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 11/23/2010
Review Completion Date: 11/22/2015 Name (ID): HEIGHTS @ PROGRESS RIDGE (01830D)
Address:
PH 5, BLDG 28-30, 40
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 10/22/2006
Review Completion Date: Unavailable Name (ID): HEIGHTS @ PROGRESS RIDGE (01830A)
Address:
BLDS 25,33,34,35
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 03/22/2006
Review Completion Date: Unavailable Name (ID): HEIGHTS @ PROGRESS RIDGE (01830C)
Address:
BLDS 27,31,38,39
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 04/30/2006
Review Completion Date: Unavailable Name (ID): HEIGHTS @PROGRESS RIDGE (01830B)
Address:
BLDS 26,32,36,37
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 04/05/2006
Review Completion Date: Unavailable Name (ID): HEIGHTS AT PROGRESS RIDGE (001830)
Address:
PH 1 BLDS 21,23,24,44
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 10/27/2005
Review Completion Date: Unavailable Name (ID): HERON CREEK CONDOS (002405)
Address:
PH1-4 BLS1-11,13,14,28-30
HILLSBORO OR 97123
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 09/02/2009
Review Completion Date: 09/03/2019 Name (ID): HIGHLANDS @PROGRESS RIDGE (01863C)
Address:
PH 4, BLDG 4
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 08/27/2006
Review Completion Date: Unavailable Name (ID): HIGHLANDS @PROGRESS RIDGE (001863)
Address:
BLDS 1,9,10
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 04/02/2006
Review Completion Date: Unavailable Name (ID): [email protected] RIDGE (01863A)
Address:
BLDS 5-8 PH 2
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 04/27/2006
Review Completion Date: Unavailable Name (ID): [email protected] RIDGE (01863B)
Address:
PH 3 BLDS 2,3
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 08/06/2006
Review Completion Date: Unavailable Name (ID): IMPERIAL TERRACE CONDO (001232)
Address:
TIGARD OR 97224-0000
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 01/31/2001
Review Completion Date: Unavailable Name (ID): LAKEVIEW @ PROGRESS RIDGE (02392A)
Address:
PH 2
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 09/08/2009
Review Completion Date: Unavailable Name (ID): LAKEVIEW @ PROGRESS RIDGE (002392)
Address:
PH 1 BLDS 6-8
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 08/18/2009
Review Completion Date: Unavailable Name (ID): LAKEVIEW @PROGRESS RIDGE (02392B)
Address:
PH 3
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 11/17/2009
Review Completion Date: Unavailable Name (ID): LAKEVIEW AT PROGRESS (61078A)
Address:
RIDGE
BEAVERTON OR 97007
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 06/27/2010
Review Completion Date: 07/11/2010 Name (ID): LOFTS AT 45 CENTRAL (000546)
Address:
17933 NW EVERGREEN PWY
BEAVERTON OR 97005
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 06/06/2018
Review Completion Date: 06/11/2018 Name (ID): LYNANN PARK (000464)
Address:
CONDOMINIUM
BEAVERTON OR 97005
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 02/24/2015
Review Completion Date: 03/10/2015 Name (ID): MADISON PLACE CONDOS (002065)
Address:
PHASE 1
ALOHA OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 03/12/2008
Review Completion Date: Unavailable Name (ID): METZGER PARK (000559)
Address:
10000 SW HALL BLVD
TIGARD OR 97224
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 10/21/2018
Review Completion Date: 11/04/2018 Name (ID): MOORCROFT STATION CONDOMINIUMS (000433)
Address:
PORTLAND OR 97123
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 08/02/2012
Review Completion Date: 09/18/2012 Name (ID): MURRAY CREST (001124)
Address:
PHASE 1
BEAVERTON OR 97005-0000
WASHINGTON
Status: HUD Accepted
Request Received Date: 09/23/2007
Review Completion Date: Unavailable Name (ID): MURRAYHILL WOODS (000547)
Address:
9275 SW 146TH TER
BEAVERTON OR 97007
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 07/19/2018
Review Completion Date: 08/28/2018 Name (ID): NOTTINGHILL (001538)
Address:
CONDOMINIUM
HILLSBORO OR 97123
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 09/04/2002
Review Completion Date: 09/04/2002 Name (ID): ORCHARD HILL CONDOMINIUM (001334)
Address:
PH 1
TUALATIN OR 97062-0000
WASHINGTON
Status: HUD Accepted
Request Received Date: 11/08/2009
Review Completion Date: Unavailable Name (ID): ORCHARD HILL CONDOS (01334A)
Address:
CONDO
TUALATIN OR 97062
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 03/17/2010
Review Completion Date: 09/11/2016 Name (ID): ORENCO TOWNSITE CONDOS (001622)
Address:
HILLSBORO OR 97124
WASHINGTON
Status: HUD Accepted
Request Received Date: 08/05/2003
Review Completion Date: Unavailable Name (ID): OVERLOOK @ TIMBERLAND (002499)
Address:
PHASE 1-7
PORTLAND OR 97229
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 03/10/2015
Review Completion Date: 03/10/2015 Name (ID): REESE SQUARE CONDOS (002436)
Address:
BEAVERTON OR 97006
WASHINGTON
Status: HUD Accepted
Request Received Date: 10/07/2009
Review Completion Date: Unavailable Name (ID): REX HILL CONDOS (000545)
Address:
PO BOX 23099
TIGARD OR 97281
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 05/23/2018
Review Completion Date: 06/11/2018 Name (ID): RIVER TERRACE EAST (000561)
Address:
PHASE 1 – 4
BEAVERTON OR 97007
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 12/05/2018
Review Completion Date: 08/06/2019 Name (ID): ROYAL GARDENS CONDOMINIUM (000509)
Address:
11992 SW ROYALTY CT
KING CITY OR 97224
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 02/13/2017
Review Completion Date: 02/16/2017 Name (ID): SCHOLLS POINTE (000415)
Address:
CONDOMINIUM
BEAVERTON OR 97007
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 03/30/2011
Review Completion Date: 04/06/2011 Name (ID): SCHOLLS POINTE (001808)
Address:
CONDOMINIUM
BEAVERTON OR 97007
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 07/28/2005
Review Completion Date: 07/28/2005 Name (ID): SEQUOIA VILLAGE (000486)
Address:
CONDOS
HILLSBORO OR 97124
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 08/03/2016
Review Completion Date: 08/16/2016 Name (ID): SEXTON CREST (000468)
Address:
CONDOS
BEAVERTON OR 97007
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 07/26/2015
Review Completion Date: 07/26/2015 Name (ID): SEXTON CREST CONDOS (01754D)
Address:
PH 5 BLDS 14-16
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 10/26/2005
Review Completion Date: Unavailable Name (ID): SEXTON CREST CONDOS (01754C)
Address:
PH 4 BLDS 1-13,17
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 09/18/2005
Review Completion Date: Unavailable Name (ID): SEXTON CREST CONDOS (01754A)
Address:
PH 2 BLDS 5-7
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 02/03/2005
Review Completion Date: Unavailable Name (ID): SEXTON CREST CONDOS (01754B)
Address:
PH 3 BLDG 8-10
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 05/09/2005
Review Completion Date: Unavailable Name (ID): SEXTON CREST CONDOS (01754G)
Address:
PH8 BLDG 25-27
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 05/10/2006
Review Completion Date: Unavailable Name (ID): SEXTON CREST CONDOS (01754E)
Address:
BLDS 1-20
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 02/13/2006
Review Completion Date: Unavailable Name (ID): SEXTON CREST CONDOS (001754)
Address:
PH 1 BLD 1-4
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 01/06/2005
Review Completion Date: Unavailable Name (ID): SEXTON CREST CONDOS (01754H)
Address:
PH 9 BLDS 28-30
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 06/07/2006
Review Completion Date: Unavailable Name (ID): SEXTON CREST CONDOS (01754F)
Address:
PH 7 BLDS 21-24
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 03/14/2006
Review Completion Date: Unavailable Name (ID): SEXTON PLACE CONDOS (001595)
Address:
PH 001
BEAVERTON OR 97007-0000
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 04/21/2003
Review Completion Date: 04/27/2003 Name (ID): SEXTON PLACE CONDOS (01595A)
Address:
PH 002
BEAVERTON OR 97007-0000
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 06/02/2003
Review Completion Date: 06/03/2003 Name (ID): SEXTON PLACE CONDOS (01595B)
Address:
PH 003
BEAVERTON OR 97007
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 09/17/2003
Review Completion Date: Unavailable Name (ID): SEXTON PLACE CONDOS (01595C)
Address:
PH 004
BEAVERTON OR 97007
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 11/05/2003
Review Completion Date: Unavailable Name (ID): SUMMERFIELD CONDOMINIUMS (000513)
Address:
15685 SW 116TH AVE
TIGARD OR 97224
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 03/07/2017
Review Completion Date: 03/14/2017 Name (ID): SUMMIT @ PROGRESS RIDGE (000487)
Address:
PH 4, CONDOMINIUM
BEAVERTON OR 97007
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 03/14/2016
Review Completion Date: 08/21/2016 Name (ID): SUMMIT @ PROGRESS RIDGE (01738C)
Address:
PH 4
BEAVERTON OR 97007
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 03/14/2005
Review Completion Date: 08/15/2016 Name (ID): SUMMIT AT PROGRESS RIDGE (01738D)
Address:
PH 5 BLDG 1-3
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 05/25/2005
Review Completion Date: Unavailable Name (ID): SUMMIT AT PROGRESS RIDGE (01738A)
Address:
PH 2 BLG 7-9,15
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 12/08/2004
Review Completion Date: Unavailable Name (ID): SUMMIT AT PROGRESS RIDGE (001738)
Address:
PH 1 BLDGS 5,6,16,17
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 11/01/2004
Review Completion Date: Unavailable Name (ID): SUMMIT AT PROGRESS RIDGE (01738B)
Address:
PH 3 BLGS 10-12,14
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 01/04/2005
Review Completion Date: Unavailable Name (ID): TANASBOURNE PLACE (01847F)
Address:
CONDOMINIUM
BEAVERTON OR 97006
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 03/12/2008
Review Completion Date: 01/31/2016 Name (ID): TANASBOURNE PLACE CONDO (01847C)
Address:
PH4-5,BLD9,10,12,13,17-19
BEAVERTON OR 97006
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 08/23/2006
Review Completion Date: 08/23/2006 Name (ID): TANASBOURNE PLACE CONDOS (001847)
Address:
PH 1 BLDS 5-8
BEAVERTON OR 97006
WASHINGTON
Status: HUD Accepted
Request Received Date: 01/17/2006
Review Completion Date: Unavailable Name (ID): TANASBOURNE PLACE CONDOS (01847E)
Address:
PHASES 7
BEAVERTON OR 97006
WASHINGTON
Status: HUD Accepted
Request Received Date: 12/27/2007
Review Completion Date: Unavailable Name (ID): TANASBOURNE PLACE CONDOS (01847B)
Address:
BLDS 20-22 PH 3
BEAVERTON OR 97006
WASHINGTON
Status: HUD Accepted
Request Received Date: 07/17/2006
Review Completion Date: Unavailable Name (ID): TANASBOURNE PLACE CONDOS (01847D)
Address:
PH 6 BLDS 11,14,16
BEAVERTON OR 97006
WASHINGTON
Status: HUD Accepted
Request Received Date: 11/05/2006
Review Completion Date: Unavailable Name (ID): TANASBOURNE PLACE CONDOS (01847A)
Address:
BLDS 1-4 PH 2
BEAVERTON OR 97006
WASHINGTON
Status: HUD Accepted
Request Received Date: 04/27/2006
Review Completion Date: Unavailable Name (ID): TANASBROOK CONDO (001799)
Address:
PH 1
BEAVERTON OR 97006
WASHINGTON
Status: HUD Accepted
Request Received Date: 06/27/2005
Review Completion Date: Unavailable Name (ID): TANASBROOK CONDOMINIUMS (000419)
Address:
(ALL PHASES)
BEAVERTON OR 97006
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 07/04/2011
Review Completion Date: 07/06/2011 Name (ID): TERRA LINDA PARK CONDOMINIUMS (000534)
Address:
1900 NW 143RD AVE
PORTLAND OR 97229-4349
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 02/22/2018
Review Completion Date: 03/06/2018 Name (ID): THE CARRIAGES AT AUTUMN CREEK (000128)
Address:
PHASE 4
HILLSBORO OR 97006
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 09/16/2012
Review Completion Date: 09/24/2012 Name (ID): THE CARRIAGES AT AUTUMN CREEK (000325)
Address:
PHASE 1
HILLSBORO OR 97006
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 11/29/2010
Review Completion Date: 03/08/2011 Name (ID): THE CARRIAGES AT AUTUMN CREEK (000434)
Address:
PHASE 4
HILLSBORO OR 97006
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 09/16/2012
Review Completion Date: 09/24/2012 Name (ID): THE CARRIAGES AT AUTUMN CREEK (000188)
Address:
CONOMINIUM, PHASE 6
HILLSBORO OR 97006
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 08/29/2013
Review Completion Date: 10/02/2013 Name (ID): THE CARRIAGES AT AUTUMN CREEK (000446)
Address:
CONDOMINIUM PHASE 5
HILLSBORO OR 97006
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 04/10/2013
Review Completion Date: 05/01/2013 Name (ID): THE CARRIAGES AT AUTUMN CREEK (000428)
Address:
PHASE 2
HILLSBORO OR 97006
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 05/03/2011
Review Completion Date: 02/14/2012 Name (ID): THE CEDARS AT TIMBERLAND (000424)
Address:
PHASE 4
PORTLAND OR 97229
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 09/05/2011
Review Completion Date: 10/25/2011 Name (ID): THE CEDARS AT TIMBERLAND (000022)
Address:
PHASE 2
PORTLAND OR 97229
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 02/03/2011
Review Completion Date: 03/06/2011 Name (ID): THE CEDARS AT TIMBERLAND (81100A)
Address:
CONDOS
PORTLAND OR 97229
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 08/24/2010
Review Completion Date: 01/23/2011 Name (ID): THE CEDARS AT TIMBERLAND (000392)
Address:
PHASE 3
PORTLAND OR 97229
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 03/16/2011
Review Completion Date: 03/27/2011 Name (ID): THE CEDARS AT TIMBERLAND (000430)
Address:
PHASE 5
PORTLAND OR 97229
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 03/11/2012
Review Completion Date: 03/18/2012 Name (ID): THE CEDARS AT TIMERLAND (000444)
Address:
CONDOMINIUM
PORTLAND OR 97229
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 08/24/2010
Review Completion Date: 01/23/2011 Name (ID): THE CROSSING @TANASBOURNE (01984B)
Address:
ALL PHASES
BEAVERTON OR 97007
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 09/02/2008
Review Completion Date: 02/13/2018 Name (ID): THE HEIGHTS @ PROGRESS (01830E)
Address:
RIDGE, PH 6, BLDG 22-43
BEAVERTON OR 97007
WASHINGTON
Status: HUD Accepted
Request Received Date: 01/18/2007
Review Completion Date: Unavailable Name (ID): THE OVERLOOK AT TIMBERLAND (000432)
Address:
PHASE 7
PORTLAND OR 97229
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 06/26/2012
Review Completion Date: 08/01/2012 Name (ID): THE OVERLOOK AT TIMBERLAND (000422)
Address:
PHASES 1-6
PORTLAND OR 97229
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 08/22/2011
Review Completion Date: 10/02/2011 Name (ID): THE OVERLOOK AT TIMBERLAND (000441)
Address:
PHASE 8
PORTLAND OR 97229
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 02/04/2013
Review Completion Date: 03/10/2013 Name (ID): THE QUINTET (001294)
Address:
6605 W. BURNSIDE ST
PORTLAND OR 97210-0000
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 09/29/2015
Review Completion Date: 09/29/2015 Name (ID): THE VILLAS AT AUTUMN CREEK (000427)
Address:
PHASE 5
HILLSBORO OR 97006
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 01/25/2012
Review Completion Date: 02/07/2012 Name (ID): THE VILLAS AT AUTUMN CREEK (000416)
Address:
PHASE 2
HILLSBORO OR 97006
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 04/04/2011
Review Completion Date: 05/08/2011 Name (ID): THE VILLAS AT AUTUMN CREEK (000116)
Address:
PHASE 6
HILLSBORO OR 97006
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 05/16/2012
Review Completion Date: 06/12/2012 Name (ID): THE VILLAS AT AUTUMN CREEK (000425)
Address:
PHASE 3 & 4
HILLSBORO OR 97006
WASHINGTON
Status: Accepted With Conditions
Request Received Date: 04/26/2011
Review Completion Date: 12/07/2011 Name (ID): THEVILLASAT (000106)
Address:
AUTUMNCREEKPHASE1
HILLSBORO OR 97006
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 12/07/2010
Review Completion Date: 12/13/2010 Name (ID): TIBERLAND RESERVE (002008)
Address:
PH 3
PORTLAND OR 97229
WASHINGTON
Status: HUD Accepted
Request Received Date: 09/25/2007
Review Completion Date: Unavailable Name (ID): TIMBERCREST (000552)
Address:
14655 SW 76TH AVE
TIGARD OR 97224
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 09/10/2018
Review Completion Date: 01/23/2019 Name (ID): TIMBERLAND FALLS (61087A)
Address:
CONDOMINIUM PHASE 9
PORTLAND OR 97229
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 07/25/2010
Review Completion Date: 07/27/2010 Name (ID): TIMBERLAND FALLS CONDOS (02037B)
Address:
PH 8 BLDS B4,B7
PORTLAND OR 97229
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 10/07/2009
Review Completion Date: 10/07/2009 Name (ID): TIMBERLAND FALLS CONDOS (002037)
Address:
PHASES 1, 2, 3, 4, 5
PORTLAND OR 97229
WASHINGTON
Status: HUD Accepted
Request Received Date: 12/27/2007
Review Completion Date: Unavailable Name (ID): TIMBERLAND FALLS CONDOS (02037A)
Address:
PH 6,7BLS C1,C11,D3,D8,D1
PORTLAND OR 97229
WASHINGTON
Status: HUD Accepted
Request Received Date: 07/21/2008
Review Completion Date: Unavailable Name (ID): TIMBERLAND FALLS TOO (02204A)
Address:
PH 2 BLDS 6,11,12
PORTLAND OR 97229
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 03/03/2009
Review Completion Date: 03/03/2009 Name (ID): TIMBERLAND FALLS TOO (002204)
Address:
PH 1 BLDS 7,9,10
PORTLAND OR 97229
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 11/19/2008
Review Completion Date: 11/19/2008 Name (ID): TIMBERLAND FALLS TOO (02204B)
Address:
PH 3 BLDS 2,3,13
PORTLAND OR 97229
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 09/02/2009
Review Completion Date: 09/02/2009 Name (ID): TIMBERLAND RESERVE (01944A)
Address:
PHASE 4
PORTLAND OR 97229
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 12/18/2007
Review Completion Date: 06/23/2020 Name (ID): TIMBERLAND RESERVE (001944)
Address:
PH ASES 1, 2
PORTLAND OR 97229
WASHINGTON
Status: HUD Accepted
Request Received Date: 12/27/2007
Review Completion Date: Unavailable Name (ID): TIMBERLAND RESERVE CONDOS (01944C)
Address:
PH 6 BLDS 1,19,28
PORTLAND OR 97229
WASHINGTON
Status: HUD Accepted
Request Received Date: 11/24/2008
Review Completion Date: Unavailable Name (ID): TIMBERLAND RESERVE CONDOS (01944B)
Address:
PH 3,5 BLDS 7-9,2-5
PORTLAND OR 97229
WASHINGTON
Status: HUD Accepted
Request Received Date: 07/21/2008
Review Completion Date: Unavailable Name (ID): TIMBERLAND RESERVE CONDOS (01944D)
Address:
PH 7,8 BLDS 20,26,27
PORTLAND OR 97229
WASHINGTON
Status: HUD Accepted
Request Received Date: 08/18/2009
Review Completion Date: Unavailable Name (ID): TIMBERLAND RESERVE CONDOS (01944E)
Address:
ALL PHASES
PORTLAND OR 97229
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 06/09/2010
Review Completion Date: 05/19/2015 Name (ID): TOUCHSTONE TOWNHOMES (002125)
Address:
AT WASHINGTON SQUARE PH 1
PORTLAND OR 97223
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 07/30/2008
Review Completion Date: 07/30/2008 Name (ID): TRAVERTINE CONDOS (002466)
Address:
PH 1,2
HILLSBORO OR 97124
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 11/17/2009
Review Completion Date: 04/22/2020 Name (ID): TREE HILL PARK (001947)
Address:
ALSO TROUTDALE
WOOD VILLAGE OR 97060
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 01/23/2007
Review Completion Date: 02/11/2018 Name (ID): VILLAGE AT FOREST GLEN (001199)
Address:
CONDOS
BEAVERTON OR 97008
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 06/22/2015
Review Completion Date: 06/22/2015 Name (ID): VILLAGE CONDO (000554)
Address:
16010 SW AUDUBON ST
BEAVERTON OR 97003
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 09/20/2018
Review Completion Date: 10/18/2018 Name (ID): VILLAGE CONDOMINIUMS (002137)
Address:
PH 1
BEAVERTON OR 97006
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 08/20/2008
Review Completion Date: 09/11/2018 Name (ID): WEST PARK AT BETHANY (000551)
Address:
CONDOMINIUM
PORTLAND OR 97229
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 08/30/2018
Review Completion Date: 09/26/2018 Name (ID): WOODHAVEN CROSSING (000491)
Address:
CONDOS
SHERWOOD OR 97140
WASHINGTON
Status: Accepted Without Conditions
Request Received Date: 09/12/2016
Review Completion Date: 09/22/2016

Source: vahomeloancenters.org

January 23, 2021

Current VA Refinance Rates

Posted on: January 21, 2021

Mortgage interest rates remain at historic lows this week. As reported from a weekly survey of 100+ lenders by Freddie Mac, the average mortgage interest decreased for all three main loan types — 30-year fixed (2.79% to 2.77%), 15-year fixed (2.23% to 2.21%), and 5/1 ARM increased (3.12% to 2.8%).

VA refinance rates are no different. In fact, when compared to other loan types — conventional and FHA, for example — VA home loans offer consistently lower rates than for the average consumer.

Shop and compare your personalized rates with multiple lenders.

VA Refinance Rates 2020

	VA	Conventional	FHA
December 2020	2.66%	2.96%	2.94%
November 2020	2.72%	2.99%	2.99%
October 2020	2.75%	3.01%	3.01%
September 2020	2.78%	3.02%	3.01%
August 2020	2.86%	3.12%	3.10%
July 2020	3.02%	3.26%	3.26%

Source: Ellie Mae Origination Insight Report, December 2020

When should you refinance?

In general, if you can save money over the life of your loan, then you should consider refinancing. Everyone’s financial situation is different, however, and refinancing can help you achieve a couple of different financial goals. Below are some of the most common reasons homeowners refinance:

Lower your interest rate and monthly payment. Refinancing into a lower interest rate not only reduces the total interest costs you owe over the life of the loan, but it can reduce your monthly mortgage payment as well. This is the most common reason to refinance.
Pay off your current non-VA home loan. VA home loans don’t require private mortgage insurance (PMI) like other loan types (FHA loans, for example, require PMI for the life of the loan if you put less than 10% down). You can also adjust your loan terms and interest rate type.
Fund home projects or consolidate your debt. If you’ve earned enough equity in your home, then a cash-out refinance allows you to tap into that equity for cash. There are no restrictions on how you can use the money, so many homeowners use it to pay for home repairs or remodel projects as well consolidate debt.

What type of refinance should I choose?

There are two types of VA refinance loans: VA streamline refinance and VA cash-out refinance. Both have different benefits and loan processing requirements, so it’s important for homeowners to know what they want to accomplish with a refinance.

VA Streamline Refinance

Also known as an Interest Rate Reduction Refinance Loan (IRRRL), the VA streamline refinance is best if you want to lower your interest rate and monthly payment. In fact, your new monthly payment must be lower than your current one to be eligible for this loan. It has one of the easiest refinancing process — you don’t have to verify your income or credit score, and you don’t need a home appraisal.

VA Cash-out Refinance

The VA cash-out refinance loan is the only refinance option for taking out some or all of the earned equity in your home as cash. Qualifying for this loan is a longer process. You’ll need to meet similar requirements to when you purchased your existing home, including credit score and debt-to-income ratio requirements, plus a new home appraisal.

How do I get the best VA refinance rate?

According to research from the Consumer Financial Protection Bureau (CFPB), almost half of consumers don’t compare quotes when shopping for a home loan. This means many consumers are losing out on substantial savings. Comparing quotes from three to four lenders ensures that you’re getting the lowest refinance rate for you. Some lenders may even waive certain fees and closing costs.

Interest rates determine what you’ll pay monthly as well as the total interest amount over the life of the loan. Even a half a percentage point decrease can mean a savings of thousands of dollars you’ll owe overall.

Average Mortgage Interest Rates 2020

Source: militaryvaloan.com

January 22, 2021

Nevada County, California VA Loan Information

FAQ

What is the VA Loan Limit?

2021 VA Home Loan Limit: $0 down up to $5,000,000* (Subject to lender limits) /2 open VA loans at one time $548,250* (Call 888-573-4496 for details).

How to Apply for a VA Home Loan?

This is a quick look at how to apply for a VA home loan in Nevada County. For a more detailed overview of the VA home loan process, check out our complete guide on how to apply for a VA home loan. Here, we’ll go over the general steps to getting a VA home loan and point out some things to pay attention to in Nevada County. If you have any questions, you can call us at VA HLC and we’ll help you get started.

Get your Certificate of Eligibility (COE)
- Give us a call at (877) 432-5626 and we’ll get your COE for you.
Are you applying for a refinance loan? Check out our complete guide to VA Refinancing.
Get pre-approved, to get pre-approved for a loan, you’ll need:
- Previous two years of W2s
- Most recent 30 days paystubs or LES (active duty)
- Most recent 60 days bank statements
- Landlord and HR/Payroll Department contact info
Find a home
- We can help you check whether the home is in one of the Nevada County flood zones
Get the necessary inspections
- Termite inspection: required
- Well or septic inspections needed, if applicable
Get the home appraised
- We can help you find a VA-Certified appraiser in Nevada County and schedule the process
- Construction loan note: Construction permit/appraisal info
  1. Building permit
  2. Elevation certificate
Lock-in your interest rates
- Wait until the appraisal to lock-in your loan rates. If it turns out you need to make repairs, it can push your closing back. Then you can get stuck paying rate extension fees.
Close the deal and get packing!
- You’re ready to go.

What is the Median Home Price?

As of March 31st, 2020, the median home value for Nevada County is $477,219. In addition, the median household income for residents of the county is $63,240.

How much are the VA Appraisal Fees?

Single-Family: $600.
Individual Condo: $600.
Manufactured Homes: $600.
2-4 Unit Multi-Family: $850.
Appraisal Turnaround Times: 7 days.

Do I need Flood Insurance?

The VA requires properties are required to have flood insurance if they are in a Special Flood Hazard Area.
In Nevada county, the mountainous terrain reduces flood hazard areas to small areas surrounding bodies of water.

How do I learn about Property Taxes?

Sue Home is the Nevada county tax assessor. Her office can be reached at 905 Maidu Avenue Suite 290 Nevada City, California 95959. In addition, her office can also be reached by calling 530-265-1232.
The state of California offers various incentive programs that expand statewide for new, growing, and relocating businesses. Two of these programs are California Competes Tax Credit which offers qualifying businesses tax credit and the New employment Credit program which offers a tax credit for taxpayers who hire full-time employees. These and many other programs help in further diversifying the state’s economy.

What is the Population?

The county’s population of 99,755 is 84% White, 9% Hispanic, and 3% two or more races.
Most county residents are between 18 and 65 years old, with 17% under 18 years old and 28% older than 65.
In total, the county has about 40,904 households, at an average of two people per household.

What are the major cities?

The county has two cities and one town, including Nevada City which serves as the county seat. The two other cities in the county are Grass Valley and Truckee.

About Nevada County

Formed in 1851, 13 years prior to the neighboring state of Nevada attaining statehood, Nevada County was actually the first area of the United States to include the stand-alone word Nevada in its name. The term’s etymology is from the name the Sierra Nevada, Spanish for snow-covered. Nevada County is known for its involvement in the California Gold Rush. The early years of California are featured prominently throughout the county. The Nevada Theatre, built in 1865 making it the oldest theater in the state continues to operate to this day. Many notable figures have performed on the stage at the Nevada Theatre, ranging from Mark Twain to Motley Crue.

Further providing Nevada County notoriety is its place as the birthplace of Arcade Video games, with the inception of Pong. The creation of Pong led to the county being nicknamed the “Silicon Valley of the Sierras.” The first cell phone for commercial usage, with the capability of taking photos, was developed in the county seat of Nevada City. Currently, over 1,000 software designers and developers reside in the county.

Our nation’s 31st President, Herbert Hoover once lived in Nevada City, earning a living as a miner, fresh out of Stanford University.

The timber industry, government services, and tourism are the driving forces of the local economy.

Tourism based on the history of this country is reflected in many of the museums found in Nevada County. These museums put the history of the Gold Rush, mining, and the railroad at the forefront. The county is also home to numerous state parks including Malakoff Diggins State Historic Park, Grass Valley’s Empire Mine State Historic Park, and Donner Memorial State Park.

A veteran property tax exemption exists for veteran homeowners in Nevada County, amounting to $4,000. A disabled veterans exemption which is for a far greater monetary sum is accessible for disabled veterans with a total disability, blindness or the loss of use of more than one limb. This exemption is also available for the surviving spouses of disabled veterans.

Veteran Information

The county is currently home to 8,319 veterans, and they all have access to:

Nevada County is home to one VFW post:
- Post-2655 Banner Mountian: 415 North Pine Street, Nevada City, CA 95959.
County Veteran Assistance Information
- Nevada County Veteran Services Office: 988 McCourtney Road Grass Valley, CA 95949.

Apply for a VA Home Loan

For more information about VA Home Loans and how to apply, click here.
If you meet the VA’s eligibility requirements, you will be able to enjoy some of the best government guaranteed home loans available.
VA loans can finance the construction of a property. However, the property must be owned and prepared for construction as the VA cannot ensure vacant land loans.

VA Approved Condos

Name (ID): THE BOULDERS (000151)
Address:
10844 CINNABAR WAY
TRUCKEE CA 96161
NEVADA
Status: Accepted Without Conditions
Request Received Date: 05/13/2015
Review Completion Date: 06/02/2015

Links

Oregon VA Loan Information: https://www.vahomeloancenters.org/oregon-va-home-loan-limits/

VA Loan Information by State: https://www.vahomeloancenters.org/va-loan-limit-maximum-va-loan-amount/

Source: vahomeloancenters.org

In this article

Why some insurance companies deny applications

What to do if your car insurance application was denied

Short-term options:

Long-term options:

Where to get car insurance when standard companies won’t insure you

How to get better deals on auto insurance

Too long, didn’t read?

In this article

What states don’t require car insurance and why?

What options do I have in these states?

If you live in one of these states, what’s your best option?

Too long, didn’t read?

In this article

Does car insurance cover floods?

Tips for filing your flood damage auto insurance claim

Take plenty of pictures

File early

Check for hidden damage

What to do if a flood totals your car

If your car is not totaled in a flood

How to prevent and prepare for auto damages in a flood

Too long, didn’t read?

In this article

What is bundling?

Pros and cons of bundling home and auto

Pros

Cons

Compare home and auto bundles, by insurance company

Tips for bundling home and auto insurance

Shop around

Ask about affiliates

Don’t bundle more than you need

Check in regularly

Too long, didn’t read?

How Insurance Companies Set Car Insurance Rates

Types of Coverage

How to Get Cheap Car Insurance Rates

Bottom Line

Categories

Getting preapproved

Finding a home

Agreeing on a timeline with the seller

The VA appraisal

Required fixes

The length of your VA loan could take longer than most

What is Gap Insurance?

How Gap Insurance Works

What Gap Insurance Covers

What Gap Insurance Doesn’t Cover

Reasons to Consider Gap Insurance

Is a Gap Insurance Worth It?

The Takeaway

Tips for Reducing Insurance Costs

Categories

VA Refinance Rates 2020

When should you refinance?

What type of refinance should I choose?

VA Streamline Refinance

VA Cash-out Refinance

How do I get the best VA refinance rate?

Table of Contents

FAQ

What is the VA Loan Limit?

How to Apply for a VA Home Loan?

What is the Median Home Price?

How much are the VA Appraisal Fees?

Do I need Flood Insurance?

How do I learn about Property Taxes?

What is the Population?

What are the major cities?

About Nevada County

Veteran Information

Apply for a VA Home Loan

VA Approved Condos

Links