Is Your Current VA Loan Safe?

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1 VETERANS SERVICE OFFICE Stearns County Service Center 3301 County Road 138 Waite Park, MN Phone: (320) Fax: (320) March 1, 2014 Dear Commanders, Usually this time of year we are looking forward to seeing the green grass because some of our yards are already showing signs of spring. As I write this it is minus six degrees and the wind is howling. The month of February was cold and a few of you took advantage of the State Soldiers and Assistance Program. I still don t feel we are reaching all who need assistance. In April is when the Energy Companies can start shutting off the electricity to your homes. IF you are struggling to pay that utility bill get in too us before it is too late. The state tries to get those payments done in a very efficient manner but it still takes several weeks to process. Do you want to be without power for two to three weeks? In this past month we have started to see a few more claims coming back. If you are older (80+) they are processing them fairly fast. I would say in 2 3 months. For those of you younger vets it s about a 4 5 month process. That is better than the year long wait we have experienced in the past six months. For those of you who use the hospital and are used to going to the Patients Advocate Office in Building T-100 you will have to track them down to the other end of the building. At the end of March Patients Advocate will be moving to Building 48. The offices and personnel in T-100 will be moving with them. T-100 is being removed to make room for a new kitchen. The current kitchen will be turned into doctor exam rooms in the near future once they finish the construction of the new kitchen. Remember there is a lot of construction going on but it is needed to keep up with the demand and the VA HCS St Cloud wanting to provide better service. If you live in the St Cloud and are in need of some home plumbing help, a group of volunteer licensed professional plumbers will be in St Cloud on April 5, 2014 to assist needy veterans. They are donating their time and talents and parts to assist needy veterans. Please contact me for more information. I have also attached some information on the group providing the assistance. I have attached general information for the general membership. Sincerely, Terry L. Ferdinandt Stearns County Veterans Service Officer

2 VA Loans Update When to Lock Your VA Rate Low interest rates have been news for a couple of years now. Yes, rates have moved up recently from their historic lows but they're still a bargain. If you find yourself paying attention to interest rate advertisements a bit more than you used to, it's probably because you're thinking of refinancing your current VA loan or getting ready to buy and finance a new property using your VA home loan benefit. Yet regardless of the endless advertisements for this rate or that rate, none of the rates are doing you any good. You have to lock that rate in with a lender. What's a VA Rate Lock? It's important to note here that the Department of Veteran's Affairs, or the VA, doesn't set VA mortgage rates; lenders that approve VA loans do. That said, an interest rate lock is a guarantee that your rate will not move up or down while your loan is being processed. Interest rates can change daily and in times of extreme market volatility rates can move up or down in a single day. If you're following rates closely during such times you can almost get a neck sprain! But an interest rate lock spares that hassle and lets you move on to other phases of the loan approval process. Locking in your rate is something that you will request directly with the lender, the lender won't lock you in without your permission and until you do in fact lock, your rate is subject to the whims of the market. This means if you don't lock in your rate then rates may move up so much that you no longer qualify for the loan amount you're requesting. Lock Rules As lenders set their own VA mortgage rates they also set their own locking guidelines. Lender policy on interest rates can vary slightly from one to another but there are a few basic rules that most follow. First, the lender will require that you have a loan application on file with them and a property specified. Borrowers aren't able to call multiple lenders on different days and lock in an interest rate over the phone without an application on file. If you do have an application at the lender and a property specified, then you do have locking privileges. It's up to you to check with the lender each day to see where interest rates are. Some loan officers at VA lenders may call you with rate updates from time to time but typically they're not obligated to. Interest rate locks protect you should mortgage rates go up while your loan is in process and lenders will ask that you lock in your loan for a period long enough to process, approve and send your loan papers to closing. Lock periods can be as short as five days up to 60 days or longer but the further out you need a lock, the more expensive it will get. A VA loan might be at 4.00 percent with no points for a 10 day lock but 4.00 percent with one point for a 30 day lock, for example. Okay, so you're protected should rates go up. What if they go down after you've locked? Float Downs If rates move down after you've locked in, there's not a lot you can do. Your rate is locked regardless of any future rate movements. However, some lenders will allow for a one time "float down" to a lower rate should interest rates move dramatically downward during your lock period. A lender won't typically agree to a float down unless market rates have moved downward by one-quarter of a percent or more. Slight reductions in rates will have little impact. When you apply for a mortgage, the lender will provide you with a copy of their lock policy. Read it carefully and ask any questions in advance. There's a lot of paperwork in a VA loan and the lock policy is an important one. [Source: Mil.com Grant Moon Aug ]

3 February 12, 2014 To: all Minnesota County Veterans Service Officers Office West 78th Street EdenOffice Prairie, Minnesota Phone Web Site Subject: Camp Gratitude 2014 As difficult as it is to believe, this Winter will eventually end and we will again enjoy another Minnesota Summer which will also bring along our fourth Camp Gratitude event. The 2014 event will again take place at The Veterans Camp Ground on Big Marine Lake from June and is TOTALLY FREE to Military or Veteran Families that have recently experienced deployment. Anticipated activities include a day at a Minnesota Twins game, Bar-B-Que., visit to a local water park, kids fishing contest and more. Camp Gratitude gives us an opportunity to say thank you to these families for the sacrifices they have all made to preserve our way of life. A few openings are still available for the 2014 event. If you think any of your clients would enjoy attending, please direct them to the Camp Gratitude website, for applications and photos of past events. If you have additional questions, please feel free to contact me directly. Respectfully, Bill Hottel, founder Camp Gratitude a 501(c)(3) non-profit organization

4 VA HEALTH CARE SYSTEM St. Cloud, Minnesota PLEASE PRINT Application: Fishing Trip for Veterans with Disabilities May 19 22, 2014 Veterans on the Lake Resort at Ely, MN Name: Address: City: State: Zip Code: Home phone Number: Cell Number: Age: Weight: Type of disability/diagnosis Emergency Contact: Name: Relationship: Address: City: State: Zip Code: Home phone Number: Cell Number: Briefly describe your physical disabilities: Describe any special needs, assistance, and/or equipment you will need: Do you require the use of a wheelchair: Yes No Please circle items used: walker cane crutches other: List any current medications taken: Date of last appointment at St. Cloud VA: Name of physician:

5 Allergies (be specific): Please list any other medical information concerning your current health status: Last year that you participated in the Ely fishing trip: Branch of Service: Rank: WWII: Korea: Vietnam: Desert Storm: Afghanistan Iraq Years served: Eligibility requirements: 1. You must be a veteran enrolled at the St. Cloud VA Healthcare System for your medical services. 2. You must be an outpatient for at least 30 days. 3. You must be independent with administration of your medications; no medical staff will be available. 4. You must agree to abstain from alcohol and drug usage during this trip. 5. You must have a valid Minnesota fishing license. 6. You must be independent with activities of daily living; such as eating, dressing, toileting, getting in and out of a vehicle, wheelchair, or scooter. No staff will be available to help you. OR If you qualify for all the above except # 6 and you would like to bring a care giver, we have limited spots available. Please fill out page 3 of this application and return along with this application Questions concerning this trip should be directed to Karon Scherer (320) EXT 6804 Applications must be submitted by March 29, Our screening committee will review all applications. All applicants will be notified by mail whether you have been selected or not. Confirmation phone calls will be made to those veterans who have been selected. Return applications to: Karon Scherer VA Health Care System (EC 117) 4801 Veterans Drive St. Cloud, MN By signing this application, you attest to your ability to administer your own medications and provide own cares or you will bring a companion for cares; also you are giving our staff permission to consult with your provider and / or review your medical record if necessary to process your application. Applicant s Signature

6 This section is to be filled out by anyone who needs to bring a Care giver on this trip. (You must provide your own Caregiver) Caregivers Name: Relationship to the Veteran: Address: Home Phone: Cell Phone: