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The Advantages and Disadvantages of VA Home Loans

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So, you’ve served our country and want to buy a home. Department of Veterans Affairs home loans, known as VA loans (VAHL) for short, were created to help veterans and their families achieve the dream of homeownership. The program has benefitted more than 18 million veterans and dependents. VAHL, which are available to certain veterans, active duty military personnel, and reservists, offer many advantages, although there are also a few drawbacks.

The Advantages

One of the major benefits of VAHL is that they don’t require a down payment. Furthermore, there are limitations on closing costs, origination fees, and appraisal fees. Another big advantage of VAHL is that there is no private mortgage insurance. The VA also prohibits lenders from requiring private mortgage insurance since they put a guarantee on the loan. Not having to pay for private mortgage insurance can save borrowers tens of thousands of dollars. Generally speaking, VAHL are a more affordable alternative to conventional home loans.

Applying for a VAHL is pretty much like applying for any conventional home loan, the only difference being that you also have to obtain a certificate of eligibility from the VA. The VAHL process takes two to six weeks, which is about the same length of time that the conventional loan process takes. Just about any lender that offers conventional loans or FHA loans also handles VA loans, so it’s not difficult to find a lender to assist you.

The Disadvantages

Despite the numerous advantages that VAHL offer, there are also some drawbacks. One disadvantage of VA loans is that the maximum guaranteed loan amount is $240,000. While this might buy you a decent home in most parts of the country, in high-priced markets in California, it may not be sufficient. What’s more, not all vets are entitled to a $240,000 loan. The actual loan amount varies depending on the borrower’s income, assets, credit history, and debt.

In some regards, VA loans aren’t all that different from conventional mortgages. For example, VAHL aren’t any easier to qualify for than conventional home loans. If you have a low income or bad credit, don’t count on getting approved for a VAHL. Additionally, it’s a common misconception that VAHL’s have better interest rates than conventional home loans. The reality is that interest rates of VAHL’s are in line with those of conventional home loans. The primary advantage of VAHL’s is the fact that you don’t have to make a down payment.

There’s also a one-time funding fee charged for VAHL’s. Congress has levied this fee on VA loans since 1982. The fee ranges from 1 1/4 percent to 3 percent, depending on various factors, such as the veteran’s service and whether it’s a first or subsequent loan. However, this fee can be lowered if you make a down payment of at least 5 percent. For VA refinance loans, the fee can be anywhere between from a 1/2 percent to 3 percent. Many buyers finance the fee along with their home, but doing so can be quite expensive in the long run, amounting to tens of thousands of dollars over the entire term of the loan.

Ultimately, the choice between a VAHL and a conventional loan will depend on your individual circumstances. For most veterans and service members, VAHL’s are a great deal, but in some cases, going with a conventional home loan or an FHA loan may be a better choice.

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Did Turkey’s President Say “We Are In A War Against Bitcoin”? An Investigation

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War against Bitcoin, people with Turkish flags

Is President Erdogan so out of touch with what’s happening around him that he declared war against Bitcoin? Or is this a case of “lost in translation” and quotes out of context? An article titled “We are in a war against bitcoin,” says Turkey’s president” has been making the rounds over at Bitcoin-Twitter, receiving both mockery and rightful criticism. However, we noticed a crucial detail: the article doesn’t contain a direct quote from Erdogan. That’s suspect.

Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course

Armed with an iron will and Google Translate, NewsBTC explored the issue and came to unexpected conclusions. 

Let’s fall into the rabbit hole.

Is It War Against Bitcoin Or War Against Cryptocurrencies? 

The original article cited a mainstream and generally trusted source, an article in Turkish at Bloomberght titled “Erdogan: We have a separate war against cryptocurrencies.” Reportedly, the president held a Youth Meeting Program, so his audience for this was students from all over the country. They were discussing the Digital Turkish Lira, the country’s proposed CBDC, and one of the participants asked about their current views on cryptocurrencies:

“Erdoğan said that they do not have a problem of opening up to crypto money, on the contrary, they have a separate war and struggle against them.

Erdogan said, “We will not give them such a premium, nor will we. Because we will continue on our way with our money, which is our fundamental identity in this matter.”

He never even mentions a war against Bitcoin. Remember, this is a Google translation and some info might’ve been lost. However, the discrepancies are there. The President says they “do not have a problem” with crypto, but that “on the contrary, they have a separate war and struggle against them.” On the contrary to what? And do notice, it’s not a direct quote either. In the actual Erdogan quote, he says nothing about a war against Bitcoin.

We need more data. Let’s consult other sources.

What Did President Erdogan Say Exactly?

A quick search leads us to The New Arab. They don’t quote the President directly, but their translation makes much clearer the intent of what he said:

“Erdogan claimed that the country “definitely” doesn’t have a problem with the spread of digital assets.     

However, that Turkey would carry on with its own money, which he believes is part of the national identity.”

They don’t have a problem with the spread of digital assets because they’re preparing their CBDC, and their way to sell it is that money is “part of the national identity.” Got it. But, what about this war against Bitcoin thing?

A second search leads us to Newsbit, who seemingly quote a much more clear-headed President Erdogan directly:

“We have absolutely no intention of embracing cryptocurrencies,” the president replied, adding: “On the contrary, we have a war against them. We would never support cryptocurrencies. Because we continue with our own currency that has its own identity.”

Ok, now we know that Erdogan never said anything about a war against Bitcoin and always referred to cryptocurrencies. And that, in code, he was always talking about the Digital Turkish Lira. However, did he really say all that? That quote seems suspiciously close to the original Bloomberg quote, and that one wasn’t literal. If the President said everything that clearly, why wouldn’t Bloomberg quote him?

BTC price chart for 09/20/2021 on Exmo | Source: BTC/USD on TradingView.com

Time To Consult Primary Sources

Luckily for us, Newsbit linked to the Anadolu Agency, a Turkish state-run news agency. This is as close to primary sources as we’re going to get. A report on the whole event that only casually mentions cryptocurrencies at the end. Is the quote present in that report? What did President Erdogan say exactly? Well, according to the Anadolu Agency:

“Erdoğan said that they do not have a problem of opening up to crypto money, on the contrary, they have a separate war and struggle against them.

Erdogan said, “We will not give them such a premium, nor will we. Because we will continue on our way with our money, which is our fundamental identity in this matter.”

Related Reading | Turkey’s Economic Turmoil Shows Bitcoin Is a Better Bet Than Emerging Markets

That’s right! The same exact quote with the same exact wording that Bloomberg used at the beginning. So, Bloomberg literally copied and pasted their article. And Newsbit’s supposed quote is just a rewording of that phrase. We don’t know exactly what President Erdogan said, but at least his intention is clear: Yes to his CBDC. War on cryptocurrencies. And we know for sure he never said anything about a war against Bitcoin.

Cryptocurrencies and Bitcoin are not synonymous, journalists.

Featured Image by Faruk Melik ÇEVİK on Unsplash - Charts by TradingView

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With Bitfinex Integration, Can the Bulls Drive the Price for Polygon (MATIC)?

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With Bitfinex Integration, Can the Bulls Drive the Price for Polygon (MATIC)?
  • Twitter’s Altcoin Sherpa endorsed MATIC.
  • Polygon said MATIC token would soon be available on Bitfinex.

Since the market sell-off on September 7, MATIC has been attempting to regain its initial bullish momentum. Although lower highs outlined its positive trend, traders were unable to maintain prices.

Its recent rise from $1.20 may be beneficial if another higher high forms. Bulls would lose out if the market closed below the 23.6 percent Fibonacci threshold. According to CoinMarketCap,  Polygon price is $1.19 USD with a 24-hour trading volume of $1,143,929,659 USD.

Closing over $1.50 would have solidified an uptrend, but that wasn’t the case yet. A pair of red candlesticks on the charts signalled the end of MATIC’s next upcycle.

While MATIC’s trend is perplexing, the signs have improved. On September 15, the RSI climbed above the half-line and briefly into the overbought zone, indicating a bullish rebound. Bulls held sway as the RSI found support around the mid-line.

A Positive Trend Maybe Anticipated

Twitter’s Altcoin Sherpa endorsed MATIC. Despite the token’s current consolidation, prediction is of significant increases in the following run. As per the tweet, it expects MATIC to hit $1.75 on the next leg up.

MATIC was trying to build an uptrend following a double top formation, but market watchers were sceptical. The bulls had an advantage in each case, and a win is not out of the question. A positive trend may be anticipated if MATIC rebounds back from the 38.2% Fibonacci level and reaches $1.50.

Polygon just tweeted that MATIC token would soon be available on Bitfinex. It’s one of the oldest and most reputed liquid exchanges.

Thanks to Bitfinex’s integration, users will access MATIC on all major exchanges, including Coinbase and Binance. Also, it can act as a catalyst to bring back the lost momentum for MATIC.

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SushiSwap Fails to Break Major Resistance Area, Can it Break-Through?

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SushiSwap Fails to Break Major Resistance Area, Can it Break-Through?