Memorial Day Thoughts - 05/31/10 12:45 PM
Today there’s no special advice on buying and selling real estate here, just a simple message of thanks for our men and women in uniform. I was asked recently about the nature of Memorial Day. Someone close to me asked, “Who is Memorial Day for? Is it to remember the dead, or is it for everyone in uniform?” It seems like such a simple question, but finding the answer is a bit more complex. Sure, the very phrase, “Memorial Day” lends itself to reflection of our fallen heroes—but any good minister will tell you that funerals are not for those who … (3 comments)

Helping Military House Hunters - 05/28/10 01:57 PM
Experienced real estate agents know their clients are as diverse as America itself. You get all kinds—the well informed the totally lost, and plenty of shades of grey in between. It’s the same for your potential military homeowners, too. Some know exactly what they’re entitled to in terms of military benefits; others don’t know the first place to look.
In some cases it’s because a lot of time has passed between the buyer’s time in the service and the time they decided to take advantage of their benefits including the GI Bill, VA home loans, etc.
How does a real estate … (1 comments)

Asbestos, Lead Paint, and VA Appraisal Inspections - 05/27/10 11:59 AM
In yesterday’s blog post we talked about the difference between an existing condition in a home that a VA appraiser could spot and require repairs or corrections for as required in the inspection process and a home that lies in a flood plain or is located in an area known for forest fires, mud slides, etc.
In those cases a pre-existing “threat” to the home because of floods, fires or other natural phenomenon isn’t affected by the VA’s full disclosure rules that apply to defects or problems with the existing structure itself. The VA appraiser isn’t concerned with the possibility of … (0 comments)

Physical Defects in a Home Vs. Potential Problems - 05/26/10 01:22 PM
When veterans in Texas shop for a new home and a VA mortgage, chances are they’re already familiar with local issues such as foundation repair or maintenance. Military people in the Dakotas shopping for a new home along a potential flood plain have decisions to make when it comes to flood insurance, and vets in California looking for a new home with a VA mortgage can, depending on the location of the property, contend with mudslide and forest fire issues.
The known problems of a given area require some extra homework when it comes to making an informed purchase. Does the … (0 comments)

Where To Find New Military Clients - 05/25/10 12:18 PM
Finding your local military community is easy in a community with high-profile military bases. Everyone in San Antonio, Texas knows about Lackland Air Force Base, people in the St. Louis area are familiar with nearby Scott Air Force Base, and Fort Bragg in North Carolina is one of the most active military installations in the U.S.
Real estate agents who don’t work in these areas have a challenge. Sometimes it’s a simple matter of opening the phone book and looking up National Guard or Reserve bases in the area. For others, the Internet can play an important role in finding a … (1 comments)

Important Links For Military Real Estate Clients - 05/24/10 06:30 PM
When military clients start looking for a new home, there are always plenty of questions. The experienced house hunter may know all about occupancy rules and VA eligibility requirements, but if your prospective client is moving out of a traditional home and in the market for a condo, where do they go to get a list of VA registered condominiums in your area? The answer to that particular question can be found at the Department of Veterans Affairs combination VA Registered Builder/Registered Condo site. Do you have a military retiree or active duty member looking for a house with special features … (0 comments)

Can a VA Loan Be Used to Buy Property To Be Converted To Rental Units? - 05/21/10 02:55 PM
Military house hunters don’t have to look for traditional single-family homes when considering applying for a VA home loan. VA mortgages can be used for condos, duplexes, and multi-family units as long as the buyer makes one of those units their primary residence.<p>
Do the rules for VA home loans change when the buyer wants a VA loan for a multi-family building they want to convert to a rental property?<p>
According to the VA, the fact that the veteran or active duty member wants to use the property to rent is not a factor in getting the loan approved as long … (0 comments)

Does Zoning Matter With VA Loans? - 05/20/10 09:39 AM
Many veterans and active duty service members want to buy and own homes in traditional neighborhoods, but those who live in the city often have questions about the nature of the property they want to buy when it comes to zoning laws. If your client wants to buy a condo that is in a mixed commercial/residential area, what do VA regulations say about approving loans in a mixed-use building? One factor the VA looks at when approving loans on mixed-use property is something called “remaining economic life”. If a given property is appraised at having a remaining economic life of at … (2 comments)

What Is A VA EEM Loan? - 05/19/10 03:48 PM
When a military member (current or former) decides to use their VA home loan benefits to buy a house, they have many options available to them. Some options are based on need, like the specially adapted housing grants available to qualifying disabled vets and active service members. Others are based on economics and energy efficiency; did you know VA borrowers can apply for something called an Energy Efficient Mortgage or EEM? An energy efficient mortgage is simple to understand; a loan for an existing home can have up to $6,000 added to it for the purpose of paying for energy-efficient improvements … (1 comments)

"Dual Use" Properties and VA Home Loans - 05/18/10 05:12 PM
When a veteran or active duty servicemember decides to take out a VA loan and go house hunting, their search is governed by a number of things—the usual home loan borrower concerns are obviously there, but on top of budget constraints, credit limits and other consumer-related issues, the Department of Veterans Affairs also has a say in what kind of properties the borrower can purchase with a VA guaranteed loan. Some of the rules set up by the VA are for consumer protection purposes, but others are designed to enforce both the letter and the spirit of the rules of VA … (0 comments)

Common VA Issues--Builder's Warranties - 05/17/10 06:17 PM
When a house hunter with a pre-approved VA home loan amount goes house hunting, it might not occur to them at first to look for a good piece of property to have a custom home built as opposed to purchasing an existing home. First time home buyers who decide to go this route are usually in need of some additional information when it comes to what it takes to get that house built, inspected and made ready to live in. But what about when that’s all said and done? The builder’s warranty is an important feature that should not be overlooked. … (1 comments)

VA Loan Issues Part Two: Wells and Cisterns - 05/14/10 01:22 PM
Naturally, VA loan issues related to wells and well water don’t apply to all regions; where they do apply it’s very important to know “chapter and verse” from the Department of Veterans Affairs. What are the rights and responsibilities of the buyer when it comes to wells? How much say does the VA have when it comes to buying a home with a VA mortgage in these cases? Did you know the VA requires homes purchased with a VA loan to be connected to community water and sewage systems “whenever feasible”? The VA also requires well water to meet the requirements … (0 comments)

Common Issues Associated with VA Home Loans - 05/13/10 04:34 PM
A first time home buyer who has applied for a VA Certificate of Eligibility and has been pre-approved for a loan amount is well on the way toward becoming the proud owner of a new or existing home and a VA mortgage. When house-hunting time is here, there are plenty of questions that come up—things most don’t anticipate until brought face-to-face with the issues. You might not be able to anticipate every question that comes up in the house hunting process, but there are a few common ones to be aware of. One such issue is mold—in a time where mold … (2 comments)

VA Occupancy Rules - 05/12/10 07:37 PM
Occupancy is one of the most important aspects of selling a home to a buyer interested in purchasing that home with a VA loan. Newcomers to real estate issues might not think to ask a military buyer how they plan to use the property when they consider buying, but a quick look at the VA rules shows that intent is quite important if the buyer wants a VA mortgage. The reason for this is simple. You can’t qualify for a VA home loan on a property that’s not going to be used as a primary residence. While it’s true that qualified … (1 comments)

Resources for Your VA Loans Education - 05/11/10 01:10 PM
There are plenty of resources to get an education about VA home loans. Are you a real estate agent feeling like you’re at a disadvantage because you don’t know VA loans very well?
There’s much to learn about the process that can help you understand what your veteran and active military clients go through when they get on the road to owning a home purchased with a VA loan. For example, when your military house hunters come to look at a nice property, you can get a feel for where they are at in the buying process with a few non-intrusive … (1 comments)

The VA Approved Custom Builder List - 05/10/10 06:57 PM
Real estate agents who understand a military client’s needs go far in the trust department—there’s nothing like being able to anticipate a question or having a ready answer on issues related to house hunting for veterans and current members of the military looking to buy a home with a VA loan. In previous editions of the blog we’ve covered topics related to buying property for custom homes, and what the VA says can or can’t be done when it comes to building those custom houses. One of the rules of the VA mortgage when it comes to custom homes concerns who … (1 comments)

Eligibility for a VA Home Loan: Who Can Apply and How? - 05/07/10 10:44 AM
VA home loan applications begin with something called the VA Form 26-1880. This is an application for a Department of Veterans Affairs Certificate of Eligibility. Veterans, active duty military, Guard and Reservists, and surviving spouses of vets who died on active duty or as a result of military service must all apply for eligibility using the VA Form 26-1880 or its online equivalent. While this seems like a simple process, unfortunately it’s not completely standardized. Depending on which category you fall under, you may be able to apply for a Department of VA Certificate of Eligibility for a VA home loan … (1 comments)

VA Loans for Custom Homes? - 05/06/10 06:06 PM
 
As every experienced agent knows, real estate isn’t just about selling houses. Some people want to buy a lot to build custom homes on, and military buyers are no exception. Did you know there’s a VA home loan for this type of project? It’s easy for some first time home buyers to assume a custom home is outside their buying power, but depending on the income of the buyer, where they might be in their military career (or even their retirement) a VA loan for a custom home isn’t out of the question.
There are a few factors a house … (1 comments)

What Military Bases Are Near Your Market? - 05/05/10 01:32 PM
Looking for a way to size up the military real estate market in your area? It might be simpler than you think to get a basic snapshot of a new-to-you area by making a quick phone call.
What’s the potential in your market for military clients? Part of the answer lies in knowing how many military bases are in or near your area. You might already know some of the obvious ones; San Antonio, Texas has Lackland Air Force Base, the former Brooks Air Force Base (later converted to Brooks City Base), and many others.
In Illinois, Scott Air Force base … (0 comments)

Military Rank, Credit, and VA Loan Applications - 05/04/10 06:14 PM
Experienced real estate pros and lenders can quickly size up some of their military clients just by asking a couple of simple questions. If you’re not used to working with veterans or current military members you might not know why “How long have you been in the military?” is one of the first questions some will ask.
Military members are compensated based on a number of factors including rank, time spent in that rank, plus overall time in the military. Sometimes—but not always—you can judge how much or how little a military person knows about the house hunting process, VA loans, … (1 comments)

More on VA Loan Fees Borrowers Should Anticipate - 05/03/10 03:32 PM
In our last blog post we examined some fees veterans could be asked to pay in connection with a VA mortgage. In addition to the ones previously mentioned, did you know a VA borrower also needs to pay a VA funding fee? The fee itself is used to help offset the government’s expenses in issuing VA mortgages, and VA fees vary depending on the type of loan and the servicemember’s military status. For example, members of the National Guard and Reservists pay slightly modified VA loan fees compared to their active duty counterparts. Some military members and veterans are exempt from … (0 comments)

VA Loan Expenses--What A Buyer Should Know - 05/01/10 09:51 AM
Experienced home buyers, especially those who have used VA home loan products before, know there are plenty of items they may have to pay for or consider having added to the amount of the VA loan where permitted when it comes time to get a new house. First time home buyers don’t have the benefit of that experience and may not be financially prepared to shoulder the additional costs of buying a home—unless they know ahead of time what they could be asked to pay in accordance with their VA mortgage application and paperwork and prepare accordingly.
An informed buyer … (0 comments)

 

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