Supersize a VA Loan - 03/14/11 06:04 PM
Supersize a VA Loan
Since 2004, the maximum VA loan is the same as the maximum FNMA mortgage which is currently $417,000.  Occasionally, a Veteran wants a loan in excess of that amount.  If the Veteran will put a 25% down payment on the excess amount, a lender will loan the other 75%.

ExampleSales Price                                                         $475,000Maximum VA Loan                                              $417,000Excess Amount                                                   $ 58,00025% Required Down Payment on Excess              $ 14,500Adjusted Loan                                                    $460,500
VA loans are eligible for veterans of the military with a certificate of eligibility.  A Veteran can get a 100% loan up to the maximum VA loan amount and the seller can pay their … (2 comments)

Waiting to Purchase a Home May Cost You More - 03/11/11 05:46 PM
Waiting to Purchase a Home May Cost You More
If you haven't heard by now, FHA is increasing the annual Mortgage Insurance Premium again by .25% on April 18, 2011.  Payments will be higher even if the interest rates remain the same.

Buyers who are ready to take action can still lock in the lower MIP.  If they have a contract signed by all parties and get a FHA case number issued prior to 4/18/11, the lower MIP rate will apply.
For a $175,000 home at 5% interest, the new MIP will mean the buyer will pay $35 more to … (0 comments)

Lancaster County PA Home Sale Market Report - 03/03/11 03:49 PM
Lancaster County PA Home Sale Market Report
LCAR, the Lancaster County Association of Realtors®, releases a monthly report of the latest home sale statistics gathered for Lancaster County, PA.  Following is the latest report, indicating that the number of sales this January is close to the number of sales last January.  However, the number of new listings is down over 15%.  This might be a leading indicator that the surplus of houses on the market in Lancaster may be ebbing, which could firm up prices.

January 2011 vs. January 2010 - Similar Home Sales Numbers


LANCASTER - According to a … (3 comments)

A Quick Guide to the VA Home Loan Process - 03/02/11 03:32 PM
A Quick Guide to the VA Home Loan Process
The following is a guest post contributed by Matt Polsky.  He may be contacted at mpolsky@vamortgagecenter.com 
The VA Home Loan program offers veterans a relatively easy way to secure financing for the purchase of their home while also potentially saving them thousands in out-of-pocket expenses. Designed to help veterans quickly achieve homeownership, military members and eligible spouses can expect to move rapidly through the following process with the aid of their approved VA loan specialist:
 See If You Pre-Qualify
Pre-qualifying for a VA home loan in advance will help you determine how … (0 comments)

 
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Brian Schulman - Your Lancaster County, PA Real Estate Expert

Lancaster, PA

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Coldwell Banker Select Professionals, Lancaster PA

Address: 1000 N. Prince Street, Lancaster, PA, 17603

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