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military: VA Mortgage 4% Seller Concession & Closing Cost Assistance Clarification - 04/08/09 09:45 PM
 
Photo Credit :  Randy Son of Robert's There seems to be a lot of confusion with Seller Concessions and Seller Assistance with VA mortgages, mainly due to the FHA guidelines which is another government loan.  However, these 2 loan programs are very different and heres why. 4% VA Seller Concession VA Mortgages has a limit of 4% of the Appraised Value that the seller can contribute to a buyer on a VA purchase without it being considered excessive. For VA purposes, a seller concession is defined as anything of value added to the transaction which the buyer pays no additional amount … (9 comments)

military: Veterans’ Benefits Improvement Act of 2008 Changes. VA Cash Out Refinance 100%. - 10/25/08 05:58 PM
Veterans’ Benefits Improvement Act of 2008 Changes
Recently, in VA Circular 26-08-19, the Veterans Administration (VA) announced several changes regarding loan guaranty provisions.  President Bush Officially signed over the changes this month October 2008.
Major Improvements to the VA Program are below in layman terms ☺
 
The Veterans Benefits Act of 2008  includes four major housing provisions. 
1.)  Cash Out Refinances the bill increases the maximum LTV from 90% to 100%.
2.)  The VA ARM and hybrid ARM programs are extended until 2012. 
3.)  The maximum guaranty amount of 175% of the Freddie Mac limit is extended to 2012.  This makes … (12 comments)

military: VA Mortgage Quick Tip: BAH and BAS Income - 09/05/08 11:34 PM

 
Military Mortgage Progam - VA Loan Quick Tip
When calculating income used to qualify for a VA Mortgage, make sure you are working with a Mortgage Expert that can analyze your income correctly.
Many mortgage professionals fail to calculate the correct income on LES Statements.
A LES statement is a Leave and Earnings statement.  This is the best summary of all income.
The 3 main entitlements on the LES are Base Pay, BAS and BAH.
Your Base Pay should NOT BE THE ONLY income to qualify for a house. If just your base pay is used you could lose … (13 comments)

military: Support our Troops with a VA Mortgage. - 04/15/08 01:14 AM
Is there a strong military presence in your area?
I grew up as a Navy brat in Virginia.  My father is a retired Command Master Chief in the Navy, the highest rank you can get being enlisted.  So I respect the Military, The area I live in has a strong military presence.
I am located in the Hampton Roads area in Virginia, Hampton Roads is the world's largest naval base. The Navy owns 36,000 acres and more than 6,750 buildings in the area. There are some 108,000 Navy and Marine Corps personnel stationed in the area, and the Navy employs more … (14 comments)

 

Justin Williams - Loan Officer

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