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Do You Have PCS Orders To Virginia? Do You Have Questions About Purchasing With Your VA Eligibility?

Reblogger
Peggy James
Real Estate Agent with SAMSON PROPERTIES 0225018862

 

 Do you have PSC orders to the Northern Virginia or Prince William County Virginia military bases, such as Ft. Belvior, The Pentagon, the Navy Yard or Quantico ? Do you have questions about VA Financing?Markita Aldridge Woods of Westar Mortgage is the person you can talk with to learn all your options. See the Top Ten Questions she is asked by military veterans.

Learn more about using your VA Eligibility at http://MyMilitaryMortage.com

 

Original content by Markita Woods NMLS#196099 NMLS #196099

My Top 10 Questions on VA Loans

 

1. What is a VA Home Loan?


A Veteran Home Loan is a zero money down home loan for veterans and active duty military (that meet certain service criteria). The loans are guaranteed by the Veterans Administration, but funded by lenders, credit unions, and banks.


2. Who is eligible? How do I know if I am eligible?

 Active duty military and veterans. Check out your eligibility at the VA Eligibilty Center.

3. What if I can’t find my DD214 (which documents my service dates)?

 

That’s okay visit my website forms…download form SF180 and send it back to regional office. Or call us at 703-497-3936 to walk you through.




4. Why choose a local VA lender?

When buying a home within a certain community, it’s all about location and information. So it's best to have of course a local Realtor and lender that specialize in your community of choice

 

5.) What is the maximum loan amount in the washington Dc Metro Area?

Zero Down Veteran Loans up to $729,650

 

 

 

 

6. Can I have two VA loans at one time?


Yes, depending on the amount of entitlement you have used on the current property and where you are buying the home.


7. What if I foreclosed on my home in the past with a VA home loan?Can I buy again with VA no money down?


Yes you can depending on your remaining entitlement, if any. Read this post titled "I Foreclosed on a Home with My VA Loan..."

 

 

 

 

8. I already own a home with VA, but now I have orders and need to sell, can VA help me?

 

Yes, you may be eligible to use the Department of Defense HAP Program.


9. What is the VA funding fee?


It is a small percentage financed on top of your loan amount/ sales price, unless you are a disabled veteran.

 

· 1st time user of VA benefit - funding fee is 2.15%

· Sales Price $300,000 Loan Amount $306,450 with

funding fee

· 2nd time/subsequent use - funding fee is 3.30%


10. How do I apply?


Just fill out our short application and get pre-approved today!
                                     

 

 

 


If you need tailored mortgage solutions contact Markita Aldridge- Woods at (703) 497-3936 or via email.                                                                                                                                                                               

We offer FHA, VA, VHDA, USDA and Conventional financing in Woodbridge, Lake Ridge, Northern Virginia, Stafford and surrounding areas.

WestStar Mortgage Logo

(WestStar Mortgage Inc. is licensed by the Virginia State Corporation Commission and License No. MC-1875)

 


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Dan Edward Phillips
Dan Edward Phillips, Humboldt and Del Norte Counties, CA - Eureka, CA
Humboldt and Del Norte Counties, CA

Good Morning Peggy, thank you for putting the post back up, I enjoyed it.

Sep 16, 2010 11:44 PM
Gordon Sloan
Group1 Real Estate, selling houses in Salt Lake City Utah - Salt Lake City, UT
Salt Lake Homes For Sale, Salt Lake Real Estate

Peggy, what about assumability? I think I heard that VA loans were more assumable than other mortgages.

What about the restrictions on that?

Sep 16, 2010 11:47 PM
Peggy James
SAMSON PROPERTIES - Woodbridge, VA
Woodbridge Virginia Area Real Estate Specialist

Hi Corie, that may not be one of Markita's top ten questions however it is a good one!  

VA Loans are assumable.  You do not have to be a veteran to assume a VA Loan. That said a home buyer must qualify for the entire loan balance and if there is money owed above the balance that is the amount the buyer ( and or seller) needs to negotiate. Once the home goes to settlement, the veteran seller is off the hook for that home loan. 

I am not a lender and I will get Markita to answer question with regard to current restrictions. 

 

 

Sep 17, 2010 12:14 AM
Markita Woods NMLS#196099
Fairway Independent Mortgage Inc. - Woodbridge, VA
Queen of Mortgages - FHA, VA, Conventional, USDA

 Peggy and Corie:

VA Loans are assumable. In the current market, the buyer assuming the loan must credit qualify and is subject to the seller's lenders full approval. VA Loan Assumption is great way to buy or sell a home when market interest rates are much higher than the seller's current financing. Or there is a slow moving market

If the buyer is a veteran then the seller is able to sell the home via assumption and walk away with full entitlement restored allowing them to purchase another home with there VA Home Loan benefit.

If the buyer is not a Veteran, then the seller will still be able to sell via assumption but they are still on the hook if the buyers default and seller's entitlement is not restored until loan is paid in full.

In my opinion VA asssumption may not be the best option in today's market, due to unbievablly low interest rates for buyers and the seller's risk of liability( if the buyer is not a Veteran and they defaults on the financing).

Sep 17, 2010 02:50 AM
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