It was early August 2011,when the phone rang. A gentleman named Daniel, says "Peggy, I just read your article online called This Weeks Caller said.. I know I can buy a home using my VA Eligibility, however is it true I do not have to put any money down? Do you have a minute?"
Of course I said, how can I help you?
Daniel, explained that he is relocating from Norfolk Virginia to Northern Virginia, and he really needed a home for his family. He explained further that he, his wife, four children and brother-in-law need enough space to live under one roof. Not only that they had three cars between them. So we talked a little bit. I learned they have been looking at homes online ( big homes, expensive homes) They were calling the listing agents and getting frustrated to learn the homes were under contract already or short sales that would mean a long, long wait. In talking with them, I learned they were not pre-approved for a home loan yet.
Folks...that is like going Grocery Shopping, and getting everything up on the conveyer belt and that cashier says that will be $103.00 please, and you realize you don't have your wallet! It is a waste of your time!
TFP ( tip from Peg) Get Pre-Approved for a home loan before you start looking for a home.
Fast forward . Daniel got pre-approved for a no money down home loan with a VA Loan Specialist Markita Aldridge Woods. There were many people he could talk with. He could call his bank, or credit union. However, he chose Markita at WestStar Mortgage here in Lake Ridge Virginia because she writes a local mortgage blog called WoodbridgeVirginiaMortgageNews. After speaking with Markita, he learned he now has a firm track to run on and will not be wasting any more time looking at homes his family could not afford
The very next day, Daniel received his Pre-Approval Letter. He now knew he could afford a single family home up to $300,000. I immediately set his up to start received alerts for any homes that came on the market in his price range.
The wish list for a $300,000 home was big:
- Four, preferably five bedrooms
- Two living room or family room areas
- At least three full baths would be great
- A home off the beaten path...someplace where the children could play safely without traffic
- Plenty of room for the families three cars
- A home in good condition that would pass a VA Appraisal Inspection
- A home where the seller would be willing to pay all of the buyers closing costs
- A home that would appraise
- A home that they could move into quickly
- A home where the wife could commute easily to Burke Virginia and the husband could get to the Fort Belvoir Virgina area
- If at all possible they wanted a three level home
- And in a perfect world they would love a two car garage
Guess What? Lucky for the buyers a home dropped in price from $329,900 to $299,900 and because they had an alert set up we were the first buyers into to see that home and we wrote an offer and "THEY GOT THE HOUSE!"
So in less than five weeks from the time he called he is now Under Contract!
Not only that the seller has agreed to pay his closing costs! Life is good....
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