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 than 41,000 civilians.
There are more than 23,000 retired Navy men and women living in Hampton Roads, and approximately 118,300 dependents of active duty, and civilian personnel. The total Hampton Roads Navy community numbers some 318,000 people. The military brings in over $11 billion into the local economy annually.
What does having a strong military presence have to do with Real Estate?
The obvious fact is there is a lot of military relocation coming and going in this area. We locals like to joke because it's rare to see a local that calls them a native to Virginia Beach.
So we have a lot of the military constantly buying and selling houses, the perfect companion to this is the perfect financing for military personnel and their families.
Va Mortgage - What is it - Who Qualifies
The Department of Veterans Affairs (VA) guarantees loans to help qualified veterans, reservists, and active-duty service members to finance their homes. Refinance or Purchase.
The VA loan allows veterans 100% financing without private mortgage. A VA funding fee of 0 to 3.3% of the loan amount is paid to the VA and is allowed to be financed.
You can apply for a Certificate of Eligibility by filling out a governmental form called the VA Form 26-1880, Request For a Certificate of Eligibility For Home Loan Benefits.
Check with your lender if you don't know if you cant find your certificate, they can quickly process your request and find out if you are eligible for a VA mortgage through a system called ACE
VA Mortgage Highlights
Many lenders are restricting LTVs and LOAN amounts right now with FHA and VA loans. Check with your local lender
to see what their guidelines are.
VA is Still alive and kicking with my company as many lenders are tightening up
- No Minimum Credit Score still for VA Mortgage (Check with your lender, my company still validates this)
- 100% Financing still
- 100% JUMBO FINANCING still (We are the only lender in this area still has this!!!)
- NO PMI
- Flexible income, debt and credit requirements to help borrowers qualify
- Down payment and closing costs that may be funded by a gift, grant or secured loan (DAP still accepted and with our company can still accept up to$40,000)
- Rates are usually lower
I just rate locked a $629k VA Jumbo loan at 5.5% Friday, don't overlook VA rates :) *check with your lender for rates*
Don't overlook VA mortgages
So I always ask my customers if they are VA eligible first, because VA is still alive and kicking and pretty much the only true 100% program out there still.
Don't forget just because FHA might be hot right now, VA Mortgages should not be overlooked.
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Just-In-Time's Loans
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