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First Time Home Buyers - Using VA Loan

Written by:
Darleen McCullen, REALTOR®, Broker
Keller Williams Realty
Phone: 919.454.8864
Email: darleen@darleenmc.com

When I saw that for this week's Makeover2Takeover Challenge Penny Robinson and I would be submitting a First Time Home Buyer's Packet-with a VA Loan twist-my heart literally filled with joy. Really, it did! Here's why...

It seems like yesterday that my former spouse and I purchased our first home using his VA benefit, and I must say that having it available was a blessing to us.

Many Veterans have been helped by this program over the years, and had it not been for the VA laon, I'm not sure we would've been able to purchase a home when we did.

We were young, newly married-with very little money to spare-and we were able to purchase a nice home in Cary, North Carolina with no money down.

The Seller's paid a majority of our closing costs-leaving us an outstanding balance less than $200 to cover outstanding expenses to pay at closing (If I remember correctly, it was a land survey or something of that nature.) The closing attorney remarked that he thought he was going to owe us money back, LOL. What a sweet deal for us!

We didn't really understand the ins and outs of the VA loan, but we're thankful that our real estate agent knew a mortgage broker who could make the loan work. (I believe that it's essential to have a mortgage professional who understands exactly what the Department of Veteran Affairs is seeking in the loan packet - and that everything runs like clockwork. Without that knowledge, a VA loan can turn into a disaster. I know-I nearly had one go South last year.)

I love working with First Time Buyers because I know that I can be instrumental in helping them step onto the path of wealth-building through home ownership.

I know of no other investment that allows one to: Put in so little of their own cash and sell it after as little as 2 years for a profit of $250,000 for singles and $500,000 for married couples-with no capital gains taxes. Wow!

It's a great feeling to help change someone's financial future this way.

I know that the decision to purchase the home literally changed our futures because it enabled us to begin living the American Dream and to begin building wealth.

As real estate professionals-whether we realize it or not-we hold so much power in our hands. If we do our jobs correctly, we are able to make an impact on the world-not just in the present-but for many years to come. Real estate purchased today could mean wealth for generations to come.

Penny and I look forward to submitting our First Time Home Buyer's packet - and once again, we are grateful to have the opportunity to compete against what we consider to be some of the most formidable real estate brokers in the business. We're humbled each week that we have the opportunity to put together a presentation.

REALTOR® on a Mission... NOT Just Seeking a Commission!^TM

Phone: 919.454.8864
Website: http://www.darleenmc.com/

Disclaimer: Opinions expressed by those who are part of the ActiveRain community, including those providing comments relating to this blog, are their opinions and their alone - and do NOT reflect the opinions of Darleen McCullen and Keller Williams Realty. Darleen McCullen and Keller Williams Realty are not responsible for the accuracy (or lack thereof) or content provided by others.

Posted by Darleen McCullen, Broker-Raleigh, NC Real Estate on 06/12/2008 09:57 PM

Comments (8)

penny robinson, darleen mccullen, veterans, va loan, raleigh, nc, first time buyer

Post is included in group: North Carolina Real Estate
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8 Comments on First Time Home Buyers - Using VA Loan

Darleen - That is so true. If we do our job correctly we can have a great impact on the lives of others. Many have been helped by the VA loan and there are also many other programs available to first time home buyers so we need to educate ourselves about them.

06/12/2008 10:26 PM

by Jennifer Fivelsdal, Rhinebeck NY (Keller Williams Realty)

Darleen - It really helps to have an agent who understands the VA loan process, and you've been through it first hand!

06/18/2008 02:25 PM

by Stanton Homes - Penny Hull: Raleigh Area Custom Home Builder (Stanton Homes Inc - Raleigh Custom Homes)

Great to see the opinions of someone who has been on both sides of the VA process, as a buyer and a Realtor. It helps us lenders a lot when the Realtor's understand some of the basics and can help through the process.

I just recently helped some buyers with a VA loan that their prior lender had messed up for over 2 months. The VA program takes patience and understanding from those involved, but when done right is an amazing program.

______________________________________________________

Roland Carrillo, PhD
Branch Manager
VanDyk Mortgage

06/18/2008 07:12 PM

by VanDyk Mortgage Corp

Jennifer ~ Exactly! We most definitely need to educate ourselves on the various loan programs so tht we can speak intelligently about them with our clients.

Penny ~ Yes, it does help to have gone through the process myself. VA loans are excellent programs, and I'm so thankful that we had that option available to us.

Roland ~ It does help to have a real estate professional who understands the process. And yes, it does take patience. (Oh, the stories I could tell about a VA client I assisted last year.) :-)

06/19/2008 08:36 PM

by Darleen McCullen, Broker-Raleigh, NC Real Estate (Keller Williams Realty - www.darleenmc.com)

You definitely need a good mortgage professional who knows what the Department of Veteran Affairs is seeking in the loan packet. My brother just brought a house with a VA Loan. We closed the deal in 30 days. Everything went smoothly. Good luck on the Makeover2Takeover Challenge. Great post.

06/25/2008 05:38 PM

by Lanre Folayan "Buy Washington DC Real Estate" (Exit Premier Realty")

Lanre ~ Congrats on the closing going smoothly! The last VA loan I did, had a few hiccups, but I can't complain. :-)

Thanks for your well-wishes relating to the contest. It's really exciting to be in the Top 8! There is some outstanding competition here. But as they say, good competition only makes one step up their game to achieve more!

06/28/2008 08:06 AM

by Darleen McCullen, Broker-Raleigh, NC Real Estate (Keller Williams Realty - www.darleenmc.com)

Darleen - I have used the VA home loan program 3 times. I highly recommend it for those who, for whatever reason, can't or don't want to come up with a down payment. Once, I was on an ARM that actually went down more than up. I am not sure which benefit is better, home loan or education.

Nicely written, and, I especially like your cartoon at the end.

06/28/2008 08:20 AM

by Mike Saunders (Keller Williams Realty - Greater Athens)

Mike ~ Hi. The VA is an outstanding program - as well as the education benefits our Veterans receive.

Thanks for the compliment. The cartoon says it all... THANK YOU to all Veteras for their sacrifice. Even for those who may not have gone into a combat zone - it's still a sacrifice to leave one's family for deployments to foreign countries.

06/28/2008 09:04 PM

by Darleen McCullen, Broker-Raleigh, NC Real Estate (Keller Williams Realty - www.darleenmc.com)

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