Military Relocation-What a Difference a Year Makes for VA Loans

By
Real Estate Agent with Integrity Real Estate Group

Military Relocation Using Your VA Loan BenefitsMost of us working during the "hot market" in Northern Virginia in 2002-2005 fought to get a seller to accept a VA loan.  Today sellers realize VA loan benefits are the one of the hottest tickets in town.

March statistics in Prince William County show that 107 VA loans were used to close properties as compared to 70 in 2008 and 14 in 2007.  VA loan benefits are the best and the only 100% financing options available for military families and qualified civilians.

There seems to be a rumor flying around Northern Virginia that you can't use a VA loan to buy a foreclosure property.  THIS IS NOT TRUE!  The electricity does need to be on when the appraiser shows up but that is an easy problem to solve with a couple of phone calls and if you are having a home inspection you want the electricity on anyway.

For a first time buyer a VA loan solves the down payment issue.  VA does not require any down payment, ZERO, NADA, ZILCH and a seller can contribute up to 6 towards closing costs.  What a deal. 

VA loans do require the buyer to pay a funding fee.  The fee is required by law is used to offset the cost of the benefits to taxpayers.  The fee is 2.15% on no down payment loans for the first time it is used and rises to 3.3% for the second time.   The funding fee can be rolled into the cost of the loan still keeping your out of pocket money low.  The funding fee is waived for veterans receiving VA compensation for a service connected disability and surviving spouses of veterans who died in service.

For more information on whether you qualify for a VA loan check directly with the Department of Veterans Affairs

If you have an upcoming tour to the Military District of Washington, Fort Belvoir, Pentagon or Quantico give the Cindy Jones team a call at 703-346-2213.  Put our experience with relocation to work for you.

Posted by

                                   Real People*Real Lives*Real Estate

If you are interested in learning more about the Northern Virginia Real Estate market including Alexandria, Arlington, Fairfax and Prince William Counties give Cindy Jones and Integrity Real Estate Group a call at 703-346-2213.

Military Relocation Specialist serving military families relocating to and from the Pentagon, Fort Belvoir, Quantico MCB and all of the Military District of Washington installations. 

Military Relocation Professional


Check out www.varealestatetalk.com and www.cjrealtygroup.com for more information.

Integrity Real Estate Group
 
Real People*Real Life*Real Estate

Licensed in the Commonwealth of Virginia



 

 

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Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

Glad to hear more VA loans are being used.  Makes me happy they are getting something back for their service.

May 04, 2009 07:51 AM #1
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Tammy-VA loan benefits took a sideline to conventional financing for a few years.  It is great to see them back in the forefront.  I used mine twice in the late 80's and look forward to using them to buy my "retirement" home in the near future.

May 04, 2009 11:20 PM #2
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Ed Poirier
Coldwell Banker Top 1% - Parkland, FL
Top 100 Agent - over $350 million in home sales!

I've had 3 VA loans close in the last few weeks and they all went very well.

May 19, 2009 02:34 PM #3
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