VA Loans-One of the Great Benefits for Military Families

By
Real Estate Agent with Integrity Real Estate Group

Using VA Loans to Buy a HomeIf it hadn't been for the VA home loan program I never would have been able to buy my first two homes!  Now years later I'm helping military families transitioning to Fort Belvoir, Quantico or anywhere in the Military District of Washington use the VA Home Loan Program to buy homes.

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!  In the past month I've closed on two foreclosure properties in Prince William County with buyers using a VA loan without any problems.   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 4% towards closing costs.  What a deal.  Worried about the VA funding fee?  You can finance the fee as part of your loan.  VA also does not cause the feared "declining market" flag to appear and suprise you with the need to come up with additional funds that FHA and conventional loans do.

VA loan limits are currently set at $417,000 which in today's market in Northern Virginia will buy you a nice home close to Quantico or Fort Belvoir.  My recent buyers have purchased townhouses in the Lake Ridge area of Prince William County for under $300,000 which only needed a little TLC (paint and carpet cleaning) to make them a great place to live.  If you are looking at a property over the VA loan limit of $417,000 you can also use your VA loan benefits by making a down payment on the amount of the loan over the current loan limit.

Not sure whether you are eligible for a VA loan? 

VA Loan Eligibility Requirements

Need to request your VA Certificate of Eligibility?

VA Form 26-1880

Need assistance finding your new home?  You can start your search for a new home near Fort Belvoir or Quantico online to get a feel for some of the local communities.  Once you narrow down your search you need an agent who is knows the area and understands military moves then give me a call.  I've walked in your shoes from the Far East to Europe and know what it is like to make a military move. I work with lenders who understand today's Northern Virginia market and are successful in getting VA loans to closing.   

_____________________________________________________________________________________________________________

Cindy Jones

As an Associate Broker with RE/MAX Allegiance in Northern Virginia and native of the area I can assist you whether you are buying, selling or renting a home anywhere in Northern Virginia. For more information about the area or my services you can check VaRealEstateTalk or my Northern Virginia website.

Search all homes available in the Northern Virginia area.

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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Rainer
26,172
Joshua & Kathy Schmidt
ERA Henley Real Estate - Cabot, AR

VA loans are a great benefit to being in the military.  I plan on using mine soon and I always recommend them to my military clients that are eligible.  A small thank you from the government, but a good one none the less.

May 21, 2008 01:39 AM #1
Ambassador
516,624
Stanton Homes
Stanton Homes - New Home Builder - Raleigh, NC
Design/Build Custom Home Builder in North Carolina

VA loans are going to become much more common now that other forms of 100% financing are gone.   Always good to have more information available on this benefit.

May 21, 2008 01:43 AM #2
Rainer
20,300
David Conaway
MetLife Home Loans - Bethesda, MD

I agree VA is a great option if available.  A few things that you may want to add:

1.  VA allows for a Jumbo program for loans above $417k

2.  The 4% can be much more than 4% and here's how:

 Seller concessions do not include

  • payment of the buyer's closing costs, or
  • payment of points as appropriate to the market.
  • Seller concessions include but are not limited to the following:
    • payment of the buyer's VA funding fee
    • prepayment of the buyer's property taxes and insurance
    • gifts such as a television set or microwave oven
    • payment of extra points to provide permanent interest rate buydowns
    • provision of escrowed funds to provide temporary interest rate buydowns, and
    • payoff of credit balances or judgments on behalf of the buyer.
  • Good Luck

    May 21, 2008 01:52 AM #3
    Rainer
    304,164
    Cynthia Tilghman, Realtor® Onslow County NC Home Specialist
    Kingsbridge Realty, Inc - Hubert, NC

    Cindy,
    The only way for military members to go is with the VA.  You and Lenn both wrote great article on VA loans today.  Great minds, you know.

    May 21, 2008 03:07 AM #4
    Rainer
    34,809
    L. Wayne Denton
    Denton Properties, Inc. - Loganville, GA
    I have a handle on your market!!!

    Great post for all of us to remember.  Thank you.

    May 21, 2008 06:07 AM #5
    Ambassador
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    Cindy Jones
    Integrity Real Estate Group - Woodbridge, VA
    Pentagon, Fort Belvoir & Quantico Real Estate News

    Joshua and Kathy-VA loans wre tossed aside when the market was red hot and it was a shame.  It is a good benefit and I'm glad to see it make a comeback in Northern Virginia.

    May 21, 2008 10:41 AM #6
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    Cindy Jones
    Integrity Real Estate Group - Woodbridge, VA
    Pentagon, Fort Belvoir & Quantico Real Estate News

    Penny-if you are in an area with a good deal of military clients then make sure you have a lender that can help out with VA loans.

    May 21, 2008 10:42 AM #7
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    Cindy Jones
    Integrity Real Estate Group - Woodbridge, VA
    Pentagon, Fort Belvoir & Quantico Real Estate News

    Penny-if you are in an area with a good deal of military clients then make sure you have a lender that can help out with VA loans.

    May 21, 2008 10:43 AM #8
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    Cindy Jones
    Integrity Real Estate Group - Woodbridge, VA
    Pentagon, Fort Belvoir & Quantico Real Estate News

    David-you are correct that you can go over the 4% with the right circumstances.  The don't pay the administrative fees that some brokerages want to charge though!

    May 21, 2008 10:46 AM #9
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    Cindy Jones
    Integrity Real Estate Group - Woodbridge, VA
    Pentagon, Fort Belvoir & Quantico Real Estate News

    Cynthia-VA Loans are on my mind these days.  Closed one this week on a foreclosure, have one closing next week on a "normal" sale and wrote two more contracts this week on foreclosures with VA loans.  They are making a great comeback in our area and I am glad to be able to have clients who can take advantage of them.  I'll go check on Lenn's post.

    May 21, 2008 10:48 AM #10
    Ambassador
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    Cindy Jones
    Integrity Real Estate Group - Woodbridge, VA
    Pentagon, Fort Belvoir & Quantico Real Estate News

    Wayne-Thanks for stopping by.  I think the more we know about all the loan programs available to our clients the better we can help them get into their new home.

    May 21, 2008 10:49 AM #11
    Rainer
    12,285
    Dana Forster
    AHome4Sale - Fredericksburg, VA
    Realtor, A Home 4Sale Inc, Va

    Cindy- Nice post. My husband and I bought our first two homes with our VA loans as well. They are definately making a comeback in today's market.

    May 22, 2008 06:33 AM #12
    Rainmaker
    316,051
    James Downing - Metro DC Houses Team REALTORS®, CRS, GRI, ABR,MRP, MilRes
    Real Living | At Home - Washington, DC
    When Looking to Buy or Sell - Make the Right Move

    I think its the only 100% program still around.  It is a good deal!

    May 22, 2008 08:37 AM #13
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