If 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.
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.
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