Interested in buying a home and claiming the home-buyer tax credit? Here are five tips:
1. Don't procrastinate. Start searching for a home now.
2. Don't count on another extension.
3. Mind the interest rates. Mortgage interest rates are low
right now, but could rise next year. Higher rates will
affect your monthly mortgage payments.
4. Communicate with your lender.
5. Don't take shortcuts. Don't forgo any of the steps you would
normally take just to make the tax credit deadline. Skipping
steps could cost you in the long run.
Give us a call to help you start looking for your new home.
248-4409
Thursday, November 26, 2009
Saturday, November 7, 2009
BASICS OF A VA LOAN
A VA loan is not a loan from the VA, in actuality, the VA only insures the loan from a VA approved lender. This allows the lender to loan up to 100% of the appraised value of the home.
The lender will determine how much home you can afford by looking at your debt, income, credit scores and other criteria.
You will not have to come up with a down payment however, there are certain closing costs and a funding fee associated with a buying a home, however you can negotiate with the seller to pay these costs.
The VA will only provide the loan for your primary residence; therefore you may be able to buy up to a triplex as long as you plan on living in one of the units.
You may only have one VA loan at a time; however you may use your VA loan more than once. You must pay off each loan before obtaining the next.
The home you choose will have to pass meet certain criteria in order to get the loan, the standards for a VA loan are higher than a standard conventional loan. Items such as peeling paint or an outlet in the wrong place may disqualify a home. Also, mobile homes not on a VA approved foundation will not be approved.
Getting a VA loan is not much different then obtaining any financing except that you will need a COE--Certificate of Eligibility--from the veteran affairs office more info at va.gov. Once you obtain your COE take it into a lender along with all the information they request, the will pre-approve you at a certain price range.
Once you know how much home you can afford you can start working with a Realtor. Make sure that your Realtor is familiar with VA requirements for a home and understands the process.
A VA loan is not always the best option just because you are eligible, make sure you lender explains the benefits and negatives of each type of loan you are eligible for so you can decide what works best for you.
Call Jacque Lorang 690-5277 or e-mail ablahoo@yahoo.com
The lender will determine how much home you can afford by looking at your debt, income, credit scores and other criteria.
You will not have to come up with a down payment however, there are certain closing costs and a funding fee associated with a buying a home, however you can negotiate with the seller to pay these costs.
The VA will only provide the loan for your primary residence; therefore you may be able to buy up to a triplex as long as you plan on living in one of the units.
You may only have one VA loan at a time; however you may use your VA loan more than once. You must pay off each loan before obtaining the next.
The home you choose will have to pass meet certain criteria in order to get the loan, the standards for a VA loan are higher than a standard conventional loan. Items such as peeling paint or an outlet in the wrong place may disqualify a home. Also, mobile homes not on a VA approved foundation will not be approved.
Getting a VA loan is not much different then obtaining any financing except that you will need a COE--Certificate of Eligibility--from the veteran affairs office more info at va.gov. Once you obtain your COE take it into a lender along with all the information they request, the will pre-approve you at a certain price range.
Once you know how much home you can afford you can start working with a Realtor. Make sure that your Realtor is familiar with VA requirements for a home and understands the process.
A VA loan is not always the best option just because you are eligible, make sure you lender explains the benefits and negatives of each type of loan you are eligible for so you can decide what works best for you.
Call Jacque Lorang 690-5277 or e-mail ablahoo@yahoo.com
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