VA Loan

I Recently had a Short Sale In Williamsburg, VA When Can I Get a Mortgage Again?

By: Williamsburg Military Insider

The chart below is a great tool to give you a basic guide when you might qualify for a mortgage again, if you have had a Short Sale. With a conversation with Nina Efird of Suntrust bank if you had a VA Compromise Sale, the VA is requiring you to pay back the delinquency if you would like to have full eligibility.

The specific wording on the VA official site includes the following;

“…although the veteran’s debt was waived by VA, the Government still suffered a loss on the loan. The law does not permit the used portion of the veteran’s eligibility to be restored until the loss has been repaid in full.”

If a VA loan applicant is notified that a debt to the government exists, or was aware of the debt prior to applying for the loan, it’s a very good idea to contact the VA directly to work out the details of repayment before trying to apply for a new VA mortgage.

Another important fact to remember–you may still be able to take advantage of any unused VA loan eligibility. If a borrower did not use the full entitlement on the previous VA mortgage, any remaining entitlement may be allowed.

A borrower’s debt to the government for a compromise claim could be factored into the debt-to-income ratio unless the lender feels the compromise claim debt is too large compared to other financial factors. Such debt might result in the need for a down payment, or a larger down payment than usual–requirements will differ from lender to lender.

 http://www.benefits.va.gov/homeloans/faqelig.asp

I am a REALTOR with Liz Moore & Associates Also; I am part of the Liz Moore & Associates’ Military Team which specializes in homes for sale in James City County, Newport News, Hampton, York County, Poquoson, and Williamsburg, VA as well as surrounding markets. I offer Active Duty friendly support to families relocating to Langley Air Force Base, Ft. Eustis, Yorktown Naval Weapons Station, and Cheatam Annex. When you PCS to Hampton Roads, VA you will find that I understand that when a family member joins the military, the entire family belongs…thank you for serving our Country, and I look forward to serving your real estate needs!

When you are transferring to Langley AFB, Ft. Eustis, Yorktown Naval Weapons Station or Cheatam Annex, if you’re interested in buying a home for sale call 757-651-3763 e-mail me at jenniferhernandez@lizmoore.com

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Want to Buy a Home in Williamsburg, VA … Now is The Time!

Congratulations to Clinton and Jessica, who closed on their new home in February! We had a great time house hunting for their dream home on 4 acres in New Kent where they can have horses and plenty of room for kids to roam. They got a deal on the house and a great interest rate (only 4% on a VA loan!). It’s a great time to buy!

I am a REALTOR with Liz Moore & Associates Also; I am part of the Liz Moore & Associates’ Military Team which specializes in homes for sale in James City County, Newport News, Hampton, York County, Poquoson, and Williamsburg, VA as well as surrounding markets. I offer Active Duty friendly support to families relocating to Langley Air Force Base, Ft. Eustis, Yorktown Naval Weapons Station, and Cheatam Annex. When you PCS to Hampton Roads, VA you will find that I understand that when a family member joins the military, the entire family belongs…thank you for serving our Country, and I look forward to serving your real estate needs!

When you are transferring to Langley AFB, Ft. Eustis, Yorktown Naval Weapons Station or Cheatam Annex, if you’re interested in buying a home for sale call 757-651-3763 e-mail me at jenniferhernandez@lizmoore.com

Curious How Local Lenders Verify Employment for Active Duty Service Members in Willilamsburg?

By:  Williamsburg Military Insider

After just personally going through a refinance of our home with a VA Loan, I was reminded of how lenders verify employment for Active Duty Service Members. Verifying a prospective homebuyer’s employment is one of the key steps of the loan process.

VA lenders need to ensure a borrower has a steady, reliable income stream that’s likely to continue and that covers their future housing needs. For veterans, military spouses and others, lenders will send a Verification of Employment (VOE), an official VA document, to past and current employers.

But the process is a bit different for prospective homebuyers still actively serving in the military.

Different Paperwork
Lenders will require a Leave and Earnings Statement (LES) instead of a VOE for active service members. It contains the same basic financial information. Active duty members can acquire their LES online by using the MyPay portal at https://mypay.dfas.mil/mypay.aspx.

Base pay counts as stable and reliable as long as the service member isn’t within a year of release from active duty. Lenders can also include as effective income a service member’s Basic Allowance for Housing and occasionally other military allowances — clothing, flight pay, combat pay and others — provided they’re verified and expected to continue.

Service members within a year of their release from active duty or the conclusion of their contract term can present a unique challenge.

Nearing Discharge
If their discharge date falls within 12 months of the anticipated date of their loan closing, the lender has to take a few extra steps to satisfy the VA. It makes sense, considering there may be uncertainty regarding the type of job and income that awaits the recently discharged veteran.

Given those potential question marks, lenders typically have to document at least one of the following four elements, if not more:

• That the service member has already re-upped or otherwise extended active duty service beyond that 12-month window, or
• The service member has a legitimate job offer in the civilian world (information about earnings and other standard data has to be included), or
• Significant underwriting factors that compensate for uncertainty, such as a down payment of at least 10 percent or noteworthy cash reserves, or
• A written statement from the service member declaring his or her intent to reenlist or extend service, along with
• A written statement from a commanding officer confirming the member’s eligibility to reenlist or extend service and that it’s likely to go through.

I am a REALTOR with Liz Moore & Associates Also; I am part of the Liz Moore & Associates’ Military Team which specializes in homes for sale in James City County, Newport News, Hampton, York County, Poquoson, and Williamsburg, VA as well as surrounding markets. I offer Active Duty friendly support to families relocating to Langley Air Force Base, Ft. Eustis, Yorktown Naval Weapons Station, and Cheatam Annex. When you PCS to Hampton Roads, VA you will find that I understand that when a family member joins the military, the entire family belongs…thank you for serving our Country, and I look forward to serving your real estate needs!

When you are transferring to Langley AFB, Ft. Eustis, Yorktown Naval Weapons Station or Cheatam Annex, if you’re interested in buying a home for sale call 757-651-3763   or e-mail me at jenniferhernandez@lizmoore.com

When the House You Want to Buy Needs Some Love in Williamsburg VA.

By:  Williamsburg Military Insider

It’s the house you want most! Or is it?
When you find a house in Williamsburg you love that’s in some disrepair, you feel torn. On the one hand, you could invest some money, time and energy in getting it fixed. Or you could keep shopping the Williamsburg market in hopes of finding the same house in mint condition. Preview these tips to assess what option is best for you.

Follow your heart and buy this one.
If you love the house and it’s not dilapidated, purchasing the home with a VA Loan is an ideal choice. Of course, if it’s falling apart and the repairs seem insurmountable, you won’t love it anyway. At some point every home needs some fixing, so why not complete the restorations at the start? With a VA loan, you can finance the purchase of the home as well as energy-efficient improvements with an energy-efficient mortgage (EEM).
Talk to your Realtor
A military-friendly Realtor will guide you in the right direction. Great Realtors don’t mislead you into thinking the repairs on your favorite house are easy and cheap. They’ll be straightforward with you and suggest whether you should continue shopping the market or invest in the house that is in need of repairs.
Forget about this house.
The house of your dreams required no major repairs when you bought it. If it weren’t for the leaky roof, busted HVAC and outdated shutters, then it’d be tops on your list of homes you saw. But those repairs are all real and you’re ready to get into your new home, not into your home on which you’ll spend weeks fixing up. Keep shopping and hope that you find a similar styled home in better condition.

I am a REALTOR with Liz Moore & Associates Also; I am part of the Liz Moore & Associates’ Military Team which specializes in homes for sale in James City County, Newport News, Hampton, York County, Poquoson, and Williamsburg, VA as well as surrounding markets. I offer Active Duty friendly support to families relocating to Langley Air Force Base, Ft. Eustis, Yorktown Naval Weapons Station, and Cheatam Annex. When you PCS to Hampton Roads, VA you will find that I understand that when a family member joins the military, the entire family belongs…thank you for serving our Country, and I look forward to serving your real estate needs!

When you are transferring to Langley AFB, Ft. Eustis, Yorktown Naval Weapons Station or Cheatam Annex, if you’re interested in buying a home for sale call 757-651-3763   or e-mail me at jenniferhernandez@lizmoore.com

VA Extends Higher Loan Limits Through Dec 31st, Great News for Williamsburg Va Buyers

by Williamsburg Military Insider

The Department of Veterans Affairs has announced that loan limits will not be lowered in
2011.* Loan limits as high as $1,000,000 in some areas will remain in place at least until the end of the year. Don’t miss this opportunity to lock in historically low rates and take advantage of all the VA.
Loan Benefits offers:
*No down-payment and no PMI on most loans
*For Home Purchase or Refinancing existing loans
*Active Duty, Vets, and Retirees eligible
*VA Guarantees 25% of the Loan Amount for Lenders

Also the VA funding fee has been reduced as of October 1, 2011

I am a REALTOR with Liz Moore & Associates  Also; I am part of the Liz Moore & Associates’ Military Team    which specializes in homes for sale in James City County, Newport News, Hampton, York County, Poquoson, and Williamsburg, VA as well as surrounding markets. I offer Active Duty friendly support to families relocating to Langley Air Force Base, Ft. Eustis, Yorktown Naval Weapons Station, and Cheatam Annex.  When you PCS to Hampton Roads, VA  you will find that I understand that when a family member joins the military, the entire family belongs…thank you  for serving our Country, and I look forward to serving your real estate needs!

When you are transferring to Langley AFB, Ft. Eustis, Yorktown Naval Weapons Station or Cheatam Annex, if you’re interested in buying a home for sale call 757-651-3763   or e-mail me at jenniferhernandez@lizmoore.com

Active Duty Military Moving to Williamsburg, VA Purchasing a Home….The VA Funding Fee Will Be Reduced Effective October 1, 2011

On August 3, 2011 President Obama signed into law the Restoring GI Bill Fairness Act. As of October 1, 2011 the VA funding fee will be reduced for all first time and
subsequent users. The benefit to Active Duty Military in Virginia
as well as Reserve and members of the National Guard is a
significant reduction in the VA funding fee.

The VA funding fee is an important part of the VA loan approval process and is required
on all VA loans with one exemption. Any veteran receiving VA compensation due
to a service related disability and designated at least 10% disabled would be
exempt from paying the funding fee.

The amount of the VA funding fee required depends on the amount of your down
payment as well as whether or not you have used your VA home loan benefit
previously. It is also dependent on whether you served in active duty, the
reserves or the National Guard.

First Time Users:

Subsequent or Repeat Users:

This is awesome news as the savings makes a VA loan now more affordable than ever!

I am a REALTOR with Liz Moore & Associates  Also; I am part of the Liz Moore & Associates’ Military Team    which specializes in homes for sale in James City County, Newport News, Hampton, York County, Poquoson, and Williamsburg, VA as well as surrounding markets. I offer Active Duty friendly support to families relocating to Langley Air Force Base, Ft. Eustis, Yorktown Naval Weapons Station, and Cheatam Annex.  When you PCS to Hampton Roads, VA  you will find that I understand that when a family member joins the military, the entire family belongs…thank you  for serving our Country, and I look forward to serving your real estate needs!

When you are transferring to Langley AFB, Ft. Eustis, Yorktown Naval Weapons Station or Cheatam Annex, if you’re interested in buying a home for sale call 757-651-3763    or e-mail me at jenniferhernandez@lizmoore.com

I am Active Duty Military …Why should I get a VA loan over other types?

By: Williamsburg Military Insider

Simply put, a VA Home Loan allows qualified buyers the opportunity to purchase a home with no down payment. There are also no monthly mortgage insurance premiums to pay, limitations on buyer’s closing costs, and an appraisal that informs the buyer of the property value, below are several benefits of a VA Home Loan:

  • Equal opportunity.
  • No down  payment (unless required by the lender or the purchase price is more than  the reasonable value of the property).
  • Buyer informed of reasonable value.
  • Negotiable  interest rate.
  • Ability to  finance the VA funding fee (plus reduced funding fees with a down payment  of at least 5% and exemption for veterans receiving VA compensation).
  • Closing costs  are comparable with other financing types (and may be lower).
  • No mortgage  insurance premiums.
  • An assumable mortgage.
  • Right to prepay without penalty.
  • For homes  inspected by VA during construction, a warranty from builder and assistance from VA to obtain cooperation of builder.
  • VA assistance  to veteran borrowers in default due to temporary financial difficulty.

I am a REALTOR with Liz Moore & Associates  Also; I am part of the Liz Moore & Associates’ Military Team    which specializes in homes for sale in James City County, Newport News, Hampton, York County, Poquoson, and Williamsburg, VA as well as surrounding markets. I offer Active Duty friendly support to families relocating to Langley Air Force Base, Ft. Eustis, Yorktown Naval Weapons Station, and Cheatam Annex.  When you PCS to Hampton Roads, VA  you will find that I understand that when a family member joins the military, the entire family belongs…thank you  for serving our Country, and I look forward to serving your real estate needs!

When you are transferring to Langley AFB, Ft. Eustis, Yorktown Naval Weapons Station or Cheatam Annex, if you’re interested in buying a home for sale call 757-651-3763   or e-mail me at jenniferhernandez@lizmoore.com

PCS move to Ft. Eustis or Langley AFB and Questions on the VA Loan Limit and VA Jumbo Loan? What happens if my home purchase is over $417k in Williamsburg?

By: Williamsburg Military Insider

The Department of Veterans Affairs will guaranty a VA home loan for a fully eligible veteran to a maximum of 25%. So if a veteran has full eligibility at $104,250, simply multiply that by (4) and the maximum loan amount with full VA guaranty is $417,000 with $0 down payment.

The majority of counties in the United States fall under this category.  York County and James City County here in Williamsburg fall into this category. The Department of Veterans Affairs has designated what is known as 2011_county_loan_limits where the VA will guaranty the veteran up to 25% of the high cost county limit. For these high cost county loans, the Veteran’s down payment is still $0 up to the higher limit. By definition, any loan greater than $417,000 is categorized as a VA Jumbo Loan.

Calculations for Loans Limits as Set by VA

For counties where the VA maximum limit is $417,000:

  1. Borrower has no money down on the first $417,000.
  2. Borrower pays a 25% down payment only on the amount greater than $417,000.
  3. Borrower pays the funding fee in cash for loan between $417,000 and $1,000,000.
  4. On loan amounts greater than $417,000, the veteran maintains all the benefits of a VA loan.

For counties where the VA maximum limit exceeds $417,000 (known as VA Jumbo Loans):

  1. Borrower has no money down on the maximum amount for the county limit as set by the VA.
  2. Borrower pays a 25% down payment only on the amount greater than the county limit set by the VA.
  3. Borrower pays the funding fee in cash for loan between the amount greater than the county limit set by the VA and $1,000,000.
  4. On loan amounts greater than $417,000, the veteran maintains all the benefits of a VA loan.

Additional Information pertaining to VA Jumbo Loans that exceed county limits set by VA:

  1. Minimum Credit score of 640 required for loans above $650,000.
  2. Manufactured homes are not eligible for the VA Jumbo program.
  3. Funding fees cannot be financed for loans greater than $417,000. They must either be paid in cash by the Veteran or by the Seller.
  4. 2- to 4-unit purchase transactions maximums are $417,000.
  5. The VA Jumbo Program is for Fixed Rate loans only.
  6. Other terms and conditions may apply.

I am a REALTOR with Liz Moore & Associates  Also; I am part of the Liz Moore & Associates’ Military Team    which specializes in homes for sale in James City County, Newport News, Hampton, York County, Poquoson, and Williamsburg, VA as well as surrounding markets. I offer Active Duty friendly support to families relocating to Langley Air Force Base, Ft. Eustis, Yorktown Naval Weapons Station, and Cheatam Annex.  When you PCS to Hampton Roads, VA  you will find that I understand that when a family member joins the military, the entire family belongs…thank you  for serving our Country, and I look forward to serving your real estate needs!

When you are transferring to Langley AFB, Ft. Eustis, Yorktown Naval Weapons Station or Cheatam Annex, if you’re interested in buying a home for sale call 757-651-3763   or e-mail me at jenniferhernandez@lizmoore.com