Post by KellieSellsFlorida on Dec 9, 2016 21:56:55 GMT
My name is Kellie Long and I'm not only a Realtor in Jacksonville FL, I was a Navy wife for 16 years. During that 16 years we moved quite a few times so I am well versed on both sides of the home buying transaction.
With all of the new banking regulations put into place in the last few years, navigating the mortgage process can get overwhelming. Here are a few helpful pointers for anyone with a VA certificate of eligibility:
the following information has been taken directly off of the VA.gov website the link to the full article is here: www.benefits.va.gov/benefits/factsheets/homeloans/va_guaranteed_home_loans.pdf
A VA-guaranteed loan can be used to:
• buy a home, either existing or pre-construction, as a primary residence
• refinance an existing loan
BENEFITS OF A VA GUARANTEED LOAN:
• Equal opportunity for all qualified Veterans to obtain a VA loan
• Reusable
• No down payment (unless required by the lender or the purchase price is more than the
reasonable value of the property)
-
• No mortgage insurance
• One time VA funding fee that can be included in the loan 1
• Veterans receiving VA disability compensation are exempt from the VA funding fee
• VA limits certain closing costs a Veteran can pay
• Can be assumed by qualified persons
• Minimum property requirements to ensure the property is safe, sanitary, and sound
• VA staff dedicated to assisting Veterans who become delinquent on their loan
WHO IS ELIGIBLE?
Generally, the following people are eligible:
• Veterans who meet length of service requirements
• Servicemembers on active duty who have served a minimum period
• Certain Reservists and National Guard members
• Certain surviving spouses of deceased Veterans
KEY UNDERWRITING CRITERIA:
• No maximum debt ratio; however lender must provide compensating factors if total debt ratio
over 41%.
• No maximum loan amount; however, VA does limit its guaranty; Veterans can borrow up to
$417,000 without a down payment in most of the country. Find out the limit in any county.
• Published residual income guidelines to ensure Veterans have the capacity to repay their
obligations while accounting for all living expenses.
• No minimum credit score requirement; instead VA requires a lender to review the entire loan
profile to make a lending decision. **with this statement being said... every bank has their own criteria and although the VA may not require a certain credit score your bank may.
-----
It's vitally important for you to work with real estate and mortgage professionals who are experienced in working with Military and Vets.
The number one sentence I hear from active duty service members is "I cannot buy a home at my duty station because I don't have the credit score" - I do a lot of educating with the servicemember and their families on this and I assist on getting them into a purchased home.
If you have questions feel free to contact me and I will help as much as I can. If you are in the Northeast Florida area I can assist you and would be honored to work with you.
Respectfully,
Kellie Long, Realtor
With all of the new banking regulations put into place in the last few years, navigating the mortgage process can get overwhelming. Here are a few helpful pointers for anyone with a VA certificate of eligibility:
the following information has been taken directly off of the VA.gov website the link to the full article is here: www.benefits.va.gov/benefits/factsheets/homeloans/va_guaranteed_home_loans.pdf
A VA-guaranteed loan can be used to:
• buy a home, either existing or pre-construction, as a primary residence
• refinance an existing loan
BENEFITS OF A VA GUARANTEED LOAN:
• Equal opportunity for all qualified Veterans to obtain a VA loan
• Reusable
• No down payment (unless required by the lender or the purchase price is more than the
reasonable value of the property)
-
• No mortgage insurance
• One time VA funding fee that can be included in the loan 1
• Veterans receiving VA disability compensation are exempt from the VA funding fee
• VA limits certain closing costs a Veteran can pay
• Can be assumed by qualified persons
• Minimum property requirements to ensure the property is safe, sanitary, and sound
• VA staff dedicated to assisting Veterans who become delinquent on their loan
WHO IS ELIGIBLE?
Generally, the following people are eligible:
• Veterans who meet length of service requirements
• Servicemembers on active duty who have served a minimum period
• Certain Reservists and National Guard members
• Certain surviving spouses of deceased Veterans
KEY UNDERWRITING CRITERIA:
• No maximum debt ratio; however lender must provide compensating factors if total debt ratio
over 41%.
• No maximum loan amount; however, VA does limit its guaranty; Veterans can borrow up to
$417,000 without a down payment in most of the country. Find out the limit in any county.
• Published residual income guidelines to ensure Veterans have the capacity to repay their
obligations while accounting for all living expenses.
• No minimum credit score requirement; instead VA requires a lender to review the entire loan
profile to make a lending decision. **with this statement being said... every bank has their own criteria and although the VA may not require a certain credit score your bank may.
-----
It's vitally important for you to work with real estate and mortgage professionals who are experienced in working with Military and Vets.
The number one sentence I hear from active duty service members is "I cannot buy a home at my duty station because I don't have the credit score" - I do a lot of educating with the servicemember and their families on this and I assist on getting them into a purchased home.
If you have questions feel free to contact me and I will help as much as I can. If you are in the Northeast Florida area I can assist you and would be honored to work with you.
Respectfully,
Kellie Long, Realtor