On VA Financing
As a Realtor in an area hosting
the 4700 person Naval Air Station, Brunswick and Bath Iron Works, I am totally versed on the VA market and how it works.
It's my job to make your VA loan process as smooth as possible.
A
smooth loan process begins with a clear understanding of the program,
its quirks, exceptions and rules. I will
bring that to your transaction. Naturally, you’ll learn a lot about VA financing and
how the system works. I know lots of tricks to make the transitions smooth and what
programs work and which ones don’t. And, I can advise you when it is NOT a good idea
to use your VA loan rights.
Have a question? Call 207.319.7810 or
email Steve@SteveCaron.com.
VA LOAN
PROCESS: AN OVERVIEW
STEVE - HOW DOES ONE GET
THIS FORM? CAN YOU HELP OBTAIN ONE?
DOESN'T A VA LOAN HELP
ME PURCHASE A HOME WITHOUT A DOWN PAYMENT?
| To
qualify for a VA loan you have to have
your DD 214 Certificate
or eligibility form. On the back will be a eligibility amount.
Multiply this amount by 4 to see how much
eligibility you have. An eligibility form can be obtained easily so
don't be concerned if
you don't have one. If you don't have a form, here's a way to
estimate what it will say...
|
| To understand how much you qualify for just take your L.E.S.
and use your gross monthly pay including all adds (flight pay BHA,
BAS). Once you have that figure combine it with another household
income (spouse) that you had at least two years and multiply that
number by .41 or 41%. Once you have that number, subtract out any
monthly debts. These would be car payments, credit cards,
personal loans, school loans, alimony, child support etc. |
|
Once you have that new figure go to the loan calculator and see how
much mortgage will match your payment figure. Don't forget
you'll need to take out a figure for property taxes and fire
insurance. A safe figure is $150.00 for anything over $100,000. or
$120.00 for anything less than $100,000.
|
 | Some
pointers.
You must be married to include a significant other's
income on a VA Loan. |
|
| In Maine, if you make less than 40K a year and this is
your first home you may qualify for a Maine State Housing loan along with your VA loan. VA
rates are competitive with the standard market rate.
|
|
| Most VA loans still take at least 60 days to close.
|
|
| If you used your VA loan before and want to get it
back, you would need to do 2 things: sell the house and close the
loan. Re-financing does not in itself return your eligibility.
You must also not own the home any longer. |
|
| When you purchase a home, you will need to have a Home
Inspector look at your property. Many Vets ask me if that end
will be covered by the appraiser? Yes, the VA appraiser will
look at some issues for safety and health related items.
However, he or she will not look at the home to the depth that a Home
Inspector will. Cost of this ....$200-300.00. |
|
WHAT NEXT?
If you are in the market for a home, give me
a call. We can look at the VA option and other options that may work as
well or better. Every situation is different, and my experience with
dozens and dozens of successful VA loans can help make yours go much
smoother.
