Tag Archives: home loans

What Every REALTOR® Wants You to Know About the Government Shutdown


What Every REALTOR® Wants You to Know About the Government Shutdown

 Several years ago, I broke the little toe on my left foot.  Not a serious injury, I’m sure you’ll agree, but a break never the less.  As a REALTOR® and not a doctor, the state of Maryland recognizes me as an “expert” in the field of real estate, but not in the field of medicine.  Never the less, I believe I can say with confidence that my medical advice is to avoid breaking a toe (or anything for that matter).

As my doctor was wrapping my broken little toe to the toe next to it, he said, half chuckling, “You are about to find out how your body is all interconnected.”  As I tried to stand, walk, or even balance myself I realized how the toes – even the little toe – was used to maintain balance.  The partial government shutdown is no different.  The government agencies are all interconnected.

When the partial government shutdown was first announced, FHA announced that they would stop processing mortgage loans insured by the FHA.  A few days later, the FHA reversed their decision and announced that they would process loan applications, although they would only process loan applications for single family homes, and not for condos.

That may sound like good news, but in reality, when a person applies for a mortgage, their income is verified by checking their income from their tax records.  During the partial government shutdown, the IRS workers are not working, making the verification of the tax records difficult, if not impossible.

The FHA announced that if the government shutdown is “brief”, the FHA does not expect the housing market to be “…significantly affected.”  Then the FHA stated that most employees of the Department of Housing and Urban Development are furloughed and not working and that applications for loans will be delayed.  The definition of “brief” as used by the FHA was not provided.

If you are thinking of buying or selling, talk to a real estate professional – talk to a REALTOR® who can give you the information you need to make an informed decision.

As always, if I can help with any of your real estate needs, please feel free to text or call me at 301-712-8808 or email me at RolandLow1@gmail.com.

Roland

 

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What Every REALTOR® Wants You to Know About – VA Home Loans


What Every REALTOR® Wants You to Know About –

VA Home Loans

 One of the best benefits for current or former military personnel is the VA Home loan.  Although this loan may not be for everyone, it has unique advantages that warrants a closer look by all who qualify.

va-loan

VA Home Loans are part of a Veteran’s benefit program that has helped millions of veterans purchase a home since World War II.  There are some distinct advantages for this loan for all who qualify.

  1. In Most Cases You Are Eligible

Veterans and active military need to meet certain service requirements in order to be eligible for a VA-backed mortgage. The VA ultimately determines who has access to this program, but in most cases, buyers are eligible if they meet the following service conditions:

  • At least 90 consecutive days active duty during wartime
  • At least 181 consecutive days active duty during peace time
  • At least six years in the National Guard or Reserves

Some surviving spouses of service members and veterans may able have home loan eligibility.

These are broad guidelines, and there can be exceptions. You don’t need to be certain of your eligibility to start the VA loan process. Lenders will often work to establish your eligibility on your behalf.

  1. Zero Percent Down Payment Required

The signature benefit of VA loans is being able to purchase without a down payment.

Conventional loans usually require at least 5% down, while FHA lenders want at a minimum 3.5%. On a $250,000 loan, that’s nearly $13,000 and $9,000, respectively. It can take veterans years to save that kind of lump sum.

Beyond that, conventional and FHA buyers who can’t put down 20% will have to pay for mortgage insurance each month. VA loans don’t come with any kind of mortgage insurance.

  1. You’re buying a primary residence

This program focuses on getting veterans and military members into homes they’ll live in full time. You can’t use a VA loan to purchase a vacation home or an investment property you won’t live in as your primary residence.  But you can purchase condos and even multiunit properties, provided you live in one of the units. You’ll also need to meet VA occupancy requirements, which typically means living in the home as your full-time residence within two months of closing. Your spouse may be able to fulfill this requirement in some cases.

  1. You’re not seeking a fixer-upper

The VA wants veterans buying homes that are safe and structurally sound. To that end, properties need to satisfy a set of conditions the VA calls minimum property requirements.

Generally, VA buyers can pay to make repairs on a home in order to get to closing. But that’s not always a smart financial decision, and some fixer-upper properties may present a significant challenge for the VA appraisal process.

If you are thinking of buying or selling, talk to a real estate professional – talk to a REALTOR® – who can give you the information you need to make an informed decision.

As always, if I can help with any of your real estate needs, please feel free to text or call me at 301-712-8808 or email me at RolandLow1@gmail.com.

Roland

 

Great Real Estate News for Williamson County Tennessee


The real estate market has been improving steadily for the last couple of years.  Yes, it climbs up, then drops down a bit, but the overall trend has been a steady increase.  That is about to get even better.

Real Estate Market Trend is Strong
Real Estate Market Trend is Strong

The Agricultural Act of 2014 provides incentives to rural areas with populations up to 35,000.  The program provides support and incentives to businesses, farms and even purchasing of homes.  This program has now been expanded and includes Spring Hill – both Maury County and Williamson County!

This means that home buyers who meet certain criteria will be eligible for low interest rates competitive with market rates; no down payment, no PMI insurance and a FICO score as low as 640.  To make the program even better, this is NOT for first time homebuyers only!  There are other benefits that may make this an ideal program for anyone thinking of buying or selling in the Spring Hill area.  If you would like more information on this program, drop me an email.

I say selling, because if your property is determined to be eligible for the program it can be marketed as such and attract more potential buyers.

If you are thinking of selling anytime in the near future, give me a call.  I would be happy to do a CMA (Comparative Markey Analysis) to determine the selling price of your home.  There is no cost or obligation to this service.

If you or someone you know is thinking of buying anywhere in the area, please give me a call so I can help you with all the options that are out there today.  From a mortgage person who suits your needs to moving a company and everything in between.

Roland