Their are several benefits using your VA and you may qualify even if you're not on active duty (prior service). Benefits include low to no money down, no closing costs, low interest rates, no monthly mortgage insurance and more...
The 1st step is to see if you qualify by speaking with a qualified VA lender. They will need a copy of your DD214 (service discharge papers), current employment information, income, any debt and credit scores. Based on the above information the lender will let you know what you qualify for and what your estimated monthly mortgage payments will be.
The 2nd step is to work with a licensed real estate agent that understand the VA process when buying. The qualified buyer's agent is a free service and they will show you the homes meeting your searching needs. Once a home is found they will negotiate the offer on you behalf, suggest any needed inspections, verify contract requirements are being met, prepare you for closing and then get you the keys to your home. The agents actually do a lot more behind the scenes but that was just the short version.
To find out about qualifying & using your VA benefits to buy with '0' down - Free! click here.
3 Things To Know Before Buying A Foreclosure:
Your buyers may be drawn to distressed properties. After all, the No. 1 reason to buy a foreclosure is the potential for a good bargain.
Indeed, discounts often can range from to 20 or 40 percent off on a short sale or foreclosure compared to a sales price of a nondistressed home. But despite the big bargains, buyers need to tread carefully before jumping in. Here are some of the following tips in buying a foreclosure in a recent article at Business Insider.
--Beginners may want to focus on REOs. New buyers may want to avoid short sales, which often come with lengthy negotiations, or foreclosure auctions that often require all-cash payments. On the other hand, REOs can be similar to a traditional home sale in some ways and can offer some of the biggest bargains. A bank isn't emotionally attached to a REO; it's just looking to recoup as much of its losses as possible. So the lender is often more willing to capitulate on price.
--Don’t forget the inspection. Many distressed properties are sold “as is” and can come with a host of problems if buyers aren’t careful. Getting a home inspector to inspect the home prior to any purchase. Buyers will then have a list of any potential problems with the home, along with estimates for costs of repair. Buyers can then use the list to possibly negotiate a lower price.
--Don’t expect appreciation right away. You’ll also likely want to caution buyers who believe that because they’re buying at a big discount they expect to see appreciation right away. Educate your buyers about the market. It's important to not make the mistake of counting on any major price appreciation in the near term.
Can You Use Your VA Benefits For Investment Homes?
The VA loan can be used to purchase up to a 4-unit house so long as it is owner occupied. These homes are also known as multi-family dwellings, and can be referred to as 2, 3, or 4 family houses. These homes are typically separated units with each functioning as a separate apartment.
the area you
If you are
income it is
cost of the
are in the
more of your
set you up
Also, a good
you in were
that you are
and types of
family, 2, 3
or 4 family
that if you
3. Know your
you will be
on. You can
use VA Loan
$100 a month
will need to
the age and
4. Know your
can ask your
rents are in
that you are
rents in the
units in the
you can use
if the units
or, what you
if there are
but paying a
If you go
you will be
that is a
job and not
law will go
a long way.
Do-It-Yourself Home Improvements Increases Home Value
According to a survey study of 500 real estate agents throughout the nation to learn the top 10 low-cost, do-it-yourself improvements that help increase the likelihood a home would sell.
Ranking in the top five are: clean & de-clutter, lighten & brighten, repair electrical & plumbing, landscaping, and home staging. But how much benefit can you really expect to get from each of these home improvement categories?
According to the study, the top home improvement continues to be to clean and de-clutter your home. It may cost you about $400 to make the most of this home improvement but sellers who make the financial commitment can benefit by seeing a "returning value of just over $2,000 to the home's sale price". That's a 403 percent return on investment (ROI).
Coming in at the number two spot is lightening and brightening your home. This makes perfect sense. If a home is dark and difficult to view, many buyers won't spend even minutes in it. Buyers want to be able to explore the home, seeing every detail. Also, homes that are dark often convey a dreary tone and may give buyers the suspicion that there may be hidden damages in the home.
Interestingly, home staging fell to the number five spot. In the 2011, study it ranked third. However, for this year, do-it-yourself tasks such as repairing electrical and plumbing issues, and maintaining landscape, ranked higher, respectively. In a buyer's market, sellers need to dress their homes for success before putting them on the market
It could be a sign of the times, that do-it-yourself home improvement projects are creating greater ROI. With many homes falling into foreclosure or being put on the market as a short sale, there is lots of inventory that is lacking a little tender loving care.
Sellers who are listing their home on the market should take a close look at the competition and then, as I've written in previous columns, see their home through the eyes of a potential buyer. In other words, check out its flaws and fix those issues.
Remember, buyers don't have a history with your home. They're not necessarily attached and willing to overlook the downside of your property.
Create a do-it-yourself task list and target those areas that need some work. Then bring in the experts to do the maintenance and repairs that need professional care. Investing a little more into increasing the potential sale of your home can mean not only more money but also a faster sale.
Lastly, shampoo or replace carpets, repair floors, paint interior walls, update kitchen & bathroom, and paint the exterior of the home.
If you ever served in the military and were honorably discharged, you may qualify for VA medical. We have had many prior service members get approved even when they thought they couldn't. Simply go to the link below, fill out app. and send to your local VA hospital.