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VA Loans-One of the Great Benefits for Military Families

Using VA Loans to Buy a HomeIf it hadn't been for the VA home loan program I never would have been able to buy my first two homes!  Now years later I'm helping military families transitioning to Fort Belvoir, Quantico or anywhere in the Military District of Washington use the VA Home Loan Program to buy homes.

There seems to be a rumor flying around Northern Virginia that you can't use a VA loan to buy a foreclosure property.  THIS IS NOT TRUE!  In the past month I've closed on two foreclosure properties in Prince William County with buyers using a VA loan without any problems.   The electricity does need to be on when the appraiser shows up but that is an easy problem to solve with a couple of phone calls and if you are having a home inspection you want the electricity on anyway.

For a first time buyer a VA loan solves the down payment issue.  VA does not require any down payment, ZERO, NADA, ZILCH and a seller can contribute up to 4% towards closing costs.  What a deal.  Worried about the VA funding fee?  You can finance the fee as part of your loan.  VA also does not cause the feared "declining market" flag to appear and suprise you with the need to come up with additional funds that FHA and conventional loans do.

VA loan limits are currently set at $417,000 which in today's market in Northern Virginia will buy you a nice home close to Quantico or Fort Belvoir.  My recent buyers have purchased townhouses in the Lake Ridge area of Prince William County for under $300,000 which only needed a little TLC (paint and carpet cleaning) to make them a great place to live.  If you are looking at a property over the VA loan limit of $417,000 you can also use your VA loan benefits by making a down payment on the amount of the loan over the current loan limit.

Not sure whether you are eligible for a VA loan? 

VA Loan Eligibility Requirements

Need to request your VA Certificate of Eligibility?

VA Form 26-1880

Need assistance finding your new home?  You can start your search for a new home near Fort Belvoir or Quantico online to get a feel for some of the local communities.  Once you narrow down your search you need an agent who is knows the area and understands military moves then give me a call.  I've walked in your shoes from the Far East to Europe and know what it is like to make a military move. I work with lenders who understand today's Northern Virginia market and are successful in getting VA loans to closing.   

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Cindy Jones

As an Associate Broker with RE/MAX Allegiance in Northern Virginia and native of the area I can assist you whether you are buying, selling or renting a home anywhere in Northern Virginia. For more information about the area or my services you can check VaRealEstateTalk or my Northern Virginia website.

Search all homes available in the Northern Virginia area.

                                   Real People*Real Lives*Real Estate

If you are interested in learning more about the Northern Virginia Real Estate market including Alexandria, Arlington, Fairfax and Prince William Counties give Cindy Jones and Integrity Real Estate Group a call at 703-346-2213.

Military Relocation Specialist serving military families relocating to and from the Pentagon, Fort Belvoir, Quantico MCB and all of the Military District of Washington installations. 

Military Relocation Professional


Check out www.varealestatetalk.com and www.cjrealtygroup.com for more information.

Integrity Real Estate Group
 
Real People*Real Life*Real Estate

Licensed in the Commonwealth of Virginia



 

 

Comment balloon 13 commentsCindy Jones • May 21 2008 08:25AM

Comments

VA loans are a great benefit to being in the military.  I plan on using mine soon and I always recommend them to my military clients that are eligible.  A small thank you from the government, but a good one none the less.

Posted by Joshua & Kathy Schmidt (ERA Henley Real Estate) over 10 years ago

VA loans are going to become much more common now that other forms of 100% financing are gone.   Always good to have more information available on this benefit.

Posted by Stanton Homes, Design/Build Custom Home Builder in North Carolina (Stanton Homes - New Home Builder) over 10 years ago

I agree VA is a great option if available.  A few things that you may want to add:

1.  VA allows for a Jumbo program for loans above $417k

2.  The 4% can be much more than 4% and here's how:

 Seller concessions do not include

  • payment of the buyer's closing costs, or
  • payment of points as appropriate to the market.
  • Seller concessions include but are not limited to the following:
    • payment of the buyer's VA funding fee
    • prepayment of the buyer's property taxes and insurance
    • gifts such as a television set or microwave oven
    • payment of extra points to provide permanent interest rate buydowns
    • provision of escrowed funds to provide temporary interest rate buydowns, and
    • payoff of credit balances or judgments on behalf of the buyer.
  • Good Luck

    Posted by David Conaway (MetLife Home Loans) over 10 years ago

    Cindy,
    The only way for military members to go is with the VA.  You and Lenn both wrote great article on VA loans today.  Great minds, you know.

    Posted by Cynthia Tilghman, Realtor® Onslow County NC Home Specialist (Kingsbridge Realty, Inc) over 10 years ago

    Great post for all of us to remember.  Thank you.

    Posted by L. Wayne Denton, I have a handle on your market!!! (Denton Properties, Inc.) over 10 years ago

    Joshua and Kathy-VA loans wre tossed aside when the market was red hot and it was a shame.  It is a good benefit and I'm glad to see it make a comeback in Northern Virginia.

    Posted by Cindy Jones, Pentagon, Fort Belvoir & Quantico Real Estate News (Integrity Real Estate Group) over 10 years ago

    Penny-if you are in an area with a good deal of military clients then make sure you have a lender that can help out with VA loans.

    Posted by Cindy Jones, Pentagon, Fort Belvoir & Quantico Real Estate News (Integrity Real Estate Group) over 10 years ago

    Penny-if you are in an area with a good deal of military clients then make sure you have a lender that can help out with VA loans.

    Posted by Cindy Jones, Pentagon, Fort Belvoir & Quantico Real Estate News (Integrity Real Estate Group) over 10 years ago

    David-you are correct that you can go over the 4% with the right circumstances.  The don't pay the administrative fees that some brokerages want to charge though!

    Posted by Cindy Jones, Pentagon, Fort Belvoir & Quantico Real Estate News (Integrity Real Estate Group) over 10 years ago

    Cynthia-VA Loans are on my mind these days.  Closed one this week on a foreclosure, have one closing next week on a "normal" sale and wrote two more contracts this week on foreclosures with VA loans.  They are making a great comeback in our area and I am glad to be able to have clients who can take advantage of them.  I'll go check on Lenn's post.

    Posted by Cindy Jones, Pentagon, Fort Belvoir & Quantico Real Estate News (Integrity Real Estate Group) over 10 years ago

    Wayne-Thanks for stopping by.  I think the more we know about all the loan programs available to our clients the better we can help them get into their new home.

    Posted by Cindy Jones, Pentagon, Fort Belvoir & Quantico Real Estate News (Integrity Real Estate Group) over 10 years ago

    Cindy- Nice post. My husband and I bought our first two homes with our VA loans as well. They are definately making a comeback in today's market.

    Posted by Dana Forster, Realtor, A Home 4Sale Inc, Va (AHome4Sale) over 10 years ago

    I think its the only 100% program still around.  It is a good deal!

    Posted by James Downing - Metro DC Houses Team REALTORS®, CRS, GRI, ABR,MRP, MilRes, When Looking to Buy or Sell - Make the Right Move (Real Living | At Home) over 10 years ago

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