At JR Higgins Realty, our network of Real Estate agents are educated in the process of assisting veteran homebuyers. Many of our agents are Ex-military or Active Reservists whose careers are now in real estate. They know how the system works and can put you on the fast track to purchasing a home utilizing your VA eligibility.
     Our agents will concentrate solely on the veteran customer and give them the full attention they deserve.
     We are motivated, well educated and willing to give veteran home buyers the best service possible. There are no fees and no hidden costs under this program. It is a complimentary service available for JR Higgins Realty customers and we hope you benefit from this service.
     The more you know about the VA Home Loan Program, the more you realize how little "red tape" there really is in getting a VA loan. These loans often require no down payment and frequently offer lower interest rates than ordinarily available. If you would like to meet with one of our experienced Real Estate Agents or would like more information please contact us.

 

FIVE EASY STEPS TO A VA LOAN

1. Apply for a certificate of Eligibility
   A veteran who doesn't have a certificate can obtain one easily by completing VA Form 26-1880, Request for a Certificate far VA Home Loan Benefits and submitting it to one of our Eligibility Centers with copies of your most recent discharge or separation papers covering active military duty since September 16, 1940, which show active duty dates and type of discharge.
2. Decide on a home the buyer wants to buy and sign a purchase agreement.
3. Order an appraisal from VA. (Usually this is done by the lender.)
   Most VA regional offices offer a "speed-up" telephone appraisal system. Call the local VA office for details.
4. Apply to a mortgage lender for the loan.
   While the appraisal is being done, the lender (mortgage company, savings and loan, bank, etc.) can be gathering credit and income information. If the lender is authorized by VA to do automatic processing, upon receipt of the VA or LAPP appraised value determination, the loan can be approved and closed without waiting for VA's review of the credit application. For loans that must first be approved by VA, the lender will send the application to the local VA office, which will notify the lender of its decision.
5. Close the loan and the buyer moves in.

WHAT IS A VA-GUARANTEED LOAN?

These loans are made by a lender, such as a mortgage company, savings and loan or bank. VA's guaranty on the loan protects the lender against loss if payments are not made, and is intended to encourage lenders to offer veterans loans with more favorable terms. The amount of guaranty on the loan depends on the loan amount and whether the veteran used some entitlement previously. With the current maximum guaranty a veteran who hasn't previously used the benefit may be able to obtain a VA loan up to $240,000.00 depending on the borrower's income level and the appraised value of the property. The local VA office can provide more details on guaranty and entitlement amounts.

WHAT CAN A VA LOAN BR USED FOR?

1. To buy a home, including townhouse or condominium unit in a VA-approved project.
2. To build a home.
3. To simultaneously purchase and improve a home.
4. To improve a home by installing energy-related features such as solar or heating/cooling systems, water heaters, insulation, weather-stripping / caulking, storm windows/doors or other energy efficient improvements approved by the lender and VA. These features may be added with the purchase of an existing dwelling or by refinancing a home owned and occupied by the veteran. A loan can be increased by up to $3,000.00 based on documented costs or up to $6,000.00 if the increase in the mortgage payment is offset by the expected reduction in utility costs. A refinancing loan may not exceed 90 percent percent of the appraised value plus the costs of the improvements. Check with a lender or VA for details.
5. To refinance an existing home loan up to 90 percent of the VA-established reasonable value or to refinance an existing VA loan to reduce the interest rate.
6. To buy a manufactured home and/or lot.

HOW TO GET A VA LOAN

VA Appraisal- Certificate of Reasonable Value

The CRV (certificate of reasonable value) is based on an appraiser's estimate of the value of the property to be purchased. Because the loan amount may not exceed the CRV, the first step in getting a VA loan is usually to request an appraisal. Anyone (buyer, seller, real estate personnel or lender) can request a VA appraisal by completing VA Form 26-1805, Request for Determination of Reasonable Value. After completing the form, it can either be mailed to the Loan Guaranty Division at the nearest VA office for processing or an appraisal can be requested by telephoning the Loan Guaranty Division for assignment of an appraiser. The local VA office may be contacted for information concerning its assignment procedures. The appraiser will send a bill for his or her services to the requester according to a fee schedule approved by VA. To simplify things, VA and HUD/FHA (Department of Housing and Urban Development/Federal Housing Administration) use the same appraisal forms. Also, if the property was recently appraised under the HUD procedure, under certain limited circumstances, the HUD conditional commitment can be converted to a VA CRV. The local VA office can explain how this is done.

It is important to recognize that while the VA appraisal estimates the value of the property, it is not an inspection and does not guarantee that the house is free of defects. Homebuyers should be encouraged to carefully inspect the property themselves, or to hire a reputable inspection firm to help in this area. VA guarantees the loan, not the condition of the property.

http://www.va.gov/