Features of a VA Loan – What are Overlays
- A purchase loan must be for Veteran’s own personal occupancy.
- The max guarantee is up to 25% of the one unit, Fannie Mae and Freddie Mac maximum conforming loan limit.
- There is no down payment required – up to 100% financing plus the VA Funding Fee.
- There is the ability to finance the VA Funding Fee.
- Only Fixed or ARM option loans – fully amortizable – No interest-only options.
- The VA loan has flexible credit standards.
- The VA loan has no mortgage insurance premiums.
- The VA loan is an assumable mortgage.
- The VA loan has no prepayment penalties.
VA Eligible Loan Purpose
- The law authorizes VA to guarantee loans made to eligible veterans only to purchase or construct a residence, including a VA – approved condominium unit to be owned and occupied by the veteran as a home.
- The VA loan may include simultaneous purchase of the land on which the residence is situated or will be situated.
- Loans may also be guaranteed for the construction of a residence on land already owned by the veteran.
- The residential property may not consist of more than four family units and one business unit except in the case of certain joint loans.
- To refinance an existing VA loan for the purpose of a lower interest rate.
- To refinance an existing mortgage loan or other indebtedness secured by a lien of record on a residence owned and occupied by the veteran as a home.
- To improve a residence owned and occupied by the veteran as the veteran’s home through the installation of a solar heating system, a solar heating and cooling system, or a combined solar heating and cooling system, or through the application of a residential energy conservation measure.
- Tho purchase a one-family residential unit in a condominium housing development approved by VA. no ‘Spot’ approval allowed
- To purchase a farm residence to be owned and occupied by the veteran as a home.
Skip Young – Your Waldorf MD Realtor®
Yes, I am a Realtor, and I am MVHC or Military Veteran Housing Certification. Meaning I have to understand your Military Move, your Retirement move and when you take on you Veteran status, I need to understand all aspects. Working together is a partnership that I am willing to share my previous Elite Military Skills and 16 Years of Real Estate Knowledge.
f you are stationed here and are looking to purchase or sell a home please contact Skip Young Realtor®:
Marine Barracks Joint Base Anacostia-Bolling PSD Washington, DC Washington Navy Yard USCG Headquarters Visitor Entrance the United States NavyNavy Band US Army National Guard Armory American Military Society Navy Lodge US Naval Reserve Readiness Military Naval & Air AttacheWashington DC Police Department Air Supply US Coast Guard Headquarters Joint Anacostia-Bolling AFB Department of NavyFort George G. Meade Naval Support Facility Indian Head Joint Base Andrews Coast Guard Yard US Air Force Civil Air Patrol NAVAIR Maryland Military Department Naval Surface Warfare Center Army National Guard Recruiter US Army Reserve Center Naval Air Station Patuxent River Welcome to the Fort Belvoir Air Force United States Department Joint Base Andrews, MD
Skip Young Realtor® with Reviews as a Realtor®, has an extensive background in working with an Elite Unit while serving his country from 91 – 94. Now an Award-winning Realtor®, located in Waldorf MD, has proven not just in the ranks of the field with an Elite unit in the Army, but also in the Maryland Real Estate Business. By working with every type of client, to include active duty and veterans alike. His dedication to helping those who are serving and need to use their VA loan, need information on leasing a property due to a short-term duty station at any one of the bases here in the Washington DC, Maryland or Virginia. Military bases such as:
There are currently 23 million veterans and service members right in your local community of Washington DC, Maryland, and Virginia. They transact over $153 billion annually in the Local Real Estate purchases and Selling of Property, along with the Rental Market. Learn how you can help tap into and serve the veteran community with VAREP, the Greater Annapolis Chapter. Skip Young your Waldorf MD Realtor® and Veteran is still continue’s to serve my country by helping our community of brothers and sisters by representing the Government Affairs division. The position is about assisting in changing the laws that help protect veterans and service members who need to find housing in the Washington DC Maryland and Virginia area.
Skip Young | EXP Realty | Waldorf MD Realtor®
Realtor®, Veteran, New Home Sales
888-860-7369 x 240 Broker
137 National Plaza, Suite 300
National Harbor, MD 20745
Caruso Homes “Build on Your Lot”
2120 Baldwin Avenue, Suite 200, Crofton, MD 21114
Mortgage Banking Consultant
Maryland Retail Mortgage Administration
NMLS ID: #1039708
First National Bank Corp.
1000 Bestgate Rd. Suite 200
Annapolis, MD. 21401
Waldorf MD Realtor® | Veteran | eXp Realty | Author | VAREP Director of Government Affairs Greater Annapolis Chapter