What Is a VA Guaranteed Loan?
A VA-guaranteed loan can be used to: • Buy a home as a primary residence (This can be either existing or new construction.) • Refinance an existing loan Benefits of a VA Guaranteed Loan • No down payment, unless: o It is required by the lender. • The purchase price is more than the reasonable value of the property • No mortgage insurance • Reusable • One-time VA funding fee (can be included in the loan) o If you receive VA disability compensation, you are exempt from the VA funding fee. • Minimum property requirements o Ensure the property is safe, sanitary and sound • VA staff assistance if you become delinquent on your loan • Can be assumed by qualified persons Equal opportunity for all qualified Veterans Updated October 2018 2 Who Is Eligible? In general, the following people are eligible: • Veterans who meet service length requirements • Service members on active duty who have served a minimum period • Certain Reservists and National Guard members • Certain surviving spouses of deceased Veterans Apply at www.ebenefits.va.gov to determine your eligibility or call 877-827-3702 for more information.
Key Underwriting Criteria • There is no maximum debt ratio. However, the lender must provide compensating factors if the total debt ratio is more than 41 percent. • There is no maximum loan amount. However, VA does limit its guaranty. Veterans can borrow up to $453,100 without a down payment in most of the country. You can find out the limit in any county at www.benefits.va.gov/homeloans/purchaseco_loan_limits.asp. • VA’s residual income guidelines ensure Veteran borrowers can afford the loan. These guidelines establish how much money a Veteran must have left over after all debts and living expenses are considered. • There is no minimum credit score requirement. Instead, VA requires a lender to review the entire loan profile. For more information, see the complete VA credit guidelines at www.benefits.va.gov/warms/pam26_7.asp.
How Can You Start the Process? VA provides policy, guidelines and oversight of the program. Lenders provide financing for eligible Veterans. The guaranty allows Veterans to obtain a loan without a down payment or mortgage insurance premiums. Veterans need to obtain a Certificate of Eligibility (COE) to prove entitlement. You can obtain the COE online through eBenefits Updated October 2018 3 at www.ebenefits.va.gov. Lenders also have the ability to request the COE on your behalf. You should talk to several lenders to find the one that fits your needs. They should know the VA loan program. They should also offer competitive rates and terms. Note: The VA appraisal is not intended to be an “inspection” of the property. Before committing to a purchase agreement, you should get expert advice. Talk to a qualified residential inspection service. You should also have radon testing performed. Can VA Help If You’re Having Trouble Making Payments? VA loan technicians may be able to help you retain your home and avoid foreclosure. Call 877-827-3702 to speak to a VA loan technician. For more information, visit www.benefits.va.gov/homeloans/resources_payments.asp.
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
Waldorf MD Realtor® | Veteran | eXp Realty | Author | VAREP Director of Government Affairs Greater Annapolis Chapter