Veterans You Need to Buy a Home with Your Benefits!!

I just saw an amazing question/answer program with the head of the VA loan program, called a Hangout.  I am an experienced realtor and have done quite a few Veteran home loans, but even I learned some things watching this, and I want to share some of the information.

They gave their 20 millionth loan recently, in 60 years (started in 1944) of helping veterans buy homes.  Last year was their 2nd biggest year of giving loans and they are on track this year to beat the best year.  Why is this so popular?

1.  There are 25 million veterans and yet only 1.8 million have a  loan.
2.  There is NO down payment with a VA loan and the closing costs can be rolled into the loan, or
      you can ask the seller to pay them and up to 4% of the prepaids. 
3.  Veterans walk away from the closing table with $$$$ in hand; which can be used to fix broken
      heaters later on or do rehabs right now.
4.  It's not your Father's or Grandfather's VA program.  It's updated, computer friendly, no paper,
     Instant approval on your military qualification.
5.  These loans have the fewest defaults for the past 5 years than any other kind of home loan.
6.  You can refinance them with no appraisal fees under their Streamline program.
7.  If you have another type of loan, you can still refinance into a VA.
8.  If you are disabled, you can get rid of property taxes.
9.  If you live in Texas, use this and the Texas land Board and get a lower interest rate.
10. The pest inspection makes sure you get a good home that termites have not eaten away.
11. The inspectors have lightened up and they only report dangerous situations, like live   
      electrical wires.
12.  They have added 1,200 new appraisers, so their appraisal times have speeded up to 10 days
       rather than 30, so the time to close is shorter.
13.  You earned this benefit - USE it.  If you have an inexperienced realtor or one who is
      judging things based on long ago experience, find a realtor who knows today's VA program
     and save your CASH for other things. 
14.  There is NO mortgage insurance.  With an FHA loan the mortgage insurance can cost you up
      to $50,000 more over the life of the loan.  Don't let any realtor tell you its cheaper to use FHA.

OK, I'm a proponent of VA loan.  I'm dealing with a house sale today using VA and TLB.  I've helped several veterans save interest, which means lower house payments.  A FHA loan can have $140 in mortgage insurance per month, why pay that if you qualify for a VA loan.  Isn't it worth waiting 15 extra days to close to save $50,000 in mortgage insurance AND have NO out of pocket costs and walk away from the closing table with $$$. 

If you are a veteran, and you are going to buy a home, be sure and use VA for your mortgage.

Texas Land Board Helps Disabled Veterans

As a realtor in Amarillo, I work alot with veterans, especially disabled veterans.  Texas is one of the best states for these special people when it comes to real estate.

The Texas Land Board gives a discount to veterans below the going mortgage rate on homes and remodelling.  The offer a third kind of loan, for land, at a set rate in the 7% range.  If you are 40% or more disabled, you get an additional .5 discount.  Last week this rate was 2.42%.  Can you imagine how much this low interest rate saves you on mortgage payments over 30 years.

I am a preferred realtor with the Texas Land Board in Potter and Randall County, and I love working with this program.

There are only 3 lenders in Amarillo who do these loans, as they make less money on them.  They are PrimeLending (who I usually use), Wells Fargo, and Herring Bank.  I love working with Donna Presley on these loans, as she's an expert with these and can push them through in 30 days usually.  They don't charge any points; although the Land Board charges 1%, and you can usually get your seller to pay your closing costs and include this in those costs. 

The Texas Land Board will let you have one of each of the three loans at one time, and once you pay one of them off, like a remodelling loan, you can get that same kind of loan once again; and YOU NEVER USE UP any credits, as in VA. 

The TLB also has cemeteries, nursing homes, and other benefits for veterans, and you only have to live in Texas one day to qualify.  They will require some of your service documents, and you can find those on their website. 

So call me, and let's get you into a new home at a low interest rate!!

Judy Dendy, Prudential Ada Realtors, 3300 Danvers, Amarillo, Texas  79106,   806-355-9601 or
806-672-3082.