va home loans

Do I need a downpayment for a VA loan?

Who is eligible for a VA loan?

KATHY WEESE-DYERAssociate BrokerPortland's Choice Realty1051 Washington AvenuePortland, Maine 04103

[email protected]

What kind of a house can I buy with a VA loan?

What is a VA loan?

VA HOME LOANS

My credit isn't perfect. Can I get a VA loan?

I'm Pre-approved, now what? Call Kathy!

VA Loans - 10 Things to KnowKathy Weese-DyerAssociate Broker, Portland's Choice Realty

1. WHAT IS A VA LOAN?

A VA loan is a special type of home mortgage that's backed by the federal government, specifically the U.S. Department of Veterans Affairs (VA).

VA loans offer attractive terms and guidelines because the VA guarantees repayment of a portion of the loan to the lender even if the borrower defaults.

Made possible by the G.I. bill in 1944, VA loans are intended to help active-duty military servicepersons, veterans and others who are VA-eligible buy a home.

The VA loan is another way the nation recognizes your service.

2. WHO IS ELIGIBLE FOR A VA LOAN?

Not only veterans, but also other classes of military personnel are eligible for VA loans.

The list of eligible VA borrowers includes active-duty servicepersons, members of the National Guard, Reservists, surviving spouses of veterans, cadets at the U.S. Military, Air Force or Coast Guard Academy, midshipmen at the U.S. Naval Academy and officers at the National Oceanic & Atmospheric Administration.

A minimum term of service usually is required.

3. DO I NEED A DOWNPAYMENT TO GET A VA LOAN?

Most home loans require at least a small downpayment. VA loans are an exception.

Instead of making a downpayment, the VA lets you finance up to 100 percent of the purchase price of the home you want to buy. And you never have to pay for mortgage insurance.

Borrowers who get a conventional loan or an FHA loan, insured by the Federal Housing Administration, typically must pay an extra amount every month for mortgage insurance if they make a downpayment of less than 20 percent.


4. WHAT TYPE OF HOUSE CAN I BUY WITH A VA LOAN?

A VA loan can be used to buy a detached house, condo, new-built home, manufactured home or duplex, triplex or four-unit property or to refinance an existing loan for those types of properties.

The VA also lets you borrow an extra sum to make repairs or improvements to the home; or, make it more energy-efficient.

5. CAN I USE A VA LOAN TO BUY A HOME IN A FOREIGN COUNTRY?

No, you cannot use a VA loan to buy a home in a foreign country. Only homes located in the United States or a U.S. territory or possession, such as Puerto Rico, Guam or the U.S. Virgin Islands, are VA-eligible.

6. CAN I USE A VA LOAN TO BUY A RENTAL PROPERTY?

No, you cannot use a VA loan to buy a rental property. You can, however, use a VA loan to refinance an existing rental home you once occupied as a primary home.

For home purchases, in order to obtain a VA loan, you must certify that you intend to occupy the home as your principal residence. If the property is a duplex, triplex or four-unit apartment building, you must occupy one of the units yourself.

The exception to this rule is via the VA's Interest Rate Reduction Refinance Loan (IRRRL). This loan, also known as the VA Streamline Refinance, can be used to refinance an existing VA loan for a home where you currently live or where you used to live, but no longer do.


7. HOW DO I DEMONSTRATE TO A LENDER THAT I'M ELIGIBLE FOR A VA LOAN?

In order to show a VA mortgage lender that you are VA-eligible, you'll need a Certificate of Eligibility (COE), which your lender can acquire for you online, usually in a matter of seconds.

The IRRRL is again an exception. For that loan, you won't need a COE.

You'll also need to meet standard VA loan requirements including income and employment verifications, and residual income requirements.

8. DOES MY COE MEAN I AM GUARANTEED TO GET A VA LOAN?

No, having a COE doesn't guarantee a VA loan approval. Your COE shows the lender you're eligible for a VA loan, but no one is "guaranteed" VA loan approval. You must still qualify for the loan based on VA mortgage guidelines.

The "guarantee" part of the VA loan refers to the VA's promise to the lender of repayment if the borrower defaults.

9. MY CREDIT ISN'T PERFECT. CAN I GET A VA LOAN?

Yes, you can get a VA loan even without "perfect credit". Many lenders use aggressive underwriting to help people who are VA-eligible receive loan approval, so you don't need perfect credit or a high credit score to qualify.

If you have at least a middling credit score plus a history of paying your bills on time, you should apply for a VA loan.

10. CAN I GET A VA LOAN IF I'VE BEEN DENIED OTHER FINANCING?

Yes, you can get a VA loan even if you've been denied for other financing.

Because the VA loan offers such flexible guidelines, you might be able to qualify even if you've been turned down for another type of home loan, including the FHA loan, a Conventional 97 mortgage, or some other type of credit.

VA Loans - EligibilityKathy Weese-DyerAssociate Broker, Portland's Choice Realty

ELIGIBILITY

You must have suitable credit, sufficient income, and a valid Certificate of Eligibility (COE) to be eligible for a VA-guaranteed home loan. The home must be for your own personal occupancy. The eligibility requirements to obtain a COE are listed below for Servicemembers and Veterans, spouses, and other eligible beneficiaries.

VA home loans can be used to:• Buy a home, a condominium unit in a VA-approved project• Build a home• Simultaneously purchase and improve a home• Improve a home by installing energy-related features or making energy efficient improvements• Buy a manufactured home and/or lot.

ELIGIBILITY REQUIREMENTS FOR VA HOME LOANS

Servicemembers and Veterans

To obtain a COE, you must have been discharged under conditions other than dishonorable and meet service requirements .

You may be eligible for a VA Home Loan if you meet one or more of the following conditions:

You have served 90 consecutive days of active service during wartime,

OR

You have served 181 days of active service during peacetime,

OR

You have more than 6 years of service in the National Guard or Reserves,

OR

You are the spouse of a service member who has died in the line of duty or as a result of a service-related disability.

VA Loans - EligibilityKathy Weese-DyerAssociate Broker, Portland's Choice Realty

ELIGIBILITY REQUIREMENTS FOR VA HOME LOANS

Spouses

The spouse of a Veteran can also apply for home loan eligibility under one of the following conditions:

- Unremarried spouse of a Veteran who died while in service or from a service connected disability, or

- Spouse of a Servicemember missing in action or a prisoner of war.

- Surviving spouse who remarries on or after attaining age 57, and on or after December 16, 2003

(Note: a surviving spouse who remarried before December 16, 2003, and on or after attaining age 57, must have applied no later than December 15, 2004, to establish home loan eligibility. VA must deny applications from surviving spouses who remarried before December 6, 2003 that are received after December 15, 2004.)

- Surviving Spouses of certain totally disabled veterans whose disability may not have been the cause of death.

Additional Eligibility Requirements

Although the VA determines the guidelines for those who are eligible for the VA Loan benefit, private lenders who finance the home purchases have an additional set of criteria a potential borrower must satisfy, including debt, income and credit requirements.

When you apply for a VA Loan, your lender will pull your credit score from the three leading credit agencies, as well as examine your debt-to-income ratio.

Finally, a veteran applying for a VA Loan must not have been discharged under dishonorable conditions.

I am pre-approved ~ now what?

Meet with your Realtor to review and sign a Buyers Representative Agreement and go over the home buying process.

Go over your wishlist of items that are important to you i.e. location, # of bedrooms/baths, garage etc.

View homes. It is important to view a few homes in order to get a sense of value. Occasionally you will find your wishlist changes as you shop.

You found a home you like - Yay! Look at comparable solds and prepare a Purchase and Sale Agreement. Your Realtor will present the offer to the listing broker/seller.

You and the Seller have agreed upon a contract price and terms. You are Under Contract! An earnest money deposit is due at this time unlesss you included it with your offer.

A home inspection is an inspecton of a homes major systems such as roofing, plumbing, electrical, air and water quality and more.

Finalize your loan - after your inspection your lender will schedule an appraisal to make sure your home is worth the amount you are paying for it and will finish processing your loan.

Close on your loan - WELCOME HOME!

Why choose me as your Realtor?

When using a VA Loan, it's important to find a real estate agent that not only knows the intricacies of the VA Benefit Program, but also understands the specific needs of veterans and active duty military members. I am that person!

INTEGRITY AND ENTHUSIASM

You'd be hard pressed to find a Realtor® with a more enthusiastic or positive attitude. I love what I do and it shows! I am always looking for new and creative strategies to help me do my job better. People trust me with helping them secure their single largest asset and it is a responsibilty I take very seriously. I give 110% becuase I know that your success is ultimately my success.

RESULTS

When it comes time to help you find the home of your dreams you can count on my hard work and proven results. By addressing your requirements I will work hard to find you what you are looking for and not waste your time by showing you properties that don't suit your needs.

FOLLOW THROUGH

I have made a commitment to follow through. I will do what I say, return your calls and emails promptly and provide answers to your questions. I am a full time Realtor® and have dedicated myself to professionalism and customer service.

NOT PUSHY

The "hard sell" is not my style. I will not pressure you to make any decisions. I am happy when you make the decision that is right for you. I will advise you and provide you with information in order for you to make the best decision for you.

Kathy Weese-DyerPortland's Choice Realty1051 Washington Avenue

Portland, Maine 04013

207.653.4391 ~ [email protected]

TestimonialsKathy Weese-DyerAssociate Broker, Portland's Choice Realty

Kim & Steve/Gorham

"We had the pleasure of working with Kathy for the sale of a home and a purchase of a new home. Kathy was extremely responsive, thorough and supportive during the whole process. It took us a while to find our new home, but Kathy was always patient. Once we did find a home she coordinated the home inspection and advised us how to proceed with the findings. We would highly recommend Kathy for anyone looking to sell or buy a new home."

Thomas/Limerick

"Kathy went above and beyond what we expected from a real estate agent. She made buying our first home a great experience. Her diligence and attentiveness allowed us to relax knowing she had everything taken care of. Kathy is very knowledgeable about every step in the process of finding and buying a new home. It was a joy working with her and a relief knowing she was there for us every step of the way. Kathy is very personable, trustworthy and professional and we would highly recommend her to anyone looking to buy or sell a home."

Lizz/Gorham

"Working with Kathy was a great experience. She was always upbeat, easy to talk to,and answered all my questions. She always found the positive side of things (even when the house was disaster!). She was patient and took the time to find me the perfect house. She listened to what I was looking for and sent me homes that matched my criteria. I had a great experience and I would recommend her to anyone and will use her again if I ever move!!"

Richard & Christina/Windham

"Kathy was great! She always made sure she was in constant contact and really worked hard to help us find something that checked almost every box on our wish list!"

Lynn/ Gorham

"Kathy helped us find our perfect home and made the entire home buying process as stress-free as possible-even though we were moving to Portland from Belgium. She kept in constant communication with us, helped answer all the questions we had as first time home buyers (even with a huge time difference!), set up showings to accommodate our short scheduled visit, arranged and attended inspections and appointments in our absence, and even prepared the house for us after a very long international journey. We couldn't have done without her, can't thank her enough for all her help through the process, and wouldn't hesitate to recommend her to anyone thinking of buying in the Portland area!"

Hank/South Portland

"Kathy Weese-Dyer at Portland's Choice Realty is the best! Kathy worked tirelessly for over 4 months in a effort to find me the perfect home. She was extremely patient and never pushy. I hadn't purchased a home in over 20 years so I had lots of questions about the process. Kathy answered all my questions and if she couldn't on the spot, she would research them and get back to me with the correct answer. Her flexibility with scheduling viewing( always on my schedule, not hers) helped reduce the stress of a stressful process. I trust Kathy and know she always has my best interest in mind. In the end Kathy helped me find my perfect home. I would not hesitate to recommend Kathy for anyone in search of a realtor."

TestimonialsKathy Weese-DyerAssociate Broker, Portland's Choice Realty

Peter & Jamie/Scarborough

"I would reccommend Kathy Dyer to anyone buying a house. She always looks out for her clients. We had a very difficult time buying a bank owned property. I firmly believe if we had any other broker the deal would have fallen apart. If you ask Kathy to do something, she gets it done immediately. She has creative ideas to make things work. Kathy also has common sense, which goes along way in this industry. I could go on but the bottom line is; hire Kathy Dyer, you won't regret it!"

Philip/Windham

"Kathy Dyer came recommended to me by two other couples and a loan officer. From start to finish, Kathy was great to work with. She was knowledgeable about the properties we looked at and on the towns they were located in. She looked into everytrhing and did not put pressure on me to rush into decisions. I recommended her to a few friends and would highly recommend her to anyone. I had a very satisfactory experience."

Rod & Deb/Pine Point, Scarborough

"Kathy acted as both our seller and buyer agent during our recent house search. We couldn't be happier with her efforts. She was always quick to return messages and attentive to details. As an example, Kathy alerted us on a Sunday evening about a house that was recently listed, and was able to get us a showing the next morning. This was the home we ended up buying. She even helped us move! We can recommend Kathy without reservation."

Paula/Gorham

"Moving a 1000 miles to Maine was a daunting task. Finding a place to call home with only one day for the search, was just down right frightening. Kathy was the bridge that made all of this happen. She not only found the wonderful house we now call home, but was on top of "every detail" from beginning to end. We could not have been happier with the experience and highly recommend her to anyone looking for a home."

Sharon/Windham

"I wanted to say “Thank You” for such an easy process in the sale of my condo. It was wonderful that it was sold at full asking price. You made my experience smooth and uneventful. I will be sure to mention you when any of my friends ask about a real estate agent for selling their home. You will be my choice when I look to make a purchase in the future. Best of luck to you in your Real Estate Sales. Thank you again. "

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