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  • MortgageBroker

    VA Home Loan Basics: Sellers Can Pay Vets’ Debts

    11:59 pm on June 30, 2009 | 1 Comment Permalink | Log in to leave a Comment

    Did you know that sellers can pay off a veteran’s debts, to qualify for a VA home loan?

    The seller contribution, for a VA home loan,  is limited to 4%.  Typical VA closing costs in San Diego total about 2-3 % of the selling price; that “extra” 1-2% could be used to “buy the rate down” or to retire the veteran’s debt for qualification purposes.

    One of our borrowers was buying a $380,000 home in Mira Mesa.  The seller agreed to pay 4% of the sales price towards closing costs ($15,200).  Closing costs for a 5.25% VA loan were about $8,000 while a 4.75% VA loan would have had $16,000 in closing costs.

    We opted to accept the higher rate and use the extra $7600 in seller contributions to pay off the veteran’s car loan; this eliminated a $500 payment from the veteran’s debt-to-income ratio.  The borrower earned about $83,000 annually and would have had a debt-to-income ratio of 48% which exceeded to VA guideline of 42%.

    When we paid off the car loan (using the $7600 in “free” seller contribution), the debt-to-income ratio dropped to 41.6% rendering the loan APPROVED.

    Sometimes, you gotta be a juggler to get loans approved in this market.

     

    • Holy_RealEstate_Batman 9:24 pm on July 6, 2009 Permalink

      Great post, and the analogy of keeping more than a few balls in the air at the same time is a good one. ONLY an experienced VA lender would know this, and it would take a seasoned, experienced VA Lender to make it happen. Kudos!

  • Holy_RealEstate_Batman

    Buy a Home with your Parents

    11:07 am on June 26, 2009 | 1 Comment Permalink | Log in to leave a Comment
    Tags: , Equity Sharing,

    Families Buying Homes Together

     

    Families Buying Homes Together

    Buy A Home With Your Parents

    I’ve written extensively about Equity Sharing, which is a fancy phrase for sharing both the risks and benefits of buying a home. You can find a primer for Equity Sharing at my blog and site Buy Half A House.

    Is the $8000 Buyers Tax Credit the Answer?

    During the past year I have found that my real estate practice has begun to revolve more and more around first time homebuyers, and the $8000 First Time Buyers Tax Credit seems to have helped at least get buyers thinking about buying.

    Buying a home in San Diego is a challenge

    But the real world has a way of taking over even in the midst of much ballyhoo, and here in the San Diego market first time homebuyers are being squeezed out of the opportunity to buy because investors and conventional loan buyers are cleaning their clocks. On homes that are priced really, really well, and with interest rates as low as ever, all the offers being placed on homes at the lower price range are creating a seller’s market if you will. Often there will be 20 or more offers on a home, with the home eventually being sold to the “highest and best offer”, usually much higher than the original asking price.

    Equity Sharing is the solution to buying a home in San Diego

    Why not, then, take advantage of buying a home with a family member? Remember that by doing so I presume the parents will contribute up to 20% of the price for a downpayment, and the kids will agree to pay the mortgage and taxes. Just by taking this simple approach it will be much, much easier (in the San Diego market) to buy a home, even with the investor competitors out there.

    Contact me - I can Help

    If you’re having difficulty buying, then Contact me today. I can help answer questions, and help with sorting out how to take advantage of this very difficult market, with very many opportunities.

     

    • kristalk 1:09 pm on June 26, 2009 Permalink

      The concept of equity sharing is one that I believe will become more and more popular, not just in expensive areas like San Diego, but others as well. Many parents have the means to help the kids, but don’t realize how to do so. Your information is most valuable!

  • Scott Cowan

    HUD Announces $8,000 Tax Credit Can be Used on First Time Home Purchases

    1:27 pm on May 29, 2009 | Click Here To Leave A Response! Permalink | Log in to leave a Comment
    Tags: $8, 000 Tax Credit

    HUD announced earlier today that the $8,000 Tax Credit Advance can be used towards closing costs or an additional downpayment on FHA loans. It is estimated that over 150,000 homes will be sold due to the change in lending rules. Over 100,000 sold to first time buyers and the remainder of homes sold to buyers moving up as they will have been able to sell their homes.

    For more information specific to Washington State residents please visit Washington State First Time Home Buyers Advance.

    Residents of Washington State may be able to use the $8,000 for the initial down payment with State assistance. Details are still fuzzy. In other states that have set up down payment assistance programs you may be able to use the $8,000 for your down payment. Check with your local Realtor.

     
  • battleback

    Teri Lussier

    8:18 pm on May 21, 2009 | 2 Comments Permalink | Log in to leave a Comment

    Teri Lussier


    Bah.

    Theresa Lussier
    Real estate agent, e-PRO
    EXIT Realty Central
    Direct: 937-478-7781
    Fax : 937-535-1661
    Subscribe to http://www.TheBrickRanch.com A conversation about where and how to
    live happily in Dayton Ohio!

    Confidentiality: This e-mail message, including any attachments, is for the
    sole use of the intended recipient(s) and may contain confidential and
    privileged information. Any unauthorized review, use, disclosure or
    distribution is prohibited. If you are not the intended recipient, or if you
    would like to be removed from future e-mails from us, please contact the
    sender by reply e-mail and destroy all copies of the original message.

     
  • MarkMadsen

    We need to battleback against HR 1728. …

    7:14 pm on May 21, 2009 | Click Here To Leave A Response! Permalink | Log in to leave a Comment
    Tags: HR 1728, Lending

    We need to battleback against HR 1728. Barney Frank would allow Americans to smoke weed and gamble online, but he doesn’t think mortgage borrowers are responsible enough to handle anything other than a 30 year fixed rate mortgage.

     
  • CindyD

    Cindy DiCianni

    5:12 pm on May 16, 2009 | Click Here To Leave A Response! Permalink | Log in to leave a Comment

    2008-cindy-photo

     
  • battleback

    Karen Werling

    4:33 pm on May 16, 2009 | Click Here To Leave A Response! Permalink | Log in to leave a Comment

    Karen Werling


     
  • battleback

    Paul Werling

    4:32 pm on May 16, 2009 | Click Here To Leave A Response! Permalink | Log in to leave a Comment

    Paul Werling


     
  • Paul Werling

    Finally home from Phoenix and Hawaii. Ev…

    4:30 pm on May 16, 2009 | 2 Comments Permalink | Log in to leave a Comment

    Finally home from Phoenix and Hawaii. Everything going well with our team here in Fernandina Beach. We’re very blessed..

     

    • JoshuaHanoud 7:38 pm on May 16, 2009 Permalink

      Welcome back to FL, Sir! It was great meeting you guys in Phoenix and I look forward to sending some folks your way in the future!

    • pwerling 8:36 pm on May 18, 2009 Permalink

      Hopefully, you’ll be able to bring the family up to the Island and take advantage of the beach house in the future. We’ll definately have our team send any referalls to you looking in your area.

  • Joe & Colleen

    Can you guys help me out. Yesterday I s…

    11:26 pm on May 11, 2009 | 3 Comments Permalink | Log in to leave a Comment

    Can you guys help me out. Yesterday I sent my photo using the email and the email was returned, soooo I resent another photo. You guessed it lo and behold they are both showing up in the slide show, how can I remove the one with our logo?

    Appreciate the help,
    -Colleen :)

     

    • Holy_RealEstate_Batman 9:05 am on May 12, 2009 Permalink

      Actually I was waiting for the third photo to show up, since you are the real estate mavens from the “Tri-Cities”, no?

    • Joe & Colleen 9:41 am on May 12, 2009 Permalink

      Don’t encourage Joe, or else you’ll see another 20 pics!

      Colleen ;)

    • battleback 11:23 am on May 12, 2009 Permalink

      We’ll get it done Colleen. Thx…rh

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