Tagged : Team Move

Found 34 blog entries tagged as "Team Move".

FHA Flipping Rules for Buyers and Investors

FHA Flipping Rules Explained

There are two main categories of real estate investors.  The first is a long term hold strategy.  Secondly, there is flip which is a short term sell for profit strategy.  A property flip is when investors purchase a home, renovate it, and then sell it for a profit.  Both investments are wealth building strategies using real estate as the catalyst.  But when it comes to mortgages, lenders have restrictions and rules for property flips.  These rules can potentially restrict a seller’s ability to sell quickly.  These restrictions are called FHA flipping rules.

So, property flips sound like a great thing and you would be correct.  But, the purpose of this article is to

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How Many Times Can You Use a VA Loan?

February 11, 2014/in Frequently Asked Questions, Products, Tips, VA Loans

Picture this scenario which happens more than you may think.  A service member is being PSC’d to another duty station and wants to buy another home.  Maybe even the Veteran just wants to buy a bigger house in another neighborhood.  BUT, what if the current home can’t sell, so it needs to be rented?  Or the owner just wants to rent out the home for investment purposes.  Plus, the current home has a VA loan on it already.  So the question is asked, “How many times can you use a VA loan?” or “Can I use VA again to buy a home and rent out my other home?”.

How Many Times Can You Use a VA Loan?

Actually it is possible to have a second

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Buying Your First Home? We have $15,000 in Down Payment Assistance Available!

$15,000 Down Payment Assistance (DPA) – Wow! Close to FREE Money!

First time buyers in Cabarrus, Cumberland, Guilford, Johnston, or Mecklenburg Counties have a great opportunity.  These buyers may be eligible for the 15000 down payment assistance program ($15,000 DPA funds).  In addition, this program offers 0% interest and has no required payments.  But guess what???  It is FULLY FORGIVEN AFTER 5 ONLY YEARS!

Most of the time something like this is too good to be true.  In this case, it is True!  Last year this program was available to the first 1,000 loans.  But, this time the $15,000 DPA will be available to the first 3,000 loans.  So see the details below and

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2017 VA Loan Limits: How Much Can Veterans Finance with a VA Loan?


The Veteran’s Administration announced that the VA limits for potential 100% financing has increased for the first time since 2006.  VA loan limits match the conforming loan limits set by the Federal Housing Finance Agency.  Basically, this means the primary limit increased from $417,000 to $424,100.  Additionally, high balance counties had an increase as well which is listed further below.

How much Veterans and Service members can borrow is based on the Veteran’s entitlement.  With full basic entitlement of $36,000, a Veteran may qualify up to the full loan limit of $424,100 (or more if a high cost area).   For Veterans looking to borrow over $424,100 in counties other than

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How do self employed buyers qualify for a mortgage?


self employed - how to prepare to talk to your mortgage lenderWhen you are considering an application for a mortgage loan to purchase or refinance a home, calculating income is not as simple as asking for your salary.  So make sure you have the following documents together at application to help us calculate your income accurately up-front.

 

 

5 Required Items To Provide When Self-Employed and Buying a Home

  1. Last 2 years of federal personal tax returns with ALL schedules
  2. Last 2 years of federal business tax returns for any businesses where you own 25% or more
  3. K-1’s for all ownership of businesses no matter the percentage owned
  4. 12 months cancelled checks for any debts reporting on credit that are paid by the business directly to the
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Understanding Possible Closing Costs When Purchasing a Home With a Mortgage Loan


Understanding the potential closing costs of a purchase with a mortgage

 Settlement or Closing Costs Explanations

A buyer should know which closing costs to expect when purchasing a home.  Some closing costs are required, where others are optional to the buyer.

Potential Closing Costs on a Purchase

Below is a detailed list of potential closing costs on a purchase involving a mortgage in NC, SC, and VA, including a definition of these costs.

Keep in mind that not all closing costs will pertain to your closing but it is important to understand these costs even before talking to your Realtor and Lender.

Appraisal $450 – $650
Credit Report $25 – $100
Flood Certification $8 – $15
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Tips and Timeline for a Successful Open House – SOLD!


Successful Open House

In many markets a well prepared open house can attract buyers as well as realtors that could bring buyers and a hopefully a closed sale.

A successful open house is more than having a clean house, some flyers, and a sign.  This article will provide you with suggestions to give you a successful open house.

Put a plan in place to have a successful open house

Put a plan in place to have a successful open house

 

Weeks ahead of open house:

Preparing early will help you have a top notch open house

 

 

  1. All repairs and/or improvements you decided are to be finished
  2. Clear out the clutter (closets, pets, etc)
  3. Stage the home
  4. Landscape the yard and have fresh flowers in beds
  5. New
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North Carolina Property Tax Relief for the Elderly & Disabled

NC Property Tax Discounts Explained

North Carolina provides qualifying residents three great cost saving programs.  This article will explain NC Property Tax Discounts program benefits and requirements thoroughly.  In addition to showing you how to save money on property taxes, contact us to discover the best mortgage.  Mortgage loans available to retirees and disabled include VA, USDA, FHA, NC Housing Down Payment Assistance, and MCC income tax credits, and Reverse Mortgages.  Keep in mind when purchasing a home, you must own the home first and then can apply for any property tax relief programs.  Our goal is to ensure that qualifying NC residents save money.

 The 3 NC Property

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Rent your current home and buy your dream home with no money down!


purchase a home with 2 VA home loans at once

Rent out your current residence and purchase another home with VA using bonus or 2nd tier entitlement

Sound to good to be true?  This can be done by a Veteran, active service member, or qualified surviving widow of a service member purchasing a new home with a VA home loan!  These days if someone wants to rent out their current home and then purchase a new primary residence, most programs require either 2 years of tax returns proving the rent or requiring an appraisal to prove 30% equity in the home and a copy of signed one year lease with first month rent paid.

Well with a VA guaranteed home loan, a buyer may rent out their current house prior to closing, use up to

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How Many Times Can You Use a VA Loan?


Picture this scenario which happens more than you may think.  A service member is being PSC’d to another duty station and wants to buy another home.  Maybe even the Veteran just wants to buy a bigger house in another neighborhood.  BUT, what if the current home can’t sell, so it needs to be rented?  Or the owner just wants to rent out the home for investment purposes.  Plus, the current home has a VA loan on it already.  So the question is asked, “How many times can you use a VA loan?” or “Can I use VA again to buy a home and rent out my other home?”.

how many times can you use a va loan

How Many Times Can You Use a VA Loan?

Actually it is possible to have a second VA loan.  Actually, multiple VA loan situations happen right often. 

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