Tagged : WRAR

Found 26 blog entries tagged as "WRAR".

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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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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“I Want to Buy a Home-In a Year or Less!” Best Tips for Paying Rent & Why


Rent tips To prove your rent history the best, pay your rent by check on-time each month

Rent Tips to Buy a First Home

In this series, we are providing tips to avoid the Most Common Roadblocks to Home Ownership.  So far we have discussed how to solve limited or bad credit, no down payment, and not having a budget.  So lets discuss overcoming Roadblock #4.  Not being able to document rent or housing history to show, as a buyer, that you are able to handle a new mortgage payment.  So in this article we are going to provide you detailed rent tips.

Reasons to Document Rent History

First of all, there are plenty of situations where a buyer does not have to prove a rent history.  Program type and overall strength of the borrower’s file are examples for

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Underwater on Your VA Mortgage & Experienced a Hardship? There is a Solution for VA Borrowers

 

Solutions for VA borrowers that are underwater on their mortgage

Solutions for VA borrowers that are underwater on their mortgage

Department of Veteran Affairs offers the Compromise Sale Program to help VA borrowers get out from an underwater mortgage that is giving them a financial strain or hardship.

Too often VA buyers have purchased a home that depreciated in value so that their home is now underwater, they have experienced a hardship, and they are unable to sell the home for enough to satisfy the mortgage debt.  Foreclosures, short sales, or deed in lieu of foreclosure needs to only be a last resort because of the serious credit ramifications.

A little known solution to these sellers is the

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Self Employed Tax Return Issues? Bank Statement Income Program

Self employed borrower bank statement program

 

Too often borrowers with incomes that are difficult to document, especially self employed borrowers, have a very hard time obtaining a mortgage loan approval to purchase a home.  Well, we have a mortgage loan option which is lenient on previous credit issues and can use the borrower’s bank statements to calculate their income and can be described as:

  • Flexible guidelines
  • Favorable terms
  • Understanding
  • Alternative solution
  • Unique
  • Up to $2,000,000 loans

Buyers with at least 20% down can have access to this product which is more forgiving in the areas of credit and income documentation compared to FHA, Fannie, Freddie, or VA.  NO TAX RETURNS

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