home buying using your va loan
DESCRIPTION
No down payment using your VA loan - buy foreclosures, short sales, equity homes in San Diego county - free seminar to help you buy your dream homeTRANSCRIPT
Using Your VA Loan
One of the Best Benefits of Military Service
Home Buying Made Easy
Who We Are
• Keith Christian – Over 30 Years in Real Estate – Mortgage Broker Specializing in VA Loans –
Closed 27 VA Loan in the Past 2 Years
• Susy Thomas– Real Estate Broker Experienced in Residential and
Commercial – Represents VA Loan Buyers to Purchase
Foreclosures, Short Sales, as well as Traditional Sales
VA Loan Approval Process
• Prequalification- Can be done over the phone• Complete 1003 VA Mortgage Loan Application• Run credit • Provide financial documentation required for VA
Loan• Determine how much you can borrow
– Monthly Payment = Principle + Interest + Property Tax + Insurance
• No money down – Low closing costs
Then you can start looking at houses to make offers
House Hunting
• Price
• Neighborhood
• Size
• Single Family Detached Home
• Condominium, Town house - Attached– VA approved complex– Monthly HOA fees
MLS – Multiple Listing Service
• RE Agent can filter property– Send you only those that meet your
criteria AND are still active– Differentiate Short sales and Foreclosures
• “Window” shopping via the internet– Photos, virtual tours– Room and lot sizes– Year property was built– Monthly HOA fees
Today’s Market
• Traditional sale– Seller has equity– Buyer can request repairs
• Short sale– Seller owes more than the property is worth– Long process requiring seller’s lender approval
• Foreclosure (REO)– Lender has taken ownership – bank owned
House Hunting Trips
• Based on your criteria and amount you qualify to purchase– RE Agent make schedule to maximize time– Keep notes – take photos
• Remember paint and flooring are inexpensive
• Major repairs needed – VA will not approve
– Home must be safe and habitable
Offer and Negotiation
• Asking price is not firm• BPO – Broker’s price opinion• Appraised value is critical• Specify personal property to be included• Include closing cost credit for buyer in offer
– VA allowables/non-allowable closing costs– Electronic Signatures from your computer
Today’s Market
• Traditional sale– Seller has equity– Can request repairs
• Short sale– Seller owes more than the property is worth– Long process requiring lender approval
• Foreclosure (REO)– Lender has taken ownership – bank owned
Today’s Market
Time Line for VA Loan
• Loan submittal package
• Executed contract – Open escrow
• 30 - 45 Days to Close Escrow (COE)– Loan processing of buyers’ package– Underwriting of Loan by VA Lender– Keith monitors and coordinates for you
Escrow
• Escrow is Neutral 3rd Party – Manages the sale and purchase process
• MLS changed to “Pending”• Home Inspection• Appraisal• Preliminary Title Report Review• Seller Disclosures/VA Loan Disclosures• Sign Loan Documents• Loan Funds• Purchase Records • Escrow Closes
Team Advantages
• Customer Service– Available 7 Days a week– Evenings
• Experienced in Short Sales and Foreclosures using VA Loans
• Questions answered every step of the process• Combined 33 years experience in San Diego Real
Estate• NO COST to YOU
Contact Info
• Keith Christian– (858) 414-7106– [email protected]
• Susy Thomas– (858) 361-8174– [email protected]
References
• Keith Christian– Art Guzman (619) 341-3007– Jill and Chris Gora (619) 623-0713– Tim and Cyndi Armer (847) 445-4265– Steve Casarez (619)0756-8040
• Susy Thomas– Tim and Irene Zlotnicki (760) 687-8808– Imelda Dominguez (979) 492-4570– Joe and Lanae Wolchko (619) 334-6649