VA Loans in Hunterdon and Somerset Counties: Making a Home for the Brave Possible

VA Loans in Hunterdon and Somerset Counties: Making a Home for the Brave Possible

Since the creation of the Veterans Affairs (VA) Home Loans Program, over 22 million veterans have achieved the American Dream of homeownership. Many veterans do not know the details of the program and therefore do not take advantage of the benefits available to them.

If you are a veteran or you know someone who is, here is a breakdown of the VA Home Loan benefits that can be used to achieve the American Dream!

Top 5 Benefits of a VA Home Loan

  1. The greatest benefit of a VA Loan is that borrowers can buy a home with a 0% down payment. In 2016, 82% of all VA Loans put down 0%!
  2. Primary Mortgage Insurance (PMI) is not required! (Most other loans with down payments under 20% require PMI, which adds additional costs to your monthly housing expense!)
  3. Credit Score requirements are also lower for VA Home Loans. The average FICO® score of a borrower for an approved VA Loan is 620, compared to 676 (FHA) or 753 (Conventional).
  4. There is also a limitation on a veteran buyer’s closing costs. Sellers can pay all of a buyer’s loan-related closing costs and up to 4% in concessions in some cases.
  5. Even with interest rates rising, VA Loans continue to have the lowest average interest rates of all loan types.

Who Qualifies for a VA Home Loan?

One of the most important first steps when applying for a VA Home Loan is obtaining your Certificate of Eligibility (COE). “The COE verifies to the lender that you are eligible for a VA-backed loan.”

You Can Apply for a VA Loan if You:

  • Serve 90 consecutive days during wartime
  • Serve 181 consecutive days during peacetime
  • Have more than 6 years in the National Guard or Reserves
  • Are the spouse of a service member who has died in the line of duty or as the result of a service-related disability

You Can Use a VA Loan To:

  • Purchase a Home
  • Purchase a Condo
  • Build a Home
  • Refinance an existing home loan
  • Make improvements to a home by installing energy-related features or making energy-efficient improvements

Bottom Line

For more information or to find out if you or a loved one would qualify to use the VA Home Loan Benefit, let’s get together! Thank you for your service!

 

You can learn more about this type of loan here.

 

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VA Loans by the Numbers

VA Loans by the Numbers

VA Loans by the Numbers [INFOGRAPHIC] | MyKCM

Some Highlights:

  • Since the creation of the VA Home Loans Program, 22 million veterans have been able to achieve the American Dream of homeownership.
  • In 2017, $188 billion was loaned to veterans and their families through the program.
  • VA Purchase Loans are on the rise in 46 out of 50 states and Washington, DC.

    USAA members and their families can receive a substantial reduction on their next real estate transaction.


     


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Veterans Affairs Home Loans

Veterans Affairs Home Loans by the Numbers

Veterans Affairs Home Loans Program by the Numbers

Veterans Affairs Loans Qualified Agent

Since the creation of the Veterans Affairs Home Loans Program, 22 million veterans have been able to achieve the American Dream of homeownership. So far in 2017, $188 billion has been loaned to veterans and their families through the program. VA Purchase Loans are on the rise in 46 out of 50 states and Washington, DC.

 

 

Veterans Affairs Home Loans by the Numbers [INFOGRAPHIC] | MyKCM

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USAA members and their families can receive a substantial reduction on their next real estate transaction.

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If you’re thinking about purchasing a home for the first time, it’s normal to be both excited and stressed out. After all, this is probably the biggest purchase you’ve ever made, and you want to be absolutely certain you get it right. Just remember that millions of people have been in your shoes and found a path to a happy home.

With some common sense and guidance from trusted experts, you can get there, too. Here are some tips to make the process smoother and more efficient.

Determine Your Budget

The first — and perhaps most important — question you need to ask is “how much house can I afford?” Start by looking at your monthly budget to see what sort of payment can fit comfortably. If you’re currently renting, what are you paying for rent? Another guideline, but not a hard rule, is to keep housing payments within 28% of your monthly gross income. To quickly get an idea of how much payment comes with a specific loan amount, use our mortgage calculator.

Stay Within Your Limits

Once you’ve established what you can afford, stick with your plan. It’s very easy to start shopping for a home and fall in love with a property that’s outside your price range. You may qualify for a higher mortgage amount than you expect, so make sure you choose a loan amount that leaves you both comfortable and able to meet your other financial obligations.

Homeownership comes with a variety of new expenses, including furniture, monthly utilities, home insurance and property taxes, so don’t forget to factor in those items. You’ll also need to establish an emergency fund for unexpected repairs that pop up from time to time — yet another reason to stay within your budgetary boundaries.

Know Your Credit Score

A single percentage point in your interest rate can add up to thousands of dollars over the life of your loan. In general, the higher your credit score, the better the interest rates you’ll qualify for. Your mortgage lender will check your credit score very early in the process, so be sure you know where you stand before you start looking for a home. If you know you’re going to buy a home in the next year, check your credit report now. If you see errors or things you don’t recognize, take steps to contest them, as it can quickly boost your credit score.

Paying debts on time and paying down balances can improve your credit and your debt-to-income ratio — something lenders look at when they qualify you for the loan. You also want to avoid taking out new debt like car loans or credit cards once you’re in the homebuying process.

Identify What You Want

Do you want to live in the city or the country? Are you looking for a home with many bedrooms and bathrooms? Do you want a house in an excellent school district? Would you like to walk to shops and restaurants? By identifying your desires early in the process, you can simplify your search and save time and effort. Many websites like Zillow.com and others have advanced search functions that allow you to pinpoint the homes with the features and amenities you’re looking for.

Decide on a Down Payment

Making a 20% down payment eliminates the need for private mortgage insurance (PMI), which will help you save on your monthly payment and give you equity in your home right away. However, there are loan options that require as little as 3% down — 0% for eligible service members and veterans. USAA offers a few different mortgage options that minimize your down payment and still deliver a low interest rate.

Hire a Great Real Estate Agent

What constitutes a great real estate agent? Someone who listens to what you want, helps you find homes in your price range with the right location and features, and works tirelessly on your behalf to secure the best deal. You want an agent that knows the areas where you’re looking, because he or she will have insights that other agents won’t. Consider using the USAA Real Estate Rewards Network to find an excellent agent and even get a cash reward after closing.

Visit Your Prospective Home Often

Once you identify a home you’re interested in, be sure to drive by the property at different times of the day and night to get a real feel for the surrounding neighborhood. A home that looks wonderful by day may look quite different in the evening hours.

Get Pre-Qualified for Your Mortgage

Pre-qualifying for a mortgage doesn’t take much time, but it can give you several important benefits. First, when you pre-qualify for a mortgage, you’ll gain an even better understanding of the kinds of homes you can afford. Second, you can make an offer on the home you want with confidence, knowing that it’s within your price range. Finally, pre-qualifying can increase your leverage with sellers. A buyer with a pre-qualifying letter in hand may have the upper hand when multiple offers are

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USAA Real Estate Rewards Network – Certified Agent Joe Peters

USAA Real Estate Rewards Network

The USAA Real Estate Rewards Network enables current and retired military members, and their family members, to receive cash back in the home buying and selling process. USAA designed the network to reduce the stress in one of the biggest financial decision people face.

Top performing real estate agents go through specialized training and background checks called the “Agent Advantage” certification program. Agents are sensitized to the unique needs of the military community.

USAA members that are part of the rewards network can work directly with me if they are buying, selling or relocating in Hunterdon or Somerset County, New Jersey.

Thank you for your service! I look forward to helping you to achieve your goals and dreams.

Call me at (908) 238-0118 for all the details. Rebates range from $350.00 – $6,000.00.

 

USAA Real Estate Rewards Network

Guides to buying or selling your home
Real Estate Market Conditions for Hunterdon County
Somerset County Real Estate Market Conditions Report