I have never quite understood why website owners who focus on VA Loans like to publish the full list of military service requirements for VA eligibility guidelines. I’m looking at a list now and my eyes blur over as I sift through all of the different possible scenarios where a Vet may be eligible. For me, if I were a Vet, this list only makes me want to move on to the next VA mortgage company website versus trying to find something on here where I fit it.

The key to your eligibility for a VA loan if you are prior military service is your discharge paperwork – DD214. If you have this document and know that you were honorably discharged then you are most likely eligible for a VA loan.

If you are considering a VA loan to purchase a home or to refinance your current home and you are prior military your next step should be to either go straight to the VA to see if you can get a certificate of eligibility or go to a VA mortgage lender and ask them to help you get your certificate of eligibility.

The same can be said if you are active military either full active duty or you are a reservist or national guard. If you have been in service for a certain amount of time then you may be eligible for a VA home loan. Your best bet is to contact a VA lender to have them walk you through the application process as well as proving your eligiblity for a VA mortgage.

Once you determine whether you are eligible for a VA mortgage, then you will have to qualify just like just about every other mortgage program out there. You will need to be employed, have good credit, and not owe too much in debt. For program loan specifics and to determine your exact mortgage qualification situation with a VA mortgage loan officer.

VA Loan Eligibility – Is It Really That Hard? is a post from: Florida Mortgage Team

LowVARates is not a government agency, is not affiliated with the Department of Veterans Affairs, and is not a mortgage lender. LowVARates is a website dedicated to educating and assisting eligible veteran homeowners in their pursuit of homeownership through the VA loan program. One of the things that LowVARates does better than the other online websites for VA loans, is educate the veteran and assistive veteran in finding the right VA lender for their situation.

Let’s take a look now at what LowVARates feels are the top three VA approved lenders to work with in today’s lending environment.

#1. Flagship financial group LLC is an approved VA lender and also has the ability to act as a VA broker when the situation necessary. Flagship brands to the veteran the unique ability to fund VA loans as a lender when it makes sense for the veteran and also flagship has the ability to broker the VA loan if there is a product that flagship does not offer which would be better suited for the veteran home owner. Because flagship has the ability to both fund loans in its own name into broker loans, LowVARates feels that this is a major benefit in today’s difficult lending environment. As you will see with some of the other VA lenders which are recommended, if they are not willing to broker a loan the other lenders could be less efficient in some areas.

#2. Wells Fargo is one of the most recognized names in the VA loan industry. Approved VA loan specialists have indicated that over the past two years some of the nation’s most reliable and efficient VA lenders have been forced out of business due to the extreme volatility in the housing market. In the past a bank’s ability to stay in business in function properly would not have been an attribute which gave such value to a mortgage originator or veteran homeowners looking to buy a home. However, Wells Fargo has brought stability, efficiency, and certainty to the VA lending market. Loan originators or VA loan officers have indicated that the interest rates, the processing flow, and the wide array of government loan products are the main reasons why they choose to work with Wells Fargo.

#3. MetLife Home Loans has a very unique history as it pertains to the VA home loan. MetLife is better known as an insurance provider, however.

Best VA lenders to work with from one VA originator’s experience is a post from: Florida Mortgage Team

Have you recently lost your job or a major source of income involuntarily? Are your mortgage payments in arrears or do you think you will fall behind with your mortgage payments soon? Are your Option ARM or Alt A ARM getting ready to modify? Have your mortgage payments recently increased? If so, there may be solutions from your loan company to help you stop foreclosure that you are not aware of.

Mortgage loan workouts are mortgage options centered around preventing you from losing your house to foreclosure. There are several different ways that mortgage loan companies provide mortgage workouts to their clients.

Solutions To Prevent Home Foreclosure

• Deferment – Deferment is a settlement that your mortgage lender makes with you to allow you to make part of your mortgage payment at a later date. Basically, the mortgage loan company will make your [current payment smaller] by some amount and add that amount onto your principal that you will have to remit at a later date. This is a good option to halt foreclosure if you have some temporary loss in salary that has been resolved or will be in a short period of time and you just need some temporary relief.Student loans, which are normally deferred until sometime after the student graduates from college, are similar to this type of workout. In the same way, a mortgage can be deferred.

• Repayment Agreement or Forbearance Plan – Your mortgage lender might offer you a forbearance plan if your mortgage is behind due to some short term reduction in income that is now settled. Repayment agreements allow for the delinquent money that you owe from missing a few mortgage payments to be paid over a series of monthly payments. During the forbearance plan your mortgage payment will go up temporarily until the past due money that you owe is paid back. Once the money is paid back that you owe, your mortgage payment will return to its normal level.
• Partial Claim or Second Lien Mortgage – In this mortgage workout, another loan that you may or may not have to make payments on is taken out for the amount of the past due money that you owe. Once you are able to refinance or sell your property, this type of mortgage will have to be paid back.

Options If You Want To Move

Foreclosure on your home can be prevented by the following options.

• First, there is the short sale. A short sale is when you get your mortgage company to agree to let you sell your home for less than what you owe on it. If you plan to sell your home for less than you owe, you will have to get your mortgage company to agree, since they have a lien on your home. This process will take some time so get started early if you plan on selling your home.
• A Deed In Lieu of Foreclosure is the second option. A Deed In Lieu Of Foreclosure is where you would transfer legal custody, or title, of your property to your mortgage lender in exchange for the debt that you owe them. If you do give them legal ownership of your property you will want to make sure that they completely erase your loan. Making loan payments on a house you no longer own or live in is the last thing you want.

Get Help To Prevent Foreclosure

Your best option to prevent foreclosure is to get the help of your mortgage company. The faster you contact them and ask for their assistance the better off you’ll be. Putting in the effort to work out a good faith solution will make them more willing to work with you. Good luck.

Options to Help Prevent Losing your Home to Foreclosure is a post from: Florida Mortgage Team

Now that home prices have leveled in many parts of the country, many first time homebuyers are looking for creative ways to move into the home of their dreams.It has become a little easier to purchase a home because of the Federal Housing Administration, or FHA.This helps home buyers enjoy the current ,000 tax credit being offered through the end of the year.How does FHA make home buying so attractive?

For starters, you can finance a new home with very little down.   3.5% of the purchase price to be exact.WIth a FHA loan, you can get into your new home with just 3.5% down compared to at least 10% with a conventional loan.5% down, and it doesn’t even have to be your own money.The money can be given to home buyers by a family member.    Conventional loans for years have been the staple for purchasing new homes.First time homebuyers took advantage of 100% financing and many utilized 80/20 loans.   Now, expect to pay anywhere from 10 to 20 percent down to get a conventional loan, and above 80% is going to require Private Mortgage Insurance.

FHA also allows first time home buyers the opportunity to purchase when conventional lenders issue a denial.The Federal Government insures FHA loans, and because of the state of affairs with the housing market, the guidelines are a little less strict compared to conventional.Perfect credit and a 680 credit score is going to be required by most lenders for conventional loans.A 620 credit score will be required by most lenders for an FHA home loan.   Although some lenders will work with scores down to 580, expect your lender to require a middle score of 620 before you are issued a pre-appvoal letter.

FHA is a very strong option for purchases.   Although 3.3.5% down payment is required, however, 100% of this down payment can be gifted to the home buyer.   What this means is that you can have your down payment gifted from a family member, and walk into your home without having to put any of your own money down.   

Up to 6% of the purchase price can be in the form a seller concession.   Conventional loans limit the seller credit to 3%, while you can go as high as 6% through FHA.The concession can be used to buy down the rate for the homebuyer, or cover any of the other closing costs.A great way to take advantage of the seller concession is through the 2-1 buydown.   By taking advantage of this concession, buyers can get an interest rate 2% below market in the first year, and 1% below market the second.   

You can also expect the appraisal process to be a little smoother with FHA compared to a conventional appraisal.A conventional loan requires that the appraisal is ordered through the home valuation code of conduct, while FHA can be ordered directly by the broker or lender.

FHA has been around since 1934, and now represents almost 50% of the purchase market.The growing popularity is not surprising among first time homebuyers.    To find out more about how to qualify for an FHA home loan, visit http://www.timmarose.com

First Time Homebuyers Can Take Advantage of FHA to Purchase Their Dream Home is a post from: Florida Mortgage Team

Once your offer for your dream house has been accepted, there is still so much to do before you can call the house trully yours. {In the following article, an experienced realtor will familiarize you with the most important steps of the process.}

After your offer has been accepted, the next thing to do is to meet with your legal adviser and have her/him explain you all your obligations following from the contract. The attorney should also advise you as to what expenses you are likely to incur with respect to the closing procedures, including Land Transfer Tax, disbursements and legal fees.

UTILITIES

Letters are sent by your attorney to all municipal or regional utility departments to verify that there are no arrears or outstanding charges, such as gas, water or hydro expenses. The utility departments will also be informed if the equipment on the property is rented or owned, and also about the planned closing date, the name of the new owner and the vendor’s attorney. Details about the billing type and whether the billing is metered, all this is also requested by these letters.

TAXES

A Tax Certificate is asked by your lawyer to verify the amount of the current year’s taxes and to inquire as to arrears and outstanding charges for taxes for the current year and any previous years.

BUILDING & ZONING

The Building and Zoning Department will need to get involved as to the particulars of zoning by-laws and restrictions relating to the distance from the street and side and rear lines, type of construction, lot areas and building areas, lot frontage and depth requirements and permitted uses. Another letter is sent by your solicitor to this department, along with a copy of the survey to reveal all this.

TITLE & EXECUTION SEARCH

Another important part is to determine whether the vendor is the property owner and whether he has the right to convey the property, and that the property is not subject to any encumbrances, encroachments, easements, liens, agreements or mortgages that were not revealed in the Agreement or Purchase and Sale. This is done by the appropriate division of the Land Registry Office, that realizes the Search of title to the property. Also an execution search is done in the appropriate Sheriff’s Office to confirm that there are no executions against the vendor or previous owners of the property that would affect your title.

FINANCING

All the initial searches we have just outlined are taken care of by your attorney. In the meantime, it is up to you to make all the necessary arrangements concerning the financial side of the business. Already before signing the Agreement of Purchase and Sale, you should have decided the amount of financing you will qualify for and the amount you will require to finish the transaction. There are a number of fees that you may not be aware of on the day of closing that relate to mortgage financing. Your legal adviser can advise you of these costs when the financial institution that you chose provides you with a Mortgage Commitment Letter.

BEFORE THE DAY OF CLOSING

You will be invited to show up at your solicitor’s office a few days prior to closing to sign all necessary documents and to provide your solicitor with the balance of closing funds by way of certified cheque.

CLOSING DAY

Your attorney will arrange a meeting with the vendor’s solicitor at the appropriate Land Registry Office to subsearch the title and finish the execution searches. Documents, keys and cheques will be exchanged and your attorney will supervise the registration of all necessary documents. Once the documents have been registered the vendor’s solicitor may release the finances to his clients and your attorney may release the keys to you.

AFTER CLOSING

Now your lawyer will provide you with a reporting letter that certifies your title and explains all the transaction aspects. After moving in to your new home, it is a good idea to check all items that should be included in the purchase price according to the Agreement of Purchase and Sale, are indeed left on the property by the vendor. In case you find out anything is absent, get in touch with your lawyer as soon as possible.

Before You Can Move In – First Steps After Your Bid Has Been Accepted is a post from: Florida Mortgage Team

Even after your offer for the home you decided to buy has been accepted by the seller, there’s plenty left to do before you can rightfully move in. {In the following article, an experienced  realtor will highlight the most important pitfalls of the process.}

After your offer has been accepted, the next thing to do is to meet with your attorney and have her/him explain you all your obligations following from the contract. Your lawyer should help you to understand all the expenses connected to the closing procedures, including Land Transfer Tax, disbursements and legal fees.

UTILITIES

The solicitor will also send letters to all the concerned municipal or regional utility departments, in order to validate there are no arrears or outstanding charges for gas, water or hydro expenses. The utility departments will also be informed if the equipment on the property is rented or owned, and also about the planned closing date, the name of the new owner and the vendor’s legal adviser. Information about the billing type and whether the billing is metered, all this is also asked for by these letters.

TAXES

Your attorney will ask for a Tax Certificate to verify the current year’s taxes amount and to find out any arrears and outstanding charges for taxes, both in the current year and in any previous ones.

BUILDING & ZONING

Your legal adviser will also send a letter to the Building and Zoning Department, along with a copy of survey for the property. The purpose of this is to find out all the details of zoning by-laws and restrictions concerning the distance from the street and side and rear lines, construction type, lot and building areas, lot frontage and depth requirements and permitted uses.

TITLE & EXECUTION SEARCH

Another important part is to establish whether the seller is the property owner and whether he has the right to convey the property, and that the property is not subject to any encumbrances, encroachments, easements, liens, agreements or mortgages that were not disclosed in the Agreement or Purchase and Sale. This is done by the appropriate division of the Land Registry Office, that manages the Search of title to the property. Also an execution search is made in the appropriate Sheriff’s Office to verify that there are no executions against the seller or previous owners of the property that would affect your title.

FINANCING

While your legal adviser is completing his initial searches, it is your responsibility to make necessary arrangements for financing. Already before signing the Agreement of Purchase and Sale, you should have decided the amount of financing you will qualify for and the amount you will need to finish the deal. On the day of closing, you might not know of all the costs related to mortgage financing. Again, it is a good idea to ask your lawyer about these expenses, when you get the Mortgage Commitment Letter from the financial institution that you have selected.

BEFORE THE DAY OF CLOSING

A few days before the closing, you will need to visit your lawyer’s office to sign all the necessary documents and to produce a certified cheque to confirm the balance of closing funds.

CLOSING DAY

Your solicitor will arrange an appointment with the vendor’s legal adviser at the appropriate Land Registry Office to subsearch the title and finish the execution searches. They will exchange documents, keys and cheques and your attorney will make sure all the necessary documents are registered. Once the documents have been registered the vendor’s attorney may release the money to his clients and your legal adviser may release the keys to you.

AFTER CLOSING

After closing your lawyer will prepare a reporting letter to you certifying your title and explaining all aspects of the transaction. When you move in to your new home check to see that all items in the Agreement of Purchase and Sale specified as included in the purchase price are left on the property by the seller. Let your lawyer know without any delay if you believe something is absent.

Before The House Is Truly Yours – First Steps After Your Bid Has Been Accepted is a post from: Florida Mortgage Team

It is likely that you think of a number of things when you hear the words real estate investing. You may think of real estate investing as real estate portfolios and real estate retirement plans, or you might focus on short sales, bulk reo investing and virtual real estate investing. You may also wonder what type of role these things can play in your life as a real estate investor in different types of economy.

There is a lot of information out there on real estate investing. Getting the most out of real estate investing education involves being familiar with basic RE info. Whether your target is short sales, bulk reo sales, virtual real estate or improving real estate investor abilities, you need to know some real estate investing basics. Here are three main real estate investing concepts that many experts do not even know:

1. You will always get a positive yield with real estate investing education. Each real estate deal can represent thousands of dollars in potential wealth. Understanding how to get that wealth will be the key to your success. Knowing more about real estate betters your odds of success when you do a real estate deal. A small investment in education has the ability to yield big results when it is implemented.

2. Any economy allows for success in real estate investing. Many people think that you can only succeed in real estate when the economy is booming. Actually a poor economy is not a bad economy for real estate investors. You can often buy properties at deep discounts. You might also find deals that simply would not exist in a booming economy. Real estate investing may also turn the tide for a poor economy. When the economy is not thriving, short sales, bulk reo sales and virtual real estate can all thrive. You can save yourself from financial difficulty along with others by knowing how to do these deals.

3. You do not need lots of your own cash to be a successful real estate investor. You can make real estate investing a success regardless of how much money you have. There are lots of types of deals that you can perform with the money of other people. Private lenders will lend you their money if they think you are a good investment. A good investment will know as much as they can about real estate investing. This will help you show private lenders that you are a good investment if they do not know about real estate investing themselves.

Real estate investing is a great way to create a good amount of wealth. You can create an income in any economy. Using knowledge of real estate investing, short sales, bulk reo sales and virtual real estate you will be able to create success for yourself. Real estate investing basic knowledge will help you succeed as a real estate investor.

Some Basic Tenets of Real Estate Investing is a post from: Florida Mortgage Team

Thinking about buying a new home? Don’t pass up a chance to save a lot of money. Everyone likes to compare the best value when shopping, and take advantage of specials in order to save money, why pay more when you buy a new home?

Home builders may offer what is called a broker co-op, which is a sales commission offered to a real estate agent as an incentive to show clients their new homes. The sales commission may range from 3% to 4% of the sales price.

Many real estate agents are now offering to share their commission with their home buyer clients. A buyer can hire an agent to represent them, in exchange for a share of the commission paid by the home builder.

The amount of money a buyer can save depends on the share of the commission, which is negotiable with the agent, and the sales price of the home. For example, buying a new home with a sales price of $500,000, with a 1 1/2% share, would save the buyer $7,500.

The buyer can receive a check at the close of escrow, or the money may be applied to the down payment or closing costs, providing there are no restrictions from the mortgage lender, or state laws that regulate real estate transactions.

Most new home builders don’t usually advertise a broker co-op offering, so the buyer, or the buyer’s agent would have to ask. The home builder may have a requirement for the buyer’s agent to be with them when visiting the office, or signing paperwork to buy a new home, so be sure to clarify the rules. A little time spent on research could mean a lot of money saved on your real estate transaction.

Information on Ditech home loans, refinance loans, also, information on Brookfield new homes in San Diego

An Unusual Way to Save Money When Buying a New Home is a post from: Florida Mortgage Team

If you are renting an apartment/townhouse/home is your landlord currently being foreclosed on?

Are you sure?

Across Florida, a new problem has surfaced as a result of the housing crisis – landlords are being foreclosed on and are not telling their tenants that it is happening. What happens if you are the tenant and your landlord gets foreclosed on?

The laws in each state in the US are different regarding this topic, so be sure that if you learn that your landlord has allowed the property to go into foreclosure that  you speak with a local, Florida real estate attorney who can help you know your rights.

The best way to find out if your landlord is in foreclosure is to check the county records – because the foreclosure process is a legal process that is part of public records. There are also free sites that allow you to check to see if your landlord is in foreclosure: (Rentalforeclosure.com although according to at least one source, this site may not always be accurate).

And if you are concerned about monitoring whether your landlord is in foreclosure, there is a new service available from Lemonlandlord.com where it will monitor whether your landlord goes into foreclosure for something like $3/month.

Spending $3/month to monitor to see if your landlord is in foreclosure doesn’t seem like a lot – because it could potentially save you from being surprised.

Is Your Landlord Being Foreclosed On? is a post from: Florida Mortgage Team

Many times in Florida, people ask what they can do to cut down on their homeowners insurance bill. Most people when they have their mortgage set up originally, they opt in for an escrow account where they pay each month for their homeowners insurance – and when they cut their homeowners insurance bill, they end up saving a bunch of money each month on their mortgage payment as well.

The first thing that you can do to make sure you aren’t paying too much for your homeowners insurance is to shop around. Even if you have been with the same company for years, make sure that you get multiple homeowners insurance quotes from different reputable companies – companies that you can trust and have heard of — and you might be surprised at how much money you can save just by shopping around a bit.

The second thing that you can do to save money on your homeowners insurance is to install one of the best home alarm systems from one of the best home alarm companies you have heard of. Usually the home alarm companies will give you the home alarm system for free or almost free — in exchange for you agreeing to their monthly monitoring program.

In addition to keeping you safe, it can also save you quite a bit on your homeowners insurance!

Something Simple You Can Do is a post from: Florida Mortgage Team