PCS Orders to Luke AFB

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For Active Duty Military PCS orders are a part of life. Once PCS Orders to Luke AFB are received Airmen and their families are faced with many difficult decisions. With so many moving parts it often times can be a tough choice when deciding if it’s better to live on base, rent, or buy a home in the civilian sector. If you have received PCS Orders to Luke AFB you may be asking those questions right now. That said understand that you have choices. The Luke AFB community offers many great options for Airmen and their families when moving to Arizona. If you have given any thought about purchasing a home but are intimidated by the process please understand that it is not as hard as many say it is.

First off understand that living on base while it may be convenient can have a waiting list and leave you with no decision other than to move out into the civilian sector. Secondly, a question that you need to ask yourself if this. How long will you be stationed at Luke AFB? If you will be stationed at Luke AFB for more than 2 years (and in some cases shorter) it may make sense for you to purchase a home. As you are aware if you live on base Uncle Sam pockets your full BAH where as if you rent or own in the civilian sector you get to keep the difference between your rent or mortgage payment.

Lastly, if you are debating between renting and purchasing understand that often times you can own a home for just as much, if not less, than what you could rent a home for in the Luke AFB area. Furthermore receiving PCS Orders to LUke AFB as an Active Duty Military Service Member you are entitled to home purchasing benefits that civilians could only dream of. With the VA Home Loan an Active Duty Service Member may be able to purchase a home with no down payment and limited closing cost. In some cases I have personally assisted Airmen with purchasing a home and literally not paying $1.00 out of pocket to do so.

So if you have received PCS Orders to Luke AFB then and you are interested in purchasing a home and would like to find out how much you qualify for we would love the opportunity to give you a free pre-qualification and discuss your budget with you to see if purchasing a home is right for you and your family.

To apply for you VA Home Loan and see how much you simply click on the link below and apply and somebody from our team will follow up with you in less than 24 hours.

https://www.valoansforvets.com/apply/


What is the VA Funding Fee?

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Any Veteran that ever uses a VA Home Loan will pay a VA Funding Fee. There are exceptions to this which we will cover shortly.

Simply stated, the VA Funding Fee is fee required to reduce the loan’s cost to taxpayers by making Veterans contribute towards the cost of using the his or her VA Home Loan benefit.

Typically the VA Loan Funding Fee is paid one of 3 ways…

  1. Financed into the loan
  2. Paid for out of pocket
  3. Paid by the seller

In my experience most Veterans have opted to finance the fee into their loan amount so they can avoid paying it out of pocket.

How Much is the VA Funding Fee?

VA Funding Fee

Let’s talk about how much this fee will cost you, the Veteran. For a first time user the VA Funding fee is typically 2.15% of the loan amount.

However, for a first time user that happens to be a Reservist or National Guard, the fee goes up slightly, to 2.4%.

Anybody that has used a VA Home Loan more than once is considered a subsequent user and is subjected to a higher fee. For these Veterans using a VA Home Loan for a second time or more are required to pay a 3.3% fee.

How to Reduce the VA Funding Fee

There are ways to reduce the VA Funding Fee or possibly not pay it at all.

To reduce the fee the Veteran has the option of putting anywhere from a 5%-10% down towards the purchase of their home.

  • With as little as 5% down, the fee will be reduced to 1.5%.
  • With 10% down the fee will be reduced to 1.25%.

As you can see the VA encourages Veterans to put money down towards the purchase of their home if they are able.

VA Funding Fee Waived for Disabled Veterans

For Disabled Veterans, meaning you are have a service connected disability from the VA, and are as little as 10% rated, your fee is waived.

Needless to say if you are a Veteran and have this benefit, it can literally save the you tens of thousands of dollars over the life of the loan.

Keep in mind you must prove this to your lender in order for it to be waived. To do so, simply provide a copy of your VA service connected disability paperwork to the company originating your VA Home Loan to get the fee waived.

Fore more information about the VA Funding Fee and your VA Home Loan please click on the link below and fill out an application and we can follow up with you shortly thereafter.

https://www.valoansforvets.com/apply/

Semper Fidelis,
Jimmy Vercellino


Why VA Home Loans Matter in Arizona

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Here in Arizona there are over 500,000 Veterans living among us right now. Kind of a big deal right? The reason why I say this is because I know how many Veterans that are out there that don’t know the full description of their VA Home Loan benefit and how it works. I am also reminded of how many of our nations finest men and women that are still serving and deployed overseas that will eventually exit from their branch of service and join the ranks of the civilian sector. Keep in mind that this is a number that I believe will continue to increase due to the ending of military operations in places like Afghanistan. Which leads me to my next question…Are Veterans prepared to purchase a home and use their VA Home Loan Benefits when returning from the military or at any other point in their lives?

VA Home Loans are so unique. In reality there is really no other type of home loan out there that exist that allows a Veteran to purchase a home up to $417,000 with no down payment (and in some cases higher). Furthermore, Veterans must also understand that in order to use your VA Home Loan Benefit you do not need to have a 800 Fico score as much of the media may lead you to believe. With VA Home Loans, most lenders require a 620 credit score allowing Veterans with less than perfect credit to purchase homes. Lastly, the VA Home Loan allows Veterans to purchase a home with limited closing cost, saving the Veteran in some cases as much as $1,500 in closing cost.

So why do VA Home Loans matter? Simple, because they are the bridge between Veterans and home ownership! In closing, I am often times asked the question… “Jimmy is there ever a time when a Veteran should not consider a VA Home Loan?” No. I say this because in most circumstances that I see on a daily basis the VA Home Loan is just as competitive as a Conventional home loan and certainly more competitive than a FHA Home Loan.

To apply for a VA Home Loan please click on the link below.

https://www.valoansforvets.com/apply/

Thank you and may God bless you for your service to our great country.

With gratitude,
Jimmy Vercellino


VA Mortgages Have Lowest Rate of Default

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Over the years there has been a lot of misinformation as it relates to VA Mortgages. A stigma that has managed to attach itself to Veterans and VA Mortgages is that the borrower (the Veteran or Active Duty Service Member) is somehow less qualified because they are using their VA Home Loan Benefit. The reality is that this could not be further from the truth. According to a Press Release published by the Office of Public and Intergovernmental Affairs “Home loans guaranteed by the Department of Veterans Affairs continue to have the lowest serious delinquency and foreclosure rates in the mortgage industry. Veterans have also taken advantage of their home loan benefit in record numbers, as VA loan originations reached their highest total in eight years.”

The Press Release goes on to state that “According to the Mortgage Bankers Association National Delinquency Survey, VA’s foreclosure rate for the last 14 quarters and serious delinquency rate for the last 11 quarters have been the lowest of all measured loan types, even prime loans.”

Thats some pretty powerful information wouldn’t you say? VA Mortgages have performed, meaning VA borrowers by enlarge continue to make their monthly VA Mortgage payments on time more than any other type of home loan on the market today be it Conventional or FHA. My personal feeling is that this is a direct reflection of the integrity of our great men and women who serve and have served our country.

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Having said said, it’s important to understand that your VA Mortgage is one of the best product options available to our nations finest who have so honorably defended this great nation. So if you are in the market to purchase a home and have not considered using your VA Home Loan, it’s time to reconsider. The VA Mortgage has been, and will continue to be one of the very best home loan options available on the market.

If you have questions about your VA Home Loan and VA Mortgages in general, feel free to give us a call at 480-538-4980 or email me at jimmy@primelending.com

Thank you and may God bless you for your service to our great country.

Semper Fidelis,
Jimmy Vercellino

Press Release Cited Below

http://www.va.gov/opa/pressrel/pressrelease.cfm?id=2255


4 Ways to get your VA Loan Offer Accepted

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Sometimes people encounter difficulty when shopping for a new home and using a VA Loan. However please understand that is does not have to be. The video below is something that I put together for Veterans, Active Duty and Real Estate Agents that designed to increase the likelihood that there next VA Loan Offer is accepted on the home of their dreams.

4 Ways to get a VA Loan Offer Accepted

Hi Everybody!

I wanted to take a moment to share with you 4 things that you can do to increase the chances that your next VA Loan offer gets accepted when you are writing an offer on a home.

#1 Make sure that you are working with a VA Loan Specialist.

#2 Make sure your VA Loan Specialist contacts the listing agent to introduce themselves, brag about you (the buyer) and of course speak intelligently about the VA Home Loan process.

#3 Make sure that your VA Loan specialist provides a copy of the DU or LP findings showing that you have an automated approval. This will make you stand out in a crowd. Attention to detail.

#4 Write a cover letter. Introduce yourself, tell them about your service. Tug at their heartstrings a little bit. Veterans should get preferential treatment.

Doing these 4 things on any offer, not just VA Loans can really increase the chances that your next offer is accepted on your property.

Semper Fidelis,
Jimmy Vercellino


VA Appraisal Process-Is it Really That Bad???

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The VA Appraisal process is takes too long!

The VA Appraisers are more conservative than other conventional appraisers!

The VA will nit-pick the condition of the property!

These Claims are NOT True!

Throughout the last 8 years serving Veterans and Active Duty Military with all of their VA Home Financing needs I continue to encounter one reoccurring claim within the real estate community that still lingers and has a real impact on Veterans and Active Duty Military. That claim is that the VA Appraisal process is terrible.

Claims such as those listed above are what I hear pretty much on a daily basis, often times proving to have detrimental impact on the Veteran or Service Members and their families, who may ultimately be passed up by a seller afraid to accepting their offer.

Here are the Facts

Please, please, please, understand that if claims such as these were true I would probably be out of a job due to the fact that the overwhelming majority of my clients I serve are Veterans and Active Duty Military!

The VA Appraisal process takes no more than 7-10 business days and sometimes sooner.

The VA Appraisal Process uses the exact same market comparable properties just as any other appraiser would.

VA Appraisers ensure that the property is safe, and that no real safety hazards exist.

Having said that, my experience has been that those that make such claims do not fully understand the VA Appraisal process and what it is designed to do.

What the VA Loan Process is DESIGNED TO DO

First off, the VA Appraisal process is designed to protect the Veteran, ensuring that they do not overpay for a property, and in the event that they are, give them an opportunity to legally withdraw of the transaction with no recourse (sounds like a good deal to me).
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The VA Appraisal process is unlike any other appraisal process that exists which makes it (in my opinion) extremely advantageous for the Veteran and Active Duty Service Members.

Let’s take a look at how it works.

  1. First off, understand that the VA Appraiser that goes out to inspect the home does not work for the VA. The VA Appraiser is an independent contractor, licensed by the Department of Veterans Affairs, who will perform the task of appraising the property to ensure that the home meets the contracted sales price, as well as confirm that the property is safe, sanitary, and secure.
  2. Once the VA Appraiser has inspected the property he or she will then upload that VA Appraisal to the VA Website commonly referred to as the VA Portal. Once this takes place your lender will then be able to go in and retrieve a copy of your VA Appraisal once the Senior Appraisal Reviewer (SAR) issues what is called the Notice of Value (NOV). If you have made it this far that means your property has appraised with no value issues.
  3. Let’s take it a step further… Let’s say the VA Appraiser goes out to inspect the property and is having trouble meeting the contracted sales price. The VA Appraiser will then issue what is called a Tidewater Notice. The Tidewater Notice is designed to notify all parties involved in the transaction that they are having difficulty coming up with the contracted value on the home from their research.From here the Veteran or Service Member has options.

— If they feel the property should meet the agreed upon purchase price they can notify their Realtor to provide additional comparable properties that justify the value of the home.

— Or, if they choose, they can also tell their Agent to instruct the VA Appraiser to issue the appraisal at the value VA Appraiser had before reviewing the additional comps.

Here is What I Like About the VA Appraisal Process

The Veteran has options on the VA Appraisal process. In the competitive market that we are in today it’s not uncommon for sellers to aggressively price their homes. Sellers should understand that the VA Appraisal process is the only type of appraisal that will allow them to make a case for the value of their property. FHA and Conventional home loans simply issue value, and more often than not call it a day.

Bringing us home (pardon the pun), I am sure that there has been some bad apple appraisers out there in the past that have brought some negative PR to the VA Appraisal process. But honestly, it is not anywhere near as bad as many paint it out to be. The reality is that the majority of Veterans and Service Members that buy their home with a VA Home Loan have no issues at all.

Dare I say that if I were a seller I would encourage a VA Home Loan for the reasons listed above? Not to mention, the VA Appraisal process does not make you order 2 appraisals like FHA loans when purchasing a property that as been owned less than 90 days by the seller.

If you feel like you are not being explained the VA Appraisal process like you should…That’s what we are here for, to serve YOU!

Please call us at 480-351-5904 or email me at jimmy@valoansforvets.com for all of your VA Appraisal process questions.

Most of all, thank you for your service to our great country.

Semper Fidelis,
Jimmy Vercellino

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Top 5 VA Home Loan Myth’s

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For as long as I have been serving Veterans with their VA Home Loan Benefits I have heard a number of misconceptions as it relates to our VA Home Loan Benefits. These misconceptions, or shall we say myths, can have a negative impact on us for obvious reasons. For example a Veteran may opt to go with a more expensive mortgage product like a FHA Home Loan which can end up being significantly more expensive over time. So back to the myths. What are they? Let’s take a look at the top 5 VA loan myths that heard throughout my career as a Mortgage Banker Specializing in VA Home Loans.

VA MYTH # 1. VA Home Loans take too long to close.

Not true. Many lenders quote 45-60 days to close a VA Home Loan. However, just because it may take that particular lending institution 45-60 days to close does not mean that is how long it takes to close a VA Home Loan. The VA Home Loans that we close at PrimeLending typically take no more than 30 days.

VA MYTH # 2. VA Appraisal Process is much more difficult.

Again, not true. The reality is I would not be in business if this were the case as90% of the Home Loans that I originate are VA. VA Home Loans have multiple steps in place to protect the Veteran from overpaying for the home.

VA MYTH # 3. VA Home Loan qualifying is much more difficult.

The VA Home Loan is the most unique home loan that exist and one of the things that I love about it is that VA has applied common sense lending practices to serve Veterans. However, it’s entirely untrue to say that it’s more difficult. The truth is that in some ways they make it much easier for a Veteran to obtain financing take for example the no down payment option.

VA MYTH # 4. You can only have 1 VA Home Loan at a time.

False. A Veteran can actually have more than 1 VA Home Loan at a time as long as they have sufficient entitlement. This allows Veterans to seek financing for another home in a more desirable location while maintaining the property they are vacating that currently has a VA Home Loan on it.

VA MYTH # 5. A Veteran can only use their VA Home Loan once.

I have heard this from a lot of Veterans that served during the Korean and Vietnam conflicts. However, it’s not true. A Veteran may use his VA Home Loan as many times as they would like as long as they have sufficient entitlement.

So there you have it, the top 5 VA Home Loan myths. My hope is that you learned something about your VA Home Loan benefit after reading this. Of course, if you have any questions you may contact me me directly at my office at 480-538-4980 or email me at jimmy@primelending.com

Thank you and may God Bless you for your service to our great country.

Semper Fidelis,
Jimmy Vercellino


2 Documents that a Veteran Must Have when Applying for a VA Home Loan.

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Many Veterans know that serving honorably in the military offers benefits of different varieties. However, what a lot of veterans do not know is how to take advantage of them, or even where to start. The VA Home Loan is no exception to this. So if a veteran is interested in obtaining a VA Home Loan, where exactly do they start? The first order of business that you need to do is get a copy of your DD-214 ( discharge paperwork) or a statement of service if active duty. This document is absolutely critical to have. Simply stated if you don’t have your DD-214 or statement of service you will not be able to obtain a VA Home Loan, reason being, it tells the lender that you were honorably discharged or have served the required amount of time to be eligible for your VA Home Loan benefits.

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Now that we have the DD-214 we need to take care of our next order of business and that is our COE (Certificate of Eligibility). This particular document creates much confusion for veterans because they don’t know where to obtain it. The COE is a document that is generated from the VA which states that you are eligible, not prequalified, for the VA loan. To ensure that you are in fact prequalified to use your VA Home loan you must speak with a VA lender to ensure that you meet the credit, and income requirements. Now in order to obtain this document you can contact the VA directly, or you can obtain from a VA direct endorsed lender (somebody like myself) which can be obtained in a matter of minutes.

Lastly, please keep in mind you must have these 2 documents. If you don’t simply stated you will not be able to obtain your VA Home Loan. For more information regarding your VA Home Loan benefits you may call me direct at 480-538-4980.

Thank you and May God bless you for your service to our great country.

Semper Fidelis, Jimmy Vercellino


Why Use a VA Home Loan?

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I can remember when I first began my career in the Mortgage Banking business back in 2005 of course things were much different then. So different that many veterans were being told not to use their VA Home Loan benefits because more competitive loans existed. Boy, were they wrong! The VA Home Loan is one of the best options that a Veteran has available for purchasing a home. These are benefits we have earned by honorably defending this great nation with our blood, sweat, and tears. There has been much confusion regarding VA Home Loans over the years. In reality, VA Home Loans have some of the most competitive rates that exist on the market today therefore allowing veterans to purchase more home, with lower monthly payments.
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