Archive for July, 2011
What Is The VA Loan Funding Fee? Do I Have To Pay It? Can It Be Waived?
The wars going on in Iraq and Afghanistan have created a lot more Veterans. One of the Veterans greatest benefits is the VA Mortgage Loan. The VA Loan allows a Veteran to purchase a home with no down payment and the seller can contribute to the closing costs.
Unlike other types of loans such as Conventional and FHA the VA loan does not have private mortgage insurance or a monthly MIP fee. VA Loans do have a one time fee that in most cases can be financed into the loan known as the VA Funding Fee.
The fee varies from 0.50% to 3.30% depending on whether you are/were regular military or the reserves / national guard, the purpose of the loan, the size of the down payment or loan-to-value, and whether it's a first time or subsequent use. Despite what a lot of people have heard or think the VA Loan benefit can be used over and over again and under certain circumstances you can have two VA Loans at the same time.
Can the VA Funding Fee be waived. Yes, in certain circumstances. Reasons to waive the fee include Veterans receiving VA compensation for service-connected disabilities, Veterans who would be entitled to receive compensation for service-connected disabilities if they did not receive retirement pay, and Surviving spouses of veterans who died in service or from service-connected disabilities (whether or not such surviving spouses are veterans with their own entitlement and whether or not they are using their own entitlement on the loan).
The maximum VA Loan varies by location. In most areas the maximum VA Loan is $417,000 but can go as high as $1,094,625. In the Washington, DC area the maximium loan is $818,750. In the Baltimore, MD area the limit is $500,000. To see the limit in your area go to VA Loan Limits.
You can get answers to your VA Loan questions such as Interest Rate Reduction Refinances (IRRRLs), Refinancing VA Loans, Proof Of Service Requirements, Pre-Loan Questions, and Eligibility Questions by visiting DCMilitaryVALoans.com
Your source for VA loan information.
My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.
Alan Gross
Senior Mortgage Consultant
PrimeLending, A PlainsCapital Company
704 Quince Orchard Rd., Suite 230
Gaithersburg, MD 20878
Home Office: 240.813.0614
Email: agross@primelending.com
Web: www.mtg-info.net
Web: www.DCMilitaryVALoans.com
NMLS#217388
Want Some Tips For Keeping In Touch With Your Clients and Prospects Easily?
Want Some Tips For Keeping In Touch With Your Clients and Prospects Easily?
I was reading a post the other day on the LinkedIn Active/Rain Group. The question was "What are your ideas on post closing follow up with buyers and sellers? How often and for how many years?"
Andy Zoda commented "I'd say forever, though I haven't always done as well with this as I'd like over the last 11 years. Email systems are what I primarily use now, though I do feel I need to add a mailing proponent to my mix." Lisa Kolb said "I stay in touch until they say otherwise.(Which has never happened). I use direct mail and email touches."
For the past few months I've been using a program called Happy Grasshopper. Unlike traditional e-newsletters, the messages sent by Happy Grasshopper are designed as conversation starters, help you build relationships and help you get referrals. You simply edit and/or approve the messages before they are sent. They are delivered from your email address and all replies go directly into your inbox.
Even if your using other contact systems I think it's worth trying out. I've incorporated with some other systems I use. To try it click on Happy Grasshopper.
This system is good for all kinds of businesses to keep you in front of your customers and prospects.
Your source for VA loan information.
My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.
Alan Gross
Senior Mortgage Consultant
PrimeLending, A PlainsCapital Company
704 Quince Orchard Rd., Suite 230
Gaithersburg, MD 20878
Home Office: 240.813.0614
Email: agross@primelending.com
Web: www.mtg-info.net
Web: www.DCMilitaryVALoans.com
NMLS#217388
A Complete Guide To Veterans, Survivors and Dependents Benefits – 2011 Edition
One of the most common things heard from Veterans is “I don’t know what benefits I qualify for.” VA.gov can be somewhat tough to navigate and there are many websites that promote bad or inaccurate information about Veterans benefits. Small wonder that many Veterans have questions about what they’re entitled to after leaving the service.
To help answer some of the questions Veterans may have, the Federal Benefits For Veterans, Dependents and Survivors Booklet (2011 Edition) is available online in PDF format. Topics include health care benefits, education and training, home loan guarantees and burial benefits. The introduction page gives some general information and a hefty list of acronyms that you should find useful. A directory of phone numbers and websites is also helpful.
To get a copy of the Veterans Benefit Booklet you can see the link above or click Federal Benefits For Veterans, Dependents and Survivors (2011 Edition).
Do you have questions or need information about VA Loans? Go to DCMilitaryVALoans.com
Your source for VA loan information.
My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.
Alan Gross
Senior Mortgage Consultant
PrimeLending, A PlainsCapital Company
704 Quince Orchard Rd., Suite 230
Gaithersburg, MD 20878
Home Office: 240.813.0614
Email: agross@primelending.com
Web: www.mtg-info.net
Web: www.DCMilitaryVALoans.com
NMLS#217388
PCS Travel – Be Sure You Know The New Rules About Hotel Reimbursement
The Defense Financing and Accounting Service made a rule change effective November 1, 2010 on reimbursements for hotels made using an online booking agent.
The new rules about hotel reimbursement state that you submit a receipt from the hotel along with your online receipt from the booking agent.
You are allowed TLE (temporary lodging expense) for up to 10 days. This means you can stay at on post hotel (or off post in certain cases) before heading out to your new duty station or when you are waiting/hunting for a house once you arrive to your new duty station. So for example, you can use 5 days of TLE at your old duty station and 5 day of TLE at your new duty station.
You may be paid or reimbursed up to $290/day. This maximum applies if you and your dependents occupy temporary lodgings on the same and/or different days.
For more information and to get a answers to frequently asked questions go to: Temporary Lodging Expense (TLE) Frequently Asked Questions
Your source for VA loan information.
My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.
Alan Gross
Senior Mortgage Consultant
PrimeLending, A PlainsCapital Company
704 Quince Orchard Rd., Suite 230
Gaithersburg, MD 20878
Home Office: 240.813.0614
Email: agross@primelending.com
Web: www.mtg-info.net
Web: www.DCMilitaryVALoans.com
NMLS#217388
