Ron Hambright fills in for Robin
September 3rd, 2009
While Robin Conrad is gone serving the country, Ron Hambright, also from Century 21 Realty, will take over all of Robin’s clients while he is out of the country. Ron has been in real estate since April 2005. He is a former military service member in the Army Special Forces. He served in both the 6th and 8th Special Forces Groups from 1968 to 1971.
Ron loves working with all types of people and helping them find the home of their dreams. The last five years, when he switched to real estate, he claims, have been the best and most enjoyable of his entire working career. He has met great people and made awesome friends.
Ron is experienced with the VA loan product. Every one of our clients have loved working with Ron. We count ourselves lucky to partner with such a great Veteran.
$8,000 Federal Tax Rebate
August 6th, 2009
The $8,000 federal tax rebate is not just for first time homebuyers. Anyone who has not owned a home in the last three years is eligible too!
This tax rebate is part of the American Recovery and Reinvestment Act of 2009. The best part about it is the money does not have to be repaid back as long as the home you purchase is your primary residence for the next three years.
This deal is going fast–you have until December 1 of this year to purchase a home–in other words, your home loan needs to close by November 30, 2009. That means that you need a signed contract with the home seller by the beginning of November! That leaves you three months to find a new home.
What homes qualify? Single-family detached homes, townhomes, and condominiums, as well as new constructions.
Speak with your tax specialist about the details of filing for the rebate.
Kerry N. Greenwald, US Army/USAR, Sr. VA Loan Specialist
Why is my VA appraisal $50 more than it used to be?
July 30th, 2009
Gone are the days of $450 appraisals. If an individual wants to purchase a home or refinance, they now have to pay $500 for an appraisal of a property. Alas, the VA could no longer hold off an increase in the VA appraisal fee amid the toxic loans and shrinking market values. As of April 1, 2009, the VA put out an update (26-09-4) which requires our esteemed VA appraiser to include the Fannie Mae Market Conditions Addendum, Form 1004MC, in all VA appraisal reports. Fannie Mae requires appraisers to document an overview of neightborhood market conditions and trends. Fannie Mae has the ability to buy loans from lenders, banks, etc. to keep the flow of money going so lenders have money to do more mortgage loans with the freed up funds. A lender needs to be sure that a loan meets Fannie Mae underwriting guidelines or they could be out of business pretty quickly if Fannie would not buy the loan.
The VA set the rate for the extra time this report takes at $50, which is passed on to the borrower. Appraisers’ jobs are more difficult than ever. Many borrowers are frustrated at the costs of appraisals (people often tell me “the appraiser was only at my house for 30 minutes!”), but what they don’t see are the hours of work behind the scenes. The extra $50 fee is in line with yet more responsibility heaped on the appraisers…this makes a better report for you and ensures that the deserving Veteran will buy the right house at the right price with more in-depth data to support the value. Solid data = a solid purchase, and long-term satisfaction with your purchase!
Feel free to talk with any of us about your VA home loan questions. You will have a great experience working with us. We are Veterans and we are in the business to help Veterans with the most important purchase most of us will ever make.
Michael Frakes, Retired U.S. Navy, Sr. VA Loan Specialist
VA Guarantee Loans Solid in an Unstable Market
July 20th, 2009
Today I want to focus on a topic that, for veterans, may seem obvious, but for many outside of military circles, can be confusing: the VA Guarantee Loan. This loan has been around since 1944. It is a benefit you earn for your service in the military. These loans have remained solid during the current shaky real estate crisis. VA loans have a lower default rate than other types of loans, and for this reason, you can be proud of your VA loan if you have one. If you don’t, please talke to us about qualifying for one. Even those veterans who have conventional mortgages can refinance into a VA loan and possibly reduce their interest rate as well as take advantage of the other perks that come with a VA loan. One of the reasons that VA loans are so stable is that veterans have to qualify for their loans on income, credit, and many other factors.
Many Veterans find themselves in conventional or other types of loans simply because the lender they used knew little about VA loans, and it was more convenient for the lender to sidestep the extra effort to get a Veteran into a VA loan. Here at Creekside Mortgage, we have our customers’ interests at heart. In addition to our close working relationship with the Regional VA office, we specialize in VA loans, so we can leverage all of the benefits available for our borrowers.
Floyd N. Greenwald, U.S. Army Retired, Sr. VA Loan Specialist
